Proficio Capital Partners LLC Buys New Shares in Tapestry, Inc. (NYSE:TPR)

Proficio Capital Partners LLC purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 142,027 shares of the luxury accessories retailer's stock, valued at approximately $9,279,000. Proficio Capital Partners LLC owned about 0.06% of Tapestry as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Private Advisor Group LLC raised its stake in shares of Tapestry by 18.7% in the third quarter. Private Advisor Group LLC now owns 11,593 shares of the luxury accessories retailer's stock valued at $545,000 after acquiring an additional 1,828 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in Tapestry by 7.3% in the third quarter. State of Alaska Department of Revenue now owns 26,701 shares of the luxury accessories retailer's stock worth $1,254,000 after purchasing an additional 1,815 shares in the last quarter. abrdn plc grew its holdings in shares of Tapestry by 4.7% during the third quarter. abrdn plc now owns 39,127 shares of the luxury accessories retailer's stock worth $1,840,000 after purchasing an additional 1,756 shares during the last quarter. Princeton Global Asset Management LLC increased its stake in shares of Tapestry by 19.9% in the third quarter. Princeton Global Asset Management LLC now owns 93,936 shares of the luxury accessories retailer's stock valued at $4,413,000 after buying an additional 15,581 shares in the last quarter. Finally, Coronation Fund Managers Ltd. raised its holdings in shares of Tapestry by 33.8% in the third quarter. Coronation Fund Managers Ltd. now owns 644,142 shares of the luxury accessories retailer's stock valued at $30,262,000 after buying an additional 162,715 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In other news, CEO Todd Kahn sold 21,107 shares of the company's stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares of the company's stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,537 shares of company stock worth $5,730,589. Company insiders own 1.18% of the company's stock.

Tapestry Trading Down 3.3 %

NYSE:TPR traded down $2.65 during trading hours on Thursday, hitting $78.28. The stock had a trading volume of 1,636,342 shares, compared to its average volume of 5,055,698. The business's 50 day moving average is $75.49 and its 200-day moving average is $59.01. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a market cap of $16.20 billion, a price-to-earnings ratio of 22.76, a P/E/G ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the previous year, the company posted $1.63 earnings per share. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.79%. Tapestry's payout ratio is 40.58%.

Wall Street Analyst Weigh In

TPR has been the topic of a number of research analyst reports. Evercore ISI increased their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an "outperform" rating in a report on Monday, January 27th. Morgan Stanley reissued an "equal weight" rating and set a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. BMO Capital Markets boosted their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a "market perform" rating in a research report on Monday, November 18th. Redburn Atlantic upgraded Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective on the stock in a research report on Tuesday, February 18th. Finally, The Goldman Sachs Group lifted their target price on Tapestry from $72.00 to $98.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $78.53.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.