Point72 Hong Kong Ltd acquired a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor acquired 1,006,452 shares of the luxury accessories retailer's stock, valued at approximately $65,751,000. Tapestry comprises approximately 4.0% of Point72 Hong Kong Ltd's investment portfolio, making the stock its 3rd biggest position. Point72 Hong Kong Ltd owned approximately 0.43% of Tapestry as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. Greenline Partners LLC bought a new position in shares of Tapestry during the 4th quarter valued at about $29,000. Coppell Advisory Solutions LLC increased its position in shares of Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the last quarter. Venturi Wealth Management LLC increased its position in shares of Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after purchasing an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan bought a new position in shares of Tapestry during the 4th quarter valued at about $48,000. Finally, UMB Bank n.a. grew its position in Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after acquiring an additional 496 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of brokerages have commented on TPR. Guggenheim lifted their price target on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Friday, February 7th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday. StockNews.com raised Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Citigroup lifted their price target on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, JPMorgan Chase & Co. lifted their price target on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 12th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company's stock. According to MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and a consensus target price of $83.89.
Check Out Our Latest Stock Analysis on TPR
Tapestry Trading Down 0.6%
Shares of TPR traded down $0.47 during mid-day trading on Friday, hitting $82.77. 2,552,671 shares of the company's stock traded hands, compared to its average volume of 4,225,678. 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 1 year low of $35.23 and a 1 year high of $90.85. The firm has a market capitalization of $17.19 billion, a P/E ratio of 23.99, a PEG ratio of 2.01 and a beta of 1.41. The business's 50-day moving average price is $70.53 and its 200-day moving average price is $69.15.
Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the company posted $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 forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.
Tapestry Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Investors of record on Friday, June 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. Tapestry's dividend payout ratio is presently 36.84%.
Insider Activity at Tapestry
In other Tapestry news, CEO Todd Kahn sold 7,786 shares of the business's stock in a transaction on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares of the company's stock, valued at approximately $17,652,100.29. The trade was a 3.72% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 107,936 shares of company stock worth $9,101,139 over the last ninety days. 1.18% of the stock is owned by corporate insiders.
About Tapestry
(
Free Report)
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.
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