Virtu Financial LLC Takes $271,000 Position in Tapestry, Inc. (NYSE:TPR)

Virtu Financial LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 4,148 shares of the luxury accessories retailer’s stock, valued at approximately $271,000.

Other institutional investors have also recently bought and sold shares of the company. Venturi Wealth Management LLC grew its position in Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after acquiring an additional 252 shares in the last quarter. Brooklyn Investment Group acquired a new position in Tapestry during the third quarter worth $47,000. UMB Bank n.a. increased its position in Tapestry by 72.9% during the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares during the last quarter. True Wealth Design LLC bought a new position in Tapestry during the third quarter valued at about $83,000. Finally, First Horizon Advisors Inc. boosted its stake in shares of Tapestry by 21.9% during the 4th quarter. First Horizon Advisors Inc. now owns 1,598 shares of the luxury accessories retailer’s stock worth $104,000 after acquiring an additional 287 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on TPR shares. Wells Fargo & Company raised their price objective on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Evercore ISI boosted their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, January 27th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. UBS Group boosted their target price on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a research report on Friday, February 7th. Finally, Jefferies Financial Group raised their price target on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Stock Performance

NYSE:TPR opened at $70.25 on Friday. The firm has a market capitalization of $14.54 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The firm has a 50-day moving average price of $77.65 and a 200 day moving average price of $62.79.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (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 previous year, the firm posted $1.63 earnings per share. Research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insider Transactions at Tapestry

In other Tapestry news, 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 owns 38,609 shares of the company’s stock, valued at approximately $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now owns 176,985 shares in the company, valued at $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 66,537 shares of company stock valued at $5,730,589. 1.18% of the stock is owned by insiders.

About Tapestry

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.