NewEdge Advisors LLC Grows Holdings in Tapestry, Inc. (NYSE:TPR)

NewEdge Advisors LLC boosted its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 348.5% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,998 shares of the luxury accessories retailer's stock after purchasing an additional 55,945 shares during the quarter. NewEdge Advisors LLC's holdings in Tapestry were worth $4,704,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the business. Apollon Wealth Management LLC acquired a new stake in shares of Tapestry during the 4th quarter valued at about $328,000. Charles Schwab Investment Management Inc. raised its stake in shares of Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after buying an additional 382,856 shares during the period. Decker Retirement Planning Inc. acquired a new stake in Tapestry in the 4th quarter valued at $3,437,000. Principal Financial Group Inc. raised its position in Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock worth $20,195,000 after acquiring an additional 39,298 shares during the period. Finally, Pzena Investment Management LLC acquired a new position in shares of Tapestry during the 4th quarter worth about $18,737,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE TPR traded up $1.62 during mid-day trading on Thursday, hitting $68.20. 2,785,269 shares of the company were exchanged, compared to its average volume of 4,177,455. The firm has a market cap of $14.12 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 2.01 and a beta of 1.37. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The stock has a 50 day simple moving average of $72.95 and a 200-day simple moving average of $65.53.

Tapestry (NYSE:TPR - Get Free Report) last announced 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 prior year, the company earned $1.63 earnings per share. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.05%. Tapestry's payout ratio is 40.58%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Wells Fargo & Company boosted their price target on Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Raymond James restated an "outperform" rating and set a $88.00 price target (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Barclays decreased their target price on shares of Tapestry from $100.00 to $83.00 and set an "overweight" rating on the stock in a research note on Thursday, April 10th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a report on Tuesday, February 18th. Finally, StockNews.com lowered Tapestry from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Six investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $78.26.

Insider Transactions at Tapestry

In other Tapestry news, CFO Scott A. Roe sold 25,727 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the sale, the chief financial officer now owns 146,587 shares of the company's stock, valued at $12,688,570.72. This represents a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on 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 $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 in the last quarter. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Company Profile

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.