31,407 Shares in Tapestry, Inc. (NYSE:TPR) Acquired by Donoghue Forlines LLC

Key Points

• Donoghue Forlines LLC has acquired 31,407 shares of Tapestry, Inc., valued at approximately $2.2 million, reflecting growing institutional interest in the luxury accessories retailer.
• Tapestry's CEO, Todd Kahn, recently sold 40,000 shares, decreasing his ownership by 25.63%, while executive Manesh Dadlani sold 1,399 shares, marking a 3.31% decrease in his holdings.
• In its recent earnings report, Tapestry beat analysts' estimates with earnings per share of $1.03 and revenue of $1.58 billion, showing a 6.9% year-over-year growth.

Donoghue Forlines LLC bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,407 shares of the luxury accessories retailer's stock, valued at approximately $2,211,000.

A number of other large investors have also recently added to or reduced their stakes in TPR. Southpoint Capital Advisors LP bought a new stake in Tapestry during the fourth quarter worth approximately $130,660,000. Price T Rowe Associates Inc. MD boosted its stake in Tapestry by 593.3% in the 4th 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. Point72 Asset Management L.P. acquired a new position in Tapestry in the 4th quarter worth approximately $101,433,000. Candlestick Capital Management LP acquired a new position in Tapestry in the 4th quarter worth approximately $66,902,000. Finally, Point72 Hong Kong Ltd acquired a new position in Tapestry in the 4th quarter worth approximately $65,751,000. 90.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the transaction, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

Tapestry Stock Up 0.5%

Tapestry stock opened at $108.99 on Friday. The company has a market capitalization of $22.64 billion, a P/E ratio of 28.68, a P/E/G ratio of 2.19 and a beta of 1.51. The firm's fifty day simple moving average is $94.16 and its 200-day simple moving average is $81.56. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 1-year low of $37.13 and a 1-year high of $113.08.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. Tapestry's revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.81 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research note on Thursday, June 12th. Citigroup raised their price objective 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. Bank of America lowered shares of Tapestry from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research note on Monday, July 28th. Finally, UBS Group reiterated a "neutral" rating and issued a $112.00 target price (up previously from $73.00) on shares of Tapestry in a research report on Monday, August 4th. Four equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $99.72.

Tapestry 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.

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