ICA Group Wealth Management LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

ICA Group Wealth Management LLC bought a new stake in Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,958 shares of the luxury accessories retailer’s stock, valued at approximately $109,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Goldman Sachs Group Inc. boosted its holdings in Tapestry by 41.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 1,272,950 shares of the luxury accessories retailer’s stock valued at $46,857,000 after purchasing an additional 371,724 shares during the period. Winslow Asset Management Inc. grew its position in Tapestry by 14.7% during the fourth quarter. Winslow Asset Management Inc. now owns 109,021 shares of the luxury accessories retailer’s stock worth $4,013,000 after buying an additional 13,962 shares in the last quarter. Gotham Asset Management LLC increased its stake in Tapestry by 41.0% during the 4th quarter. Gotham Asset Management LLC now owns 394,527 shares of the luxury accessories retailer’s stock worth $14,523,000 after acquiring an additional 114,704 shares during the period. Brevan Howard Capital Management LP acquired a new position in Tapestry in the 4th quarter valued at $1,142,000. Finally, Redwood Investment Management LLC bought a new stake in shares of Tapestry during the 4th quarter valued at $2,202,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Trading Up 0.3 %

TPR opened at $41.92 on Tuesday. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company’s 50 day moving average price is $41.46 and its two-hundred day moving average price is $41.24. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 11.09, a PEG ratio of 0.91 and a beta of 1.61.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. Tapestry’s revenue for the quarter was down 2.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 earnings per share. As a group, research analysts predict that Tapestry, Inc. will post 4.22 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Stockholders of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.34%. Tapestry’s dividend payout ratio (DPR) is 37.04%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $42.23, for a total transaction of $105,575.00. Following the completion of the sale, the vice president now owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on TPR. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. JPMorgan Chase & Co. cut their price target on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Bernstein Bank lifted their price objective on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price objective for the company. in a research report on Thursday, February 29th. Finally, Robert W. Baird reduced their target price on Tapestry from $52.00 to $50.00 and set an “outperform” rating on the stock in a report on Friday, May 10th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $48.31.

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.