Wedge Capital Management L L P NC Takes $36.58 Million Position in Tapestry, Inc. (NYSE:TPR)

Wedge Capital Management L L P NC purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 519,493 shares of the luxury accessories retailer’s stock, valued at approximately $36,578,000. Wedge Capital Management L L P NC owned about 0.25% of Tapestry at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Greenline Partners LLC acquired a new stake in shares of Tapestry during the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC raised its stake in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Venturi Wealth Management LLC lifted its position in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after acquiring an additional 252 shares during the period. Canada Post Corp Registered Pension Plan acquired a new stake in Tapestry during the 4th quarter worth approximately $48,000. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in shares of Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock valued at $68,000 after purchasing an additional 194 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research report on Wednesday, February 12th. Wall Street Zen raised shares of Tapestry from a “hold” rating to a “buy” rating in a report on Tuesday, May 13th. The Goldman Sachs Group boosted their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a research note on Friday, May 9th. Telsey Advisory Group restated an “outperform” rating and issued a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Finally, Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $83.89.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president now directly owns 40,922 shares of the company’s stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

Tapestry Trading Down 0.3%

Shares of TPR stock opened at $79.00 on Friday. The stock has a market cap of $16.41 billion, a P/E ratio of 22.90, a P/E/G ratio of 2.01 and a beta of 1.46. 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 fifty-two week low of $35.23 and a fifty-two week high of $90.85. The business has a fifty day simple moving average of $72.64 and a 200-day simple moving average of $71.97.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The firm’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period last year, the firm posted $0.81 EPS. On average, analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.77%. Tapestry’s dividend payout ratio is currently 36.84%.

Tapestry 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.