CVA Family Office LLC Grows Stake in Tapestry, Inc. (NYSE:TPR)

CVA Family Office LLC grew its position in shares of Tapestry, Inc. (NYSE:TPRGet Rating) by 1,606.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,280 shares of the luxury accessories retailer’s stock after purchasing an additional 1,205 shares during the period. CVA Family Office LLC’s holdings in Tapestry were worth $39,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Brown Brothers Harriman & Co. grew its position in shares of Tapestry by 340.7% during the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Capital Analysts LLC purchased a new position in shares of Tapestry during the 1st quarter valued at $28,000. AllSquare Wealth Management LLC bought a new stake in shares of Tapestry during the 1st quarter worth $39,000. Quent Capital LLC bought a new stake in shares of Tapestry during the 4th quarter worth $43,000. Finally, Canada Pension Plan Investment Board lifted its holdings in shares of Tapestry by 955.8% during the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 994 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TPR has been the subject of a number of research analyst reports. Cowen lifted their price objective on shares of Tapestry from $40.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, August 19th. Barclays lifted their price objective on shares of Tapestry from $39.00 to $43.00 and gave the stock an “overweight” rating in a report on Monday, August 22nd. The Goldman Sachs Group dropped their price objective on shares of Tapestry from $39.00 to $35.00 and set a “neutral” rating for the company in a report on Thursday, July 21st. Jefferies Financial Group raised shares of Tapestry from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $30.00 to $45.00 in a report on Wednesday, June 15th. Finally, Morgan Stanley dropped their price objective on shares of Tapestry from $40.00 to $39.00 and set an “equal weight” rating for the company in a report on Friday, August 19th. Five research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $47.44.

Tapestry Price Performance

TPR stock opened at $32.40 on Wednesday. The firm’s 50-day moving average price is $34.35 and its two-hundred day moving average price is $33.78. Tapestry, Inc. has a 12-month low of $26.39 and a 12-month high of $47.05. The stock has a market capitalization of $7.82 billion, a price-to-earnings ratio of 10.25, a PEG ratio of 0.68 and a beta of 1.32. The company has a current ratio of 1.75, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73.

Tapestry (NYSE:TPRGet Rating) last released its quarterly earnings data on Thursday, August 18th. The luxury accessories retailer reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.01. Tapestry had a net margin of 12.81% and a return on equity of 34.37%. The firm had revenue of $1.62 billion for the quarter, compared to analysts’ expectations of $1.64 billion. During the same quarter in the previous year, the company earned $0.74 earnings per share. The company’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, equities analysts predict that Tapestry, Inc. will post 3.85 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 26th. Shareholders of record on Friday, September 9th will be given a $0.30 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.25. The ex-dividend date is Thursday, September 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.70%. Tapestry’s payout ratio is presently 37.97%.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 5,602 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $36.85, for a total transaction of $206,433.70. Following the transaction, the vice president now owns 35,686 shares in the company, valued at $1,315,029.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Thomas A. Glaser sold 39,503 shares of the business’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $35.38, for a total transaction of $1,397,616.14. Following the transaction, the insider now owns 243,321 shares in the company, valued at $8,608,696.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Manesh Dadlani sold 5,602 shares of the business’s stock in a transaction dated Thursday, August 25th. The shares were sold at an average price of $36.85, for a total transaction of $206,433.70. Following the transaction, the vice president now owns 35,686 shares in the company, valued at approximately $1,315,029.10. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 47,110 shares of company stock worth $1,677,854. 0.73% of the stock is currently owned by company insiders.

About Tapestry

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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