Woodline Partners LP Buys New Stake in Tapestry, Inc. (NYSE:TPR)

Woodline Partners LP purchased a new position in Tapestry, Inc. (NYSE:TPR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,995 shares of the luxury accessories retailer's stock, valued at approximately $914,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vident Advisory LLC grew its position in Tapestry by 7.4% in the fourth quarter. Vident Advisory LLC now owns 57,878 shares of the luxury accessories retailer's stock worth $3,781,000 after buying an additional 3,963 shares during the last quarter. Southpoint Capital Advisors LP acquired a new position in Tapestry in the fourth quarter worth approximately $130,660,000. Twinbeech Capital LP grew its position in Tapestry by 204.8% in the fourth quarter. Twinbeech Capital LP now owns 122,674 shares of the luxury accessories retailer's stock worth $8,014,000 after buying an additional 82,432 shares during the last quarter. Tabor Asset Management LP acquired a new position in Tapestry in the fourth quarter worth approximately $5,441,000. Finally, Tenzing Global Management LLC purchased a new position in Tapestry during the 4th quarter worth approximately $4,736,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on TPR shares. Citigroup lifted their price objective on shares of Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Robert W. Baird lifted their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Guggenheim lifted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, February 7th. UBS Group lifted their price objective on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Four analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and a consensus target price of $83.89.

Tapestry Stock Up 0.0%

Shares of Tapestry stock traded up $0.03 on Friday, hitting $78.47. 2,869,991 shares of the company traded hands, compared to its average volume of 4,262,147. The company has a 50-day moving average price of $71.96 and a 200 day moving average price of $71.20. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a market cap of $16.30 billion, a PE ratio of 22.74, a PEG ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data 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 11.74% and a return on equity of 44.00%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the previous year, the business earned $0.81 EPS. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. Sell-side analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.78%. The ex-dividend date is Friday, June 6th. Tapestry's payout ratio is presently 36.84%.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction dated 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 transaction, the vice president now owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

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.