China Universal Asset Management Co. Ltd. Invests $1.71 Million in Tapestry, Inc. (NYSE:TPR)

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

Several other institutional investors also recently bought and sold shares of the company. Coppell Advisory Solutions LLC lifted its stake in Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the last quarter. Private Trust Co. NA increased its holdings in shares of Tapestry by 27.2% in the first 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 during the period. Mather Group LLC. increased its holdings in shares of Tapestry by 2.8% in the first 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 during the period. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after purchasing an additional 194 shares during the period. Finally, Ossiam increased its holdings in shares of Tapestry by 1.4% in the fourth quarter. Ossiam now owns 22,103 shares of the luxury accessories retailer's stock valued at $1,444,000 after purchasing an additional 296 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on TPR shares. UBS Group boosted their target price on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Citigroup upped their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. The Goldman Sachs Group upped their price objective on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Thursday, June 12th. Finally, Telsey Advisory Group reaffirmed an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $88.78.

Tapestry Price Performance

Shares of TPR traded up $2.42 during trading hours on Wednesday, reaching $94.63. 1,079,058 shares of the company traded hands, compared to its average volume of 4,343,799. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The stock has a market capitalization of $19.65 billion, a PE ratio of 24.95, a price-to-earnings-growth ratio of 1.91 and a beta of 1.47. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $94.99. The stock has a fifty day simple moving average of $81.53 and a 200 day simple moving average of $75.54.

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

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.48%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is 36.84%.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by company insiders.

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.