2,000,000 Shares in Tapestry, Inc. (NYSE:TPR) Acquired by Southpoint Capital Advisors LP

Southpoint Capital Advisors LP acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,000,000 shares of the luxury accessories retailer’s stock, valued at approximately $130,660,000. Tapestry accounts for approximately 3.1% of Southpoint Capital Advisors LP’s investment portfolio, making the stock its 12th biggest position. Southpoint Capital Advisors LP owned 0.86% of Tapestry as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock valued at $143,198,000 after acquiring an additional 1,875,753 shares during the period. Norges Bank purchased a new position in shares of Tapestry during the 4th quarter worth $114,199,000. Point72 Asset Management L.P. purchased a new position in shares of Tapestry during the 4th quarter worth $101,433,000. Candlestick Capital Management LP acquired a new stake in shares of Tapestry during the 4th quarter worth about $66,902,000. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Tapestry during the 4th quarter worth about $65,751,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Down 0.6%

Tapestry stock opened at $82.77 on Monday. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The firm has a market capitalization of $17.19 billion, a price-to-earnings ratio of 23.99, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The stock’s fifty day moving average is $70.53 and its two-hundred day moving average is $69.30.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) 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 business had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the prior year, the business earned $0.81 earnings per share. The business’s revenue was up 6.9% on a year-over-year basis. Analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed 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. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

Insider Activity

In related news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. This trade represents a 3.72% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president now 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 valued at $9,101,139 in the last three months. Corporate insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of several research reports. Jefferies Financial Group lifted their target price on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Barclays boosted their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research note on Monday, May 12th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Tuesday, May 13th. Wells Fargo & Company reiterated an “overweight” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research note on Wednesday. Finally, The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the company a “buy” rating in a report on Friday, May 9th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $83.89.

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.