Keystone Investors PTE Ltd. Decreases Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• Keystone Investors PTE Ltd. reduced its stake in Tapestry, Inc. by 84.1%, selling 341,718 shares and now owning 64,544 shares, making Tapestry only 0.6% of its investment portfolio.
• Tapestry reported a quarterly earnings of $1.03 per share, exceeding analysts' expectations by $0.14, and experienced a 6.9% year-over-year revenue growth.
• Brokerage analysts have generally given Tapestry a "Moderate Buy" rating, with target prices ranging from $93.00 to $145.00, indicating strong confidence in the stock's future performance.

Keystone Investors PTE Ltd. trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 84.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 64,544 shares of the luxury accessories retailer's stock after selling 341,718 shares during the period. Tapestry comprises about 0.6% of Keystone Investors PTE Ltd.'s holdings, making the stock its 13th biggest position. Keystone Investors PTE Ltd.'s holdings in Tapestry were worth $4,545,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Ameriprise Financial Inc. lifted its position in shares of Tapestry by 4.8% during 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 period. Northern Trust Corp lifted its position in shares of Tapestry by 3.0% during 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 period. Price T Rowe Associates Inc. MD lifted its position in shares of Tapestry by 593.3% during 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 period. Southpoint Capital Advisors LP acquired a new stake in shares of Tapestry during the 4th quarter valued at approximately $130,660,000. Finally, WT Asset Management Ltd lifted its position in shares of Tapestry by 140.6% during the 1st quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after acquiring an additional 920,087 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the business'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 sale, the vice president directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 transaction of $3,256,000.00. Following the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $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. 1.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research reports. The Goldman Sachs Group lifted their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Wall Street Zen cut shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Friday, July 18th. Bank of America cut shares of Tapestry from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Argus raised their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Finally, Telsey Advisory Group reissued an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.72.

Tapestry Trading Up 0.5%

TPR stock traded up $0.51 during midday trading on Friday, hitting $108.99. The stock had a trading volume of 3,243,764 shares, compared to its average volume of 4,031,584. The firm has a market cap of $22.64 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 2.20 and a beta of 1.51. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. Tapestry, Inc. has a 12-month low of $37.13 and a 12-month high of $113.08. The company's 50-day moving average price is $94.16 and its 200 day moving average price is $81.62.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS 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 during the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the previous year, the company earned $0.81 EPS. Tapestry's revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

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.