Ariose Capital Management Ltd Invests $880,000 in Tapestry, Inc. (NYSE:TPR)

Ariose Capital Management Ltd bought a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 12,505 shares of the luxury accessories retailer's stock, valued at approximately $880,000. Tapestry makes up approximately 1.0% of Ariose Capital Management Ltd's holdings, making the stock its 12th biggest position.

A number of other large investors also recently modified their holdings of TPR. US Bancorp DE grew its position in shares of Tapestry by 18.1% during the fourth quarter. US Bancorp DE now owns 17,440 shares of the luxury accessories retailer's stock valued at $1,139,000 after purchasing an additional 2,676 shares in the last quarter. Victory Capital Management Inc. boosted its stake in Tapestry by 18.7% during the fourth quarter. Victory Capital Management Inc. now owns 515,095 shares of the luxury accessories retailer's stock valued at $33,651,000 after buying an additional 81,270 shares during the last quarter. Assetmark Inc. grew its holdings in Tapestry by 6.7% during the 4th quarter. Assetmark Inc. now owns 53,294 shares of the luxury accessories retailer's stock valued at $3,482,000 after buying an additional 3,330 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in Tapestry in the 4th quarter worth approximately $9,279,000. Finally, Raymond James Financial Inc. bought a new stake in Tapestry in the 4th quarter worth approximately $38,180,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup upped their target price on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. UBS Group lifted their price target on Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective on the stock in a research note on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $89.17.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

Tapestry Stock Up 0.9%

Tapestry stock traded up $0.86 during trading hours on Friday, reaching $98.50. The stock had a trading volume of 3,107,982 shares, compared to its average volume of 4,381,422. The company has a market cap of $20.46 billion, a price-to-earnings ratio of 25.92, a PEG ratio of 2.02 and a beta of 1.47. The business's 50 day moving average price is $83.08 and its 200-day moving average price is $76.13. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $98.66. 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 (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. Tapestry's revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.81 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.42%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is 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.