Lecap Asset Management Ltd. Acquires Shares of 32,275 Tapestry, Inc. (NYSE:TPR)

Lecap Asset Management Ltd. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 32,275 shares of the luxury accessories retailer's stock, valued at approximately $2,272,000.

Several other hedge funds and other institutional investors have also modified their holdings of TPR. Southpoint Capital Advisors LP purchased a new position in shares of Tapestry during the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD boosted its position 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 buying an additional 1,875,753 shares during the period. Norges Bank purchased a new position in shares of Tapestry during the fourth quarter worth $114,199,000. Point72 Asset Management L.P. purchased a new position in shares of Tapestry during the fourth quarter worth $101,433,000. Finally, Candlestick Capital Management LP purchased a new position in shares of Tapestry during the fourth quarter worth $66,902,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. 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 dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on TPR shares. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Raymond James Financial reiterated an "outperform" rating and issued a $85.00 target price (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. UBS Group lifted their target price on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a report on Thursday, May 8th. Finally, Citigroup lifted their target price on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Stock Performance

Shares of TPR traded up $0.94 during midday trading on Friday, reaching $87.16. 7,819,987 shares of the stock were exchanged, compared to its average volume of 4,322,516. The business's 50-day moving average price is $78.40 and its 200 day moving average price is $74.17. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a market capitalization of $18.10 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 1.92 and a beta of 1.46.

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

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

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.