Point72 Asset Management L.P. Acquires Shares of 1,552,622 Tapestry, Inc. (NYSE:TPR)

Point72 Asset Management L.P. acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 1,552,622 shares of the luxury accessories retailer's stock, valued at approximately $101,433,000. Point72 Asset Management L.P. owned approximately 0.67% of Tapestry as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenline Partners LLC purchased a new stake in shares of Tapestry during the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC increased its stake in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares in the last quarter. Venturi Wealth Management LLC increased its stake in shares of Tapestry by 78.0% during the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after purchasing an additional 252 shares in the last quarter. Canada Post Corp Registered Pension Plan purchased a new stake in shares of Tapestry during the fourth quarter worth about $48,000. Finally, UMB Bank n.a. increased its stake in shares of 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 purchasing an additional 496 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This represents a 23.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 7,786 shares of the stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares in the company, valued at approximately $17,652,100.29. This trade represents a 3.72% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 107,936 shares of company stock worth $9,101,139. 1.18% of the stock is currently owned by insiders.

Tapestry Trading Down 0.6%

NYSE:TPR traded down $0.47 on Friday, hitting $82.77. The stock had a trading volume of 2,552,671 shares, compared to its average volume of 4,225,678. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a market cap of $17.19 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 2.01 and a beta of 1.41. The company has a fifty day moving average price of $70.53 and a two-hundred day moving average price of $69.15. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business posted $0.81 EPS. Tapestry's revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. Tapestry's dividend payout ratio is currently 36.84%.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Telsey Advisory Group reissued an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Citigroup boosted their target price on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Wells Fargo & Company reissued an "overweight" rating and set a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research note on Wednesday. StockNews.com raised shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday. Finally, UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

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.