China Universal Asset Management Co. Ltd. Makes New Investment in Tapestry, Inc. (NYSE:TPR)

China Universal Asset Management Co. Ltd. purchased a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 24,253 shares of the luxury accessories retailer's stock, valued at approximately $1,708,000.

Other large investors also recently modified their holdings of the company. Curat Global LLC bought a new position in shares of Tapestry during the first quarter worth about $382,000. Abacus FCF Advisors LLC raised its holdings in shares of Tapestry by 46.2% during the 4th 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 in the last quarter. Pzena Investment Management LLC bought a new stake in Tapestry during the 4th quarter worth $18,737,000. Raymond James Financial Inc. bought a new stake in shares of Tapestry in the 4th quarter valued at about $38,180,000. Finally, Summit Global Investments bought a new stake in shares of Tapestry during the 4th quarter valued at about $1,919,000. 90.77% of the stock is currently owned by institutional investors.

Insider Activity 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 shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer owned 116,062 shares in the company, valued at approximately $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 accessible through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm's 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 completion of the transaction, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Tapestry Stock Performance

Tapestry stock traded down $0.13 on Friday, reaching $97.51. 857,382 shares of the stock were exchanged, compared to its average volume of 4,367,422. The stock has a market cap of $20.25 billion, a PE ratio of 25.66, a PEG ratio of 1.97 and a beta of 1.47. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $98.25. The firm has a fifty day moving average price of $82.57 and a two-hundred day moving average price of $75.90.

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

Tapestry Announces Dividend

The firm 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. This represents a $1.40 dividend on an annualized basis and a yield of 1.44%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio is currently 36.84%.

Analyst Upgrades and Downgrades

TPR has been the topic of several recent analyst reports. Citigroup raised their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Thursday, June 12th. The Goldman Sachs Group lifted their price target on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Raymond James Financial reaffirmed an "outperform" rating and set a $85.00 price target (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Finally, Barclays upped their price target on Tapestry from $98.00 to $105.00 and gave the stock an "overweight" rating in a research report on Friday. Three equities 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 an average rating of "Moderate Buy" and an average target price of $89.17.

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.