Investors Buy High Volume of Tapestry Call Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR - Get Free Report) was the target of some unusual options trading activity on Thursday. Traders purchased 14,739 call options on the stock. This represents an increase of 174% compared to the average daily volume of 5,373 call options.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently modified their holdings of the stock. Brown Brothers Harriman & Co. boosted its position in Tapestry by 340.7% during the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 511 shares during the last quarter. Alpha Paradigm Partners LLC acquired a new stake in shares of Tapestry during the 3rd quarter valued at about $26,000. Bell Investment Advisors Inc grew its stake in shares of Tapestry by 718.1% in the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer's stock valued at $27,000 after buying an additional 833 shares in the last quarter. Quarry LP increased its holdings in Tapestry by 100.8% in the second quarter. Quarry LP now owns 968 shares of the luxury accessories retailer's stock worth $41,000 after buying an additional 127,311 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in Tapestry by 955.8% in the first quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer's stock worth $41,000 after buying an additional 994 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Up 0.9 %

NYSE:TPR traded up $0.38 during trading hours on Thursday, hitting $41.82. 4,535,621 shares of the company's stock traded hands, compared to its average volume of 3,753,861. The stock's fifty day moving average price is $45.53 and its two-hundred day moving average price is $36.99. The firm has a market cap of $9.59 billion, a P/E ratio of 10.56, a P/E/G ratio of 0.88 and a beta of 1.57. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. Tapestry has a twelve month low of $25.99 and a twelve month high of $48.80.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.46 by $0.17. The company had revenue of $2.08 billion for the quarter, compared to analysts' expectations of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business's revenue for the quarter was up 2.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.36 EPS. On average, research analysts expect that Tapestry will post 4.25 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry's dividend payout ratio (DPR) is currently 35.35%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on TPR. The Goldman Sachs Group boosted their target price on Tapestry from $41.00 to $47.00 and gave the stock a "buy" rating in a report on Friday, February 9th. TheStreet raised Tapestry from a "c+" rating to a "b-" rating in a research note on Tuesday, December 26th. Jefferies Financial Group downgraded shares of Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price target for the company. in a report on Thursday, February 29th. Raymond James raised their price objective on shares of Tapestry from $40.00 to $44.00 and gave the company an "outperform" rating in a research report on Tuesday, January 30th. Finally, Evercore ISI upgraded shares of Tapestry from an "in-line" rating to an "outperform" rating and boosted their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $47.81.

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.