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

Virtu Financial LLC purchased a new position in Tapestry, Inc. (NYSE:TPR) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,148 shares of the luxury accessories retailer’s stock, valued at approximately $271,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Apollon Wealth Management LLC bought a new position in shares of Tapestry in the 4th quarter worth about $328,000. Charles Schwab Investment Management Inc. raised its stake in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares during the period. Decker Retirement Planning Inc. bought a new position in Tapestry in the fourth quarter worth about $3,437,000. Principal Financial Group Inc. boosted its stake in Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock valued at $20,195,000 after acquiring an additional 39,298 shares during the period. Finally, Franklin Resources Inc. grew its holdings in shares of Tapestry by 10.6% during the third quarter. Franklin Resources Inc. now owns 163,234 shares of the luxury accessories retailer’s stock valued at $7,442,000 after purchasing an additional 15,585 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

Shares of NYSE:TPR opened at $70.25 on Friday. The company 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 debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a fifty day moving average of $77.65 and a 200-day moving average of $62.79. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

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

Tapestry Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on TPR. Telsey Advisory Group boosted their price objective on Tapestry from $74.00 to $83.00 and gave the company an “outperform” rating in a research report on Monday, February 3rd. Robert W. Baird boosted their price target on shares of Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, Raymond James restated an “outperform” rating and issued a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Insider Activity at Tapestry

In other news, General Counsel David E. Howard sold 11,917 shares of the 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 completion of the sale, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59 % 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, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares in the company, valued at $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is owned by corporate 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.