Tapestry, Inc. (NYSE:TPR) Stock Position Lifted by WT Asset Management Ltd

WT Asset Management Ltd boosted its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 140.6% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,574,634 shares of the luxury accessories retailer's stock after purchasing an additional 920,087 shares during the quarter. Tapestry comprises 13.0% of WT Asset Management Ltd's holdings, making the stock its largest holding. WT Asset Management Ltd owned 0.76% of Tapestry worth $110,870,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Coppell Advisory Solutions LLC boosted its stake in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares during the last quarter. Mather Group LLC. increased its stake in shares of Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after purchasing an additional 165 shares during the last quarter. Parkside Financial Bank & Trust raised its holdings in shares of Tapestry by 13.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer's stock worth $104,000 after purchasing an additional 182 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Tapestry by 25.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after purchasing an additional 194 shares during the period. Finally, E Fund Management Co. Ltd. lifted its stake in Tapestry by 1.6% in the fourth quarter. E Fund Management Co. Ltd. now owns 12,744 shares of the luxury accessories retailer's stock valued at $833,000 after purchasing an additional 200 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Price Performance

Shares of Tapestry stock traded up $4.25 during trading on Friday, hitting $90.73. The stock had a trading volume of 4,388,372 shares, compared to its average volume of 4,342,895. 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, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a market cap of $18.84 billion, a price-to-earnings ratio of 23.88, a P/E/G ratio of 1.86 and a beta of 1.47. The business's 50-day moving average is $80.62 and its 200 day moving average is $75.05.

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 the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The firm's revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.54%. Tapestry's dividend payout ratio is presently 36.84%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president owned 40,922 shares in the company, valued at $3,350,693.36. The trade was a 3.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the company'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 value of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares of the company's stock, valued at approximately $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 corporate insiders.

Analysts Set New Price Targets

TPR has been the topic of several research reports. UBS Group boosted their target price on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research note on Friday, May 9th. Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a report on Thursday, May 8th. Raymond James Financial reaffirmed an "outperform" rating and set a $85.00 price objective (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Telsey Advisory Group reiterated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Finally, Wall Street Zen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus target price of $88.78.

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.