Proficio Capital Partners LLC Invests $9.28 Million in Tapestry, Inc. (NYSE:TPR)

Proficio Capital Partners LLC acquired a new position in Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 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.

Other institutional investors have also recently modified their holdings of the company. GSA Capital Partners LLP purchased a new position in Tapestry during the third quarter valued at approximately $237,000. Sumitomo Mitsui Trust Group Inc. raised its position in Tapestry by 42.7% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 7,779 shares of the luxury accessories retailer’s stock valued at $365,000 after acquiring an additional 2,326 shares in the last quarter. Victory Capital Management Inc. raised its position in Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares in the last quarter. Oppenheimer Asset Management Inc. raised its position in Tapestry by 10.4% during the third quarter. Oppenheimer Asset Management Inc. now owns 97,361 shares of the luxury accessories retailer’s stock valued at $4,574,000 after acquiring an additional 9,142 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its position in Tapestry by 2.8% during the third quarter. Oppenheimer & Co. Inc. now owns 34,409 shares of the luxury accessories retailer’s stock valued at $1,617,000 after acquiring an additional 932 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of the business’s stock in a transaction on 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. The trade was a 10.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction 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 directly owns 38,609 shares of the company’s stock, valued at $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. Insiders sold 66,537 shares of company stock valued at $5,730,589 in the last three months. 1.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TPR shares. Guggenheim lifted their price target on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. The Goldman Sachs Group raised their price objective on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Telsey Advisory Group raised their price objective on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. Finally, BMO Capital Markets raised their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $78.53.

Tapestry Price Performance

NYSE:TPR opened at $70.48 on Friday. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a market capitalization of $14.59 billion, a P/E ratio of 20.43, a P/E/G ratio of 2.01 and a beta of 1.57. The stock’s fifty day moving average is $76.73 and its two-hundred day moving average is $60.72.

Tapestry (NYSE:TPR) last posted its earnings results 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 return on equity of 44.00% and a net margin of 11.74%. During the same period in the prior year, the company earned $1.63 EPS. Equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business 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 of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 1.99%. Tapestry’s payout ratio is 40.58%.

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.