1,552,622 Shares in Tapestry, Inc. (NYSE:TPR) Acquired by Point72 Asset Management L.P.

Point72 Asset Management L.P. bought a new stake in Tapestry, Inc. (NYSE:TPR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,552,622 shares of the luxury accessories retailer’s stock, valued at approximately $101,433,000. Point72 Asset Management L.P. owned about 0.67% of Tapestry at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Point72 Hong Kong Ltd bought a new stake in shares of Tapestry in the 4th quarter valued at $65,751,000. Quantinno Capital Management LP grew its holdings in Tapestry by 13.1% in the fourth quarter. Quantinno Capital Management LP now owns 74,984 shares of the luxury accessories retailer’s stock worth $4,899,000 after purchasing an additional 8,713 shares during the period. Mufg Securities Americas Inc. bought a new stake in Tapestry in the fourth quarter valued at $225,000. NorthRock Partners LLC acquired a new position in shares of Tapestry during the fourth quarter valued at about $284,000. Finally, Maven Securities LTD bought a new position in shares of Tapestry during the 4th quarter worth about $204,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Trading Down 0.7%

NYSE TPR opened at $83.05 on Thursday. The business’s fifty day moving average is $70.06 and its 200-day moving average is $68.54. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock has a market capitalization of $17.19 billion, a price-to-earnings ratio of 24.07, a PEG ratio of 2.01 and a beta of 1.41. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.81 earnings per share. Equities research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company 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 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 payout ratio is 36.84%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the completion of the transaction, the vice president now owns 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Todd Kahn sold 7,786 shares of Tapestry 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 completion of the transaction, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 107,936 shares of company stock valued at $9,101,139. 1.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Barclays raised their price objective on Tapestry from $83.00 to $98.00 and gave the company an “overweight” rating in a research note on Monday. Evercore ISI lifted their price target on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, January 27th. Robert W. Baird upped their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Wells Fargo & Company reiterated an “overweight” rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a report on Wednesday. Finally, Jefferies Financial Group upped their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. Four research analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target 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.