Harvest Fund Management Co. Ltd Has $581,000 Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• Harvest Fund Management Co. Ltd reduced its Tapestry, Inc. shares by 56.7%, selling 10,800 shares and leaving them with a total of 8,259 shares valued at approximately $581,000.
• Tapestry reported $1.03 earnings per share for the last quarter, exceeding analysts' expectations by $0.14, with revenues reaching $1.58 billion.
• The company announced a quarterly dividend of $0.35 per share, translating to an annual yield of 1.29% and a payout ratio of 36.84%.

Harvest Fund Management Co. Ltd cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 56.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,259 shares of the luxury accessories retailer's stock after selling 10,800 shares during the period. Harvest Fund Management Co. Ltd's holdings in Tapestry were worth $581,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Ameriprise Financial Inc. lifted its stake in shares of Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after acquiring an additional 370,784 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Tapestry by 3.2% in the 4th quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after acquiring an additional 176,717 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Tapestry by 3.0% in the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after acquiring an additional 83,222 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. Finally, Southpoint Capital Advisors LP bought a new position in shares of Tapestry in the 4th quarter valued at $130,660,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Trading Down 1.6%

Tapestry stock traded down $1.71 during trading hours on Friday, reaching $106.32. 4,508,869 shares of the company's stock were exchanged, compared to its average volume of 3,790,759. 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 firm's 50 day simple moving average is $91.01 and its 200 day simple moving average is $80.19. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $110.44. The firm has a market capitalization of $22.08 billion, a PE ratio of 27.98, a PEG ratio of 2.18 and a beta of 1.51.

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 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 during the quarter, compared to the consensus estimate of $1.53 billion. During the same period last year, the business posted $0.81 EPS. The business's revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently declared 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 1.3%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. The Goldman Sachs Group increased their price target on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Raymond James Financial reiterated an "outperform" rating and issued a $115.00 price target (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Argus increased their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Finally, Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and an average target price of $97.56.

Insider Transactions at Tapestry

In other news, 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 $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, 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 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 approximately $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

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.