Tabor Asset Management LP Acquires New Holdings in Tapestry, Inc. (NYSE:TPR)

Tabor Asset Management LP purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 83,285 shares of the luxury accessories retailer's stock, valued at approximately $5,441,000. Tapestry accounts for approximately 2.6% of Tabor Asset Management LP's portfolio, making the stock its 16th largest holding.

Other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD grew its stake in shares of Tapestry by 593.3% during the fourth 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 purchasing an additional 1,875,753 shares during the last quarter. Norges Bank acquired a new stake in shares of Tapestry during the fourth quarter worth $114,199,000. Point72 Asset Management L.P. acquired a new stake in Tapestry in the 4th quarter valued at $101,433,000. Candlestick Capital Management LP acquired a new stake in Tapestry in the 4th quarter valued at $66,902,000. Finally, Point72 Hong Kong Ltd bought a new position in shares of Tapestry in the 4th quarter valued at about $65,751,000. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

TPR has been the subject of a number of analyst reports. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research report on Thursday, May 8th. UBS Group lifted their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. The Goldman Sachs Group upped their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Jefferies Financial Group upped their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Finally, Redburn Atlantic upgraded shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target on the stock in a research note on Tuesday, February 18th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Stock Performance

Shares of NYSE:TPR traded down $2.72 on Wednesday, reaching $79.80. 3,794,561 shares of the company's stock were exchanged, compared to its average volume of 4,224,523. The company has a fifty day moving average of $71.18 and a 200-day moving average of $69.70. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The company has a market capitalization of $16.57 billion, a price-to-earnings ratio of 23.13, a PEG ratio of 2.01 and a beta of 1.41.

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 net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the prior year, the firm posted $0.81 EPS. The firm's quarterly revenue was up 6.9% on a year-over-year basis. On average, research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.75%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares of the company's stock, valued at approximately $3,397,592. The trade was a 23.59% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,936 shares of company stock valued at $9,101,139. 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.