Rivermont Capital Management LP Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Rivermont Capital Management LP bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 275,083 shares of the luxury accessories retailer's stock, valued at approximately $17,971,000. Tapestry accounts for about 6.8% of Rivermont Capital Management LP's portfolio, making the stock its 3rd largest holding. Rivermont Capital Management LP owned about 0.12% of Tapestry as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Czech National Bank grew its holdings in Tapestry by 7.7% during the 4th quarter. Czech National Bank now owns 50,527 shares of the luxury accessories retailer's stock valued at $3,301,000 after purchasing an additional 3,629 shares in the last quarter. Wedmont Private Capital acquired a new stake in Tapestry during the 4th quarter valued at $253,000. Park Avenue Securities LLC grew its holdings in Tapestry by 31.5% during the 4th quarter. Park Avenue Securities LLC now owns 9,572 shares of the luxury accessories retailer's stock valued at $625,000 after purchasing an additional 2,294 shares in the last quarter. Burney Co. acquired a new stake in Tapestry during the 4th quarter valued at $1,294,000. Finally, Legacy Wealth Asset Management LLC acquired a new stake in Tapestry during the 4th quarter valued at $342,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

NYSE TPR traded down $0.47 during trading hours on Friday, hitting $82.77. The company had a trading volume of 2,552,671 shares, compared to its average volume of 4,225,678. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The business has a fifty day simple moving average of $70.53 and a 200-day simple moving average of $69.15. The firm has a market cap of $17.19 billion, a P/E ratio of 23.99, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41.

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 (EPS) for the quarter, topping 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 during the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. Equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. Tapestry's payout ratio is 36.84%.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of the firm's stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares of the company's stock, valued at $3,397,592. This represents a 23.59% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 107,936 shares of company stock valued at $9,101,139. 1.18% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent analyst reports. The Goldman Sachs Group raised their price target on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Evercore ISI upped their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a research note on Wednesday. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective for the company in a report on Tuesday, February 18th. Finally, Robert W. Baird increased their target price on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Four analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $83.89.

Tapestry 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.