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Arkadios Wealth Advisors Cuts Stake in Tapestry, Inc. (NYSE:TPR)

Defense World · Sep 25, 2022 05:21

Arkadios Wealth Advisors cut its holdings in shares of Tapestry, Inc. (NYSE:TPR – Get Rating) by 4.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 12,516 shares of the luxury accessories retailer's stock after selling 575 shares during the quarter. Arkadios Wealth Advisors' holdings in Tapestry were worth $382,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. Millennium Management LLC boosted its position in Tapestry by 13,214.8% during the fourth quarter. Millennium Management LLC now owns 1,542,917 shares of the luxury accessories retailer's stock worth $62,642,000 after acquiring an additional 1,531,329 shares during the last quarter. American Century Companies Inc. boosted its position in Tapestry by 23.6% during the first quarter. American Century Companies Inc. now owns 4,815,492 shares of the luxury accessories retailer's stock worth $178,896,000 after acquiring an additional 920,425 shares during the last quarter. Lazard Asset Management LLC boosted its position in Tapestry by 36.8% during the first quarter. Lazard Asset Management LLC now owns 3,266,189 shares of the luxury accessories retailer's stock worth $121,338,000 after acquiring an additional 878,633 shares during the last quarter. Vanguard Group Inc. boosted its position in Tapestry by 2.4% during the first quarter. Vanguard Group Inc. now owns 32,654,335 shares of the luxury accessories retailer's stock worth $1,213,109,000 after acquiring an additional 751,210 shares during the last quarter. Finally, Dana Investment Advisors Inc. acquired a new position in Tapestry during the first quarter worth about $20,014,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. Morgan Stanley lowered their price target on shares of Tapestry from $40.00 to $39.00 and set an "equal weight" rating on the stock in a research report on Friday, August 19th. Barclays upped 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. Robert W. Baird upped their price objective on shares of Tapestry to $45.00 in a report on Monday, August 22nd. BTIG Research decreased their price objective on shares of Tapestry from $53.00 to $48.00 and set a "buy" rating on the stock in a report on Thursday, July 21st. Finally, Credit Suisse Group upped their price objective on shares of Tapestry to $49.00 in a report on Monday, August 22nd. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $47.44.

Tapestry Trading Down 4.2 %

Shares of NYSE:TPR opened at $29.66 on Friday. Tapestry, Inc. has a 52 week low of $26.39 and a 52 week high of $47.05. The company's 50 day moving average is $34.33 and its two-hundred day moving average is $33.73. The company has a current ratio of 1.75, a quick ratio of 1.08 and a debt-to-equity ratio of 0.73. The company has a market cap of $7.15 billion, a PE ratio of 9.39, a P/E/G ratio of 0.64 and a beta of 1.32.

Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings data on Thursday, August 18th. The luxury accessories retailer reported $0.78 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 company had revenue of $1.62 billion for the quarter, compared to the consensus estimate of $1.64 billion. During the same period in the prior year, the firm posted $0.74 EPS. The company's quarterly revenue was up .6% compared to the same quarter last year. Equities analysts predict that Tapestry, Inc. will post 3.85 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 26th. Investors of record on Friday, September 9th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 4.05%. This is an increase from Tapestry's previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, September 8th. Tapestry's dividend payout ratio (DPR) is 37.97%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 5,602 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $36.85, for a total value of $206,433.70. Following the transaction, the vice president now directly owns 35,686 shares of the company's stock, valued at approximately $1,315,029.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, VP Manesh Dadlani sold 5,602 shares of the stock in a transaction on Thursday, August 25th. The shares were sold at an average price of $36.85, for a total value of $206,433.70. Following the transaction, the vice president now directly owns 35,686 shares of the company's stock, valued at approximately $1,315,029.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Thomas A. Glaser sold 39,503 shares of the stock in a transaction on 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 completion of the transaction, the insider now directly owns 243,321 shares in the company, valued at $8,608,696.98. The disclosure for this sale can be found here. Insiders have sold 47,110 shares of company stock valued at $1,677,854 in the last ninety days. Insiders own 1.40% of the company's stock.

Tapestry Company Profile

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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.