Tapestry, Inc. (NYSE:TPR) Shares Purchased by Picton Mahoney Asset Management

Key Points

• Picton Mahoney Asset Management increased its stake in Tapestry, Inc. by 2,174.2%, acquiring 76,750 additional shares, bringing its total to 80,280 shares valued at $5.65 million.
• Institutional investors own 90.77% of Tapestry's stock, indicating strong confidence from investment firms in the luxury accessories retailer.
• Recent analyst reports show a positive sentiment towards Tapestry, with multiple firms raising price targets and a consensus rating of "Moderate Buy" with an average price target of $96.17.

Picton Mahoney Asset Management increased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 2,174.2% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 80,280 shares of the luxury accessories retailer's stock after purchasing an additional 76,750 shares during the quarter. Picton Mahoney Asset Management's holdings in Tapestry were worth $5,652,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Greenline Partners LLC acquired a new stake in shares of Tapestry during the fourth quarter valued at $29,000. MorganRosel Wealth Management LLC purchased a new position in Tapestry in the 1st quarter valued at about $35,000. Opal Wealth Advisors LLC acquired a new stake in shares of Tapestry during the 1st quarter worth about $35,000. Coppell Advisory Solutions LLC boosted its stake in shares of Tapestry by 40.7% during the 4th 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. Finally, Private Trust Co. NA grew its holdings in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock worth $50,000 after buying an additional 153 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Trading Down 1.6%

TPR traded down $1.71 during trading on Friday, hitting $106.32. 4,508,869 shares of the company's stock were exchanged, compared to its average volume of 3,790,759. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $110.44. The stock has a 50 day moving average price of $91.01 and a 200 day moving average price of $80.19. The firm has a market cap of $22.08 billion, a P/E ratio of 27.98, a price-to-earnings-growth ratio of 2.18 and a beta of 1.51. 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 (NYSE:TPR - Get Free Report) last announced 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 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 prior year, the company earned $0.81 EPS. The firm's revenue was up 6.9% on a year-over-year basis. As a group, analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on TPR. Raymond James Financial reissued an "outperform" rating and set a $115.00 price objective (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Argus raised their price objective on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. UBS Group lifted their price objective on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. increased their target price on Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a research report on Monday, July 28th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $97.56.

Insider Activity

In related news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the 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 sale, the vice president directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. This trade 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 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.