Westfield Capital Management Co. LP Has $253.57 Million Stake in Tapestry, Inc. (NYSE:TPR)

Key Points

• Westfield Capital Management Co. LP reduced its stake in Tapestry, Inc. by 0.1%, owning approximately 3,601,314 shares valued at $253.57 million, making it the 14th largest position in their investment portfolio.
• Multiple analysts have issued optimistic projections for Tapestry, with Barclays and Wells Fargo raising their price targets to $105.00 and $100.00 respectively, while the stock has a consensus rating of "Moderate Buy" with an average target of $97.56.
• In recent insider trading, CEO Todd Kahn sold 40,000 shares for around $3.26 million, marking a 25.63% reduction in his ownership, while overall, 1.18% of the company's stock is held by insiders.

Westfield Capital Management Co. LP lowered its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 0.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,601,314 shares of the luxury accessories retailer's stock after selling 3,604 shares during the period. Tapestry accounts for 1.2% of Westfield Capital Management Co. LP's investment portfolio, making the stock its 14th biggest position. Westfield Capital Management Co. LP owned about 1.74% of Tapestry worth $253,569,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Southpoint Capital Advisors LP acquired a new stake in shares of Tapestry during the 4th quarter worth approximately $130,660,000. Price T Rowe Associates Inc. MD boosted its stake in 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 purchasing an additional 1,875,753 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Tapestry during the 4th quarter valued at $101,433,000. Candlestick Capital Management LP bought a new stake in shares of Tapestry during the 4th quarter worth $66,902,000. Finally, Point72 Hong Kong Ltd acquired a new position in shares of Tapestry in the 4th quarter worth $65,751,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE:TPR traded down $0.27 during mid-day trading on Tuesday, hitting $111.62. The stock had a trading volume of 4,090,258 shares, compared to its average volume of 3,982,717. Tapestry, Inc. has a twelve month low of $36.24 and a twelve month high of $112.49. The stock has a market cap of $23.18 billion, a price-to-earnings ratio of 29.37, a PEG ratio of 2.26 and a beta of 1.51. The company's 50 day simple moving average is $92.32 and its 200 day simple moving average is $80.85. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating 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 business 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. Tapestry's revenue was up 6.9% on a year-over-year basis. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

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

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the firm's 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 in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of the firm'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 sale, the chief executive officer owned 116,062 shares of the company's stock, valued at $9,447,446.80. This trade 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.

Wall Street Analyst Weigh In

TPR has been the topic of a number of recent research reports. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Argus raised their target price on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Barclays reiterated an "overweight" rating and set a $105.00 price objective (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. increased their price objective on Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a report on Monday, July 28th. Four equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $99.72.

About Tapestry

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.