Newbridge Financial Services Group Inc. Buys New Holdings in Tapestry, Inc. (NYSE:TPR)

Newbridge Financial Services Group Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,859 shares of the luxury accessories retailer’s stock, valued at approximately $121,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Waldron Private Wealth LLC purchased a new stake in Tapestry during the third quarter worth approximately $25,000. Brooklyn Investment Group acquired a new stake in Tapestry during the third quarter worth approximately $47,000. Deseret Mutual Benefit Administrators lifted its position in shares of Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after buying an additional 605 shares during the last quarter. Transamerica Financial Advisors Inc. boosted 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 buying an additional 1,591 shares in the last quarter. Finally, UMB Bank n.a. grew its position 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 buying an additional 496 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

Shares of TPR stock opened at $79.17 on Tuesday. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78. The stock has a 50 day simple moving average of $68.37 and a 200-day simple moving average of $53.73. The company has a market cap of $18.45 billion, a price-to-earnings ratio of 22.95, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $87.87.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping 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 business earned $1.63 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.7 EPS for the current year.

Tapestry Announces Dividend

The business 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. This represents a $1.40 dividend on an annualized basis and a yield of 1.77%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Robert W. Baird boosted their price target on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Raymond James reissued an “outperform” rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research report on Friday. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Friday. Jefferies Financial Group boosted their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, Guggenheim raised their target price on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday. Five investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $73.17.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is currently owned by company 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.