Tapestry, Inc. (NYSE:TPR) Shares Acquired by Capricorn Fund Managers Ltd

Key Points

• Capricorn Fund Managers Ltd increased its stake in Tapestry, Inc. by 93.9% during the first quarter, now holding 115,000 shares, making Tapestry the 8th largest holding in its portfolio.
• Several large institutional investors added to their positions in Tapestry, with 90.77% of the stock now owned by institutional investors and hedge funds.
• Research analysts have largely upgraded Tapestry's stock ratings, with a consensus rating of "Moderate Buy" and a target price averaging $93.11.

Capricorn Fund Managers Ltd raised its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 93.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 115,000 shares of the luxury accessories retailer's stock after acquiring an additional 55,677 shares during the period. Tapestry makes up 4.3% of Capricorn Fund Managers Ltd's investment portfolio, making the stock its 8th largest holding. Capricorn Fund Managers Ltd owned 0.06% of Tapestry worth $8,097,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Curat Global LLC acquired a new position in shares of Tapestry during the first quarter worth about $382,000. China Universal Asset Management Co. Ltd. acquired a new position in Tapestry during the first quarter worth about $1,708,000. Nisa Investment Advisors LLC grew its position in Tapestry by 16.7% during the first quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock worth $4,460,000 after buying an additional 9,049 shares during the period. Abacus FCF Advisors LLC grew its position in Tapestry by 46.2% during the fourth quarter. Abacus FCF Advisors LLC now owns 45,487 shares of the luxury accessories retailer's stock worth $2,972,000 after buying an additional 14,384 shares during the period. Finally, Allworth Financial LP grew its position in Tapestry by 689.0% during the first quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock worth $913,000 after buying an additional 11,679 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insiders Place Their Bets

In other 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 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 sale was disclosed in a legal filing with the SEC, which is available at 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 directly owned 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. Company insiders own 1.18% of the company's stock.

Tapestry Trading Up 0.7%

NYSE:TPR traded up $0.72 during trading hours on Wednesday, reaching $108.12. 3,724,140 shares of the company were exchanged, compared to its average volume of 3,825,379. 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 firm has a market cap of $22.46 billion, a price-to-earnings ratio of 28.45, a PEG ratio of 2.21 and a beta of 1.47. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $110.44. The stock has a 50 day simple moving average of $89.83 and a 200 day simple moving average of $79.64.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The company 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 was up 6.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.81 earnings per share. As a group, analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price on the stock in a research report on Thursday, May 8th. Argus upped their target price on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Wells Fargo & Company restated an "overweight" rating and set a $100.00 target price (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Finally, Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.17.

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.