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

Proficio Capital Partners LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 142,027 shares of the luxury accessories retailer’s stock, valued at approximately $9,279,000.

A number of other hedge funds have also made changes to their positions in TPR. Venturi Wealth Management LLC increased its holdings in shares of Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after acquiring an additional 252 shares during the last quarter. Brooklyn Investment Group purchased a new position in shares of Tapestry in the 3rd quarter valued at about $47,000. Transamerica Financial Advisors Inc. increased its holdings 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 valued at $75,000 after acquiring an additional 1,591 shares during the last quarter. UMB Bank n.a. increased its holdings 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 valued at $77,000 after acquiring an additional 496 shares during the last quarter. Finally, True Wealth Design LLC purchased a new position in Tapestry during the 3rd quarter worth approximately $83,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 1.1 %

TPR opened at $70.48 on Friday. 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 business has a 50 day simple moving average of $76.73 and a 200-day simple moving average of $60.72. The stock 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. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate 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 previous year, the company posted $1.63 earnings per share. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued 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 dividend payout ratio is presently 40.58%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPR. Robert W. Baird raised their price target on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research note on Thursday, February 20th. Evercore ISI raised their price target on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. Morgan Stanley restated an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised their price target on Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Finally, Guggenheim raised their price target on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. 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 has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Buying and Selling

In related news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the transaction, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 7,786 shares of the firm’s 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 transaction, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by insiders.

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.