Y Intercept Hong Kong Ltd Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Y Intercept Hong Kong Ltd purchased a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 58,017 shares of the luxury accessories retailer's stock, valued at approximately $4,085,000.

Several other institutional investors have also added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its stake in shares of Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after purchasing an additional 370,784 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Tapestry by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after purchasing an additional 546,497 shares during the last quarter. Northern Trust Corp raised its stake in shares of Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after purchasing an additional 83,222 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on TPR. Wells Fargo & Company restated an "overweight" rating and issued a $100.00 price objective (up from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. The Goldman Sachs Group raised their price objective on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Citigroup lifted their price target on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. UBS Group lifted their price target on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a research report on Friday, May 9th. Finally, Raymond James Financial reiterated an "outperform" rating and set a $115.00 price target (up from $85.00) on shares of Tapestry in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $90.83.

Tapestry Price Performance

Shares of Tapestry stock traded down $0.29 on Friday, reaching $108.15. The company's stock had a trading volume of 1,493,292 shares, compared to its average volume of 4,941,750. The company has a market capitalization of $22.46 billion, a P/E ratio of 28.47, a PEG ratio of 2.25 and a beta of 1.47. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $110.22. The stock has a 50-day moving average price of $87.70 and a 200-day moving average price of $78.52. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business's revenue was up 6.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.81 earnings per share. Analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.29%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry's dividend payout ratio is presently 36.84%.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 sale, the vice president directly owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was 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 link. Also, CEO Todd Kahn sold 40,000 shares of Tapestry 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 in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.