Bank of Nova Scotia Decreases Holdings in Tapestry, Inc. (NYSE:TPR)

Key Points

• Bank of Nova Scotia has significantly reduced its stake in Tapestry, Inc. by 90.4%, selling 134,541 shares and now owning 14,291 shares worth $1,006,000.
• Tapestry recently reported an earnings per share (EPS) of $1.03 for the quarter, surpassing analyst expectations of $0.89, with a revenue increase of 6.9% year-over-year.
• Research analysts maintain a consensus rating of "Moderate Buy" on Tapestry, with several firms raising their price targets, including Barclays at $105.00 and UBS Group at $112.00.

Bank of Nova Scotia cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 90.4% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,291 shares of the luxury accessories retailer's stock after selling 134,541 shares during the period. Bank of Nova Scotia's holdings in Tapestry were worth $1,006,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Southpoint Capital Advisors LP purchased a new position in Tapestry in the fourth quarter valued at about $130,660,000. Price T Rowe Associates Inc. MD boosted its holdings 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 buying an additional 1,875,753 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Tapestry in the 4th quarter worth approximately $101,433,000. Candlestick Capital Management LP bought a new position in shares of Tapestry during the 4th quarter worth approximately $66,902,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Tapestry during the fourth quarter valued at approximately $65,751,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TPR has been the subject of several analyst reports. The Goldman Sachs Group increased their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $100.00 target price (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Citigroup upped their price objective on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a 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. Finally, TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Thursday, June 12th. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $99.72.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president owned 40,922 shares in the company, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction 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 sale, the chief executive officer directly owned 116,062 shares in the company, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Tapestry Price Performance

TPR stock traded up $0.51 during trading on Friday, reaching $108.99. 3,243,764 shares of the company were exchanged, compared to its average volume of 4,031,584. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. The stock's 50 day moving average price is $94.16 and its 200 day moving average price is $81.62. Tapestry, Inc. has a 52-week low of $37.13 and a 52-week high of $113.08. The company has a market cap of $22.64 billion, a P/E ratio of 28.68, a PEG ratio of 2.20 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 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 company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business earned $0.81 earnings per share. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. As a group, analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry 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.