Venturi Wealth Management LLC Boosts Stock Position in Tapestry, Inc. (NYSE:TPR)

Venturi Wealth Management LLC raised its holdings in Tapestry, Inc. (NYSE:TPR) by 78.0% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 575 shares of the luxury accessories retailer’s stock after purchasing an additional 252 shares during the period. Venturi Wealth Management LLC’s holdings in Tapestry were worth $38,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in shares of Tapestry during the 3rd quarter valued at approximately $47,000. UMB Bank n.a. increased its position in shares of Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after purchasing an additional 496 shares during the last quarter. Deseret Mutual Benefit Administrators increased its position in shares of Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares during the last quarter. Transamerica Financial Advisors Inc. increased its position in shares of Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after purchasing an additional 1,591 shares during the last quarter. Finally, Principal Securities Inc. increased its position in shares of Tapestry by 45.7% in the 4th quarter. Principal Securities Inc. now owns 1,633 shares of the luxury accessories retailer’s stock worth $107,000 after purchasing an additional 512 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

TPR has been the subject of several research analyst reports. Barclays boosted their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a research report on Friday, February 7th. Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. Raymond James restated an “outperform” rating and set a $88.00 price objective (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. UBS Group upped their price objective on Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, February 7th. Finally, Robert W. Baird lifted their price objective on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Trading Down 0.3 %

Tapestry stock opened at $84.12 on Wednesday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The firm has a 50 day simple moving average of $73.44 and a 200-day simple moving average of $57.40. The stock has a market capitalization of $17.41 billion, a PE ratio of 24.38, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping 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 firm posted $1.63 EPS. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given 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 dividend yield of 1.66%. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares in the company, valued at $17,652,100.29. This represents a 3.72 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 45,430 shares of company stock worth $3,957,601. Corporate insiders own 1.18% 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.