Wedbush Securities Inc. Invests $523,000 in Tapestry Inc (TPR)

Wedbush Securities Inc. purchased a new position in Tapestry Inc (NYSE:TPR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 11,829 shares of the luxury accessories retailer’s stock, valued at approximately $523,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. New Mexico Educational Retirement Board raised its holdings in shares of Tapestry by 4.2% in the fourth quarter. New Mexico Educational Retirement Board now owns 27,198 shares of the luxury accessories retailer’s stock worth $1,203,000 after buying an additional 1,100 shares during the last quarter. Hexavest Inc. purchased a new position in shares of Tapestry in the fourth quarter worth $106,000. First Dallas Securities Inc. purchased a new position in shares of Tapestry in the fourth quarter worth $108,000. Dupont Capital Management Corp purchased a new position in shares of Tapestry in the fourth quarter worth $110,000. Finally, Cerebellum GP LLC purchased a new position in shares of Tapestry in the fourth quarter worth $118,000. 93.37% of the stock is owned by institutional investors and hedge funds.

Shares of Tapestry Inc (TPR) opened at $49.58 on Thursday. Tapestry Inc has a 52-week low of $37.53 and a 52-week high of $50.99. The stock has a market cap of $14,076.04, a PE ratio of 44.27, a PEG ratio of 1.70 and a beta of 0.59. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.90 and a quick ratio of 1.51.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Tuesday, February 6th. The luxury accessories retailer reported $1.07 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.86 by $0.21. The firm had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.77 billion. Tapestry had a net margin of 6.14% and a return on equity of 23.68%. The company’s revenue for the quarter was up 35.1% on a year-over-year basis. During the same period last year, the firm posted $0.75 earnings per share. sell-side analysts forecast that Tapestry Inc will post 2.58 EPS for the current year.

A number of research firms have issued reports on TPR. Buckingham Research raised their price target on shares of Tapestry from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Wednesday, February 7th. Barclays raised their price target on shares of Tapestry from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, February 7th. BMO Capital Markets raised their price target on shares of Tapestry from $42.00 to $46.00 and gave the stock a “market perform” rating in a report on Wednesday, February 7th. Bank of America raised their price target on shares of Tapestry from $47.00 to $50.00 and gave the stock a “neutral” rating in a report on Wednesday, February 7th. Finally, KeyCorp raised their target price on shares of Tapestry from $53.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $50.23.

In other news, CAO Todd Kahn sold 4,357 shares of the firm’s stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $49.13, for a total value of $214,059.41. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CEO Victor Luis sold 123,780 shares of the firm’s stock in a transaction dated Tuesday, February 13th. The stock was sold at an average price of $50.02, for a total transaction of $6,191,475.60. The disclosure for this sale can be found here. Over the last three months, insiders sold 134,366 shares of company stock worth $6,705,960. Insiders own 0.98% of the company’s stock.

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About Tapestry

Tapestry, Inc, formerly Coach, Inc, is a design house of luxury accessories and lifestyle collections. The Company’s product offering uses a range of leathers, fabrics and materials. The Company’s brands include Coach, Kate Spade, and Stuart Weitzman. Its segments include North America, International and Stuart Weitzman.

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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