Ariose Capital Management Ltd Buys New Position in Tapestry, Inc. (NYSE:TPR)

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

Other hedge funds have also modified their holdings of the company. Greenline Partners LLC purchased a new position in shares of Tapestry during the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC lifted its position 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 acquiring an additional 150 shares during the period. Opal Wealth Advisors LLC acquired a new position in shares of Tapestry during the 1st quarter worth approximately $35,000. MorganRosel Wealth Management LLC purchased a new stake in Tapestry in the 1st quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in shares of Tapestry during the 4th quarter valued at $48,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The stock was 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 directly owned 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 40,000 shares of the business'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 completion of the sale, the chief executive officer owned 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 disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Tapestry Price Performance

Shares of NYSE:TPR traded up $2.35 during midday trading on Thursday, reaching $97.66. The company's stock had a trading volume of 3,759,564 shares, compared to its average volume of 4,369,236. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $98.22. The company has a market capitalization of $20.28 billion, a P/E ratio of 25.70, a P/E/G ratio of 1.91 and a beta of 1.47. 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 business's fifty day simple moving average is $82.02 and its 200-day simple moving average is $75.68.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's revenue was up 6.9% on a year-over-year basis. During the same period last year, the company earned $0.81 earnings per share. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is currently 36.84%.

Analyst Ratings Changes

A number of analysts recently weighed in on TPR shares. Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 price target on shares of Tapestry in a research report on Friday, May 9th. Citigroup raised their target price on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Argus raised their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Raymond James Financial reissued an "outperform" rating and issued a $85.00 price target (up previously from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Finally, Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.78.

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.