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

Ariose Capital Management Ltd 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 12,505 shares of the luxury accessories retailer's stock, valued at approximately $880,000. Tapestry makes up about 1.0% of Ariose Capital Management Ltd's holdings, making the stock its 12th largest holding.

Several other hedge funds have also made changes to their positions in TPR. Coppell Advisory Solutions LLC raised its holdings in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Tapestry by 27.2% during the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after purchasing an additional 153 shares in the last quarter. Mather Group LLC. raised its holdings in shares of Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock valued at $424,000 after purchasing an additional 165 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its stake in Tapestry by 25.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after buying an additional 194 shares during the last quarter. Finally, Ossiam grew its position in Tapestry by 1.4% in the 4th quarter. Ossiam now owns 22,103 shares of the luxury accessories retailer's stock worth $1,444,000 after purchasing an additional 296 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Activity

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

Analysts Set New Price Targets

TPR has been the subject of a number of research analyst reports. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a research note on Thursday, May 8th. Barclays increased their target price on shares of Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a research report on Friday, May 9th. Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Finally, Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $88.78.

Tapestry Stock Up 3.2%

Shares of TPR stock traded up $2.93 on Wednesday, hitting $95.14. The stock had a trading volume of 5,178,528 shares, compared to its average volume of 4,369,414. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $96.27. The business has a 50 day moving average of $82.02 and a 200 day moving average of $75.68. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The stock has a market cap of $19.76 billion, a price-to-earnings ratio of 25.04, a price-to-earnings-growth ratio of 1.91 and a beta of 1.47.

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

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.47%. Tapestry's dividend payout ratio (DPR) is presently 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.