Southpoint Capital Advisors LP Makes New $130.66 Million Investment in Tapestry, Inc. (NYSE:TPR)

Southpoint Capital Advisors LP purchased a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,000,000 shares of the luxury accessories retailer's stock, valued at approximately $130,660,000. Tapestry makes up approximately 3.1% of Southpoint Capital Advisors LP's portfolio, making the stock its 12th biggest position. Southpoint Capital Advisors LP owned 0.86% of Tapestry at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the period. Norges Bank acquired a new stake in shares of Tapestry during the fourth quarter worth about $114,199,000. Point72 Asset Management L.P. acquired a new stake in shares of Tapestry during the fourth quarter worth about $101,433,000. Candlestick Capital Management LP acquired a new stake in shares of Tapestry during the fourth quarter worth about $66,902,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Tapestry during the fourth quarter worth about $65,751,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Evercore ISI lifted their price target on Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research report on Monday, January 27th. Wells Fargo & Company reiterated an "overweight" rating and set a $100.00 price target (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Finally, Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a research report on Thursday, May 8th. Four equities research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Price Performance

Shares of NYSE:TPR traded down $2.72 during trading on Wednesday, reaching $79.80. The stock had a trading volume of 3,794,561 shares, compared to its average volume of 4,224,524. 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 business has a fifty day moving average price of $71.18 and a 200-day moving average price of $69.70. The stock has a market cap of $16.57 billion, a PE ratio of 23.13, a PEG ratio of 2.01 and a beta of 1.41. 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 issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The business's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date is Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the business's stock in a transaction 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 transaction, the chief executive officer now owns 201,531 shares of the company's stock, valued at approximately $17,652,100.29. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the business's 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 transaction, the general counsel now directly owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 107,936 shares of company stock valued at $9,101,139 over the last ninety days. Insiders own 1.18% of the company's stock.

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.