Park Avenue Securities LLC Acquires 1,785 Shares of Tapestry, Inc. (NYSE:TPR)

Park Avenue Securities LLC lifted its holdings in Tapestry, Inc. (NYSE:TPR) by 22.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,664 shares of the luxury accessories retailer’s stock after acquiring an additional 1,785 shares during the period. Park Avenue Securities LLC’s holdings in Tapestry were worth $459,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. EverSource Wealth Advisors LLC raised its stake in shares of Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after acquiring an additional 1,209 shares during the period. AllSquare Wealth Management LLC lifted its stake in Tapestry by 35.1% in the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares during the last quarter. First Horizon Advisors Inc. boosted its position in shares of Tapestry by 334.7% during the fourth quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock valued at $55,000 after buying an additional 1,158 shares during the period. Quadrant Capital Group LLC grew its stake in shares of Tapestry by 130.1% during the fourth quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after buying an additional 848 shares during the last quarter. Finally, Principal Securities Inc. purchased a new stake in shares of Tapestry in the fourth quarter worth approximately $57,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. JPMorgan Chase & Co. dropped their price objective on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. OTR Global restated a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Robert W. Baird decreased their price objective on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 10th. Bernstein Bank upped their target price on shares of Tapestry from $46.00 to $48.00 in a research note on Thursday, May 9th. Finally, Argus reaffirmed a “buy” rating and set a $52.00 price target on shares of Tapestry in a research note on Tuesday, June 18th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.53.

Tapestry Stock Performance

Shares of Tapestry stock opened at $42.79 on Friday. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The company has a market capitalization of $9.83 billion, a PE ratio of 11.32, a P/E/G ratio of 0.90 and a beta of 1.60. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The company has a 50-day simple moving average of $41.54 and a two-hundred day simple moving average of $41.80.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.67 by $0.14. The company had revenue of $1.48 billion during 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% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.78 earnings per share. Research analysts expect that Tapestry, Inc. will post 4.22 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, June 7th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date of this dividend was Friday, June 7th. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Insiders Place Their Bets

In related 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 value of $105,575.00. Following the completion of the transaction, the vice president now directly owns 37,173 shares of the company’s stock, valued at approximately $1,569,815.79. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.93% of the company’s stock.

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.