Candlestick Capital Management LP Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Candlestick Capital Management LP acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 1,024,063 shares of the luxury accessories retailer's stock, valued at approximately $66,902,000. Tapestry makes up approximately 1.5% of Candlestick Capital Management LP's investment portfolio, making the stock its 14th largest holding. Candlestick Capital Management LP owned approximately 0.49% of Tapestry as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of TPR. Charles Schwab Investment Management Inc. grew 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 buying an additional 382,856 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Tapestry by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after acquiring an additional 176,717 shares in the last quarter. Alliancebernstein L.P. boosted its position in Tapestry by 15.2% during the 4th quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after purchasing an additional 546,497 shares during the period. Northern Trust Corp increased its holdings in Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after purchasing an additional 83,222 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after purchasing an additional 1,875,753 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of TPR stock traded down $0.20 on Thursday, hitting $70.45. 4,675,144 shares of the stock traded hands, compared to its average volume of 4,171,400. The company has a market capitalization of $14.58 billion, a PE ratio of 20.42, a PEG ratio of 2.01 and a beta of 1.37. The company's fifty day moving average is $71.14 and its 200 day moving average is $66.37. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. 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 quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same period in the prior year, the company posted $1.63 EPS. On average, equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry's dividend payout ratio (DPR) is 40.58%.

Insider Activity at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the company's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction that occurred on Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now directly owns 176,985 shares in the company, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 66,537 shares of company stock worth $5,730,589 in the last 90 days. 1.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of recent research reports. StockNews.com lowered Tapestry from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Redburn Atlantic raised shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 12th. Jefferies Financial Group raised their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Finally, Barclays cut their price objective on shares of Tapestry from $100.00 to $83.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.47.

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.