Seven Eight Capital LP Takes $6.82 Million Position in Tapestry Inc (TPR)

Seven Eight Capital LP purchased a new position in Tapestry Inc (NYSE:TPR) in the third quarter, HoldingsChannel reports. The fund purchased 135,684 shares of the luxury accessories retailer’s stock, valued at approximately $6,821,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Heritage Trust Co lifted its position in shares of Tapestry by 2.4% in the second quarter. Heritage Trust Co now owns 53,122 shares of the luxury accessories retailer’s stock worth $2,481,000 after purchasing an additional 1,269 shares in the last quarter. Westpac Banking Corp lifted its position in shares of Tapestry by 0.4% in the second quarter. Westpac Banking Corp now owns 342,103 shares of the luxury accessories retailer’s stock worth $15,980,000 after purchasing an additional 1,300 shares in the last quarter. CIBC World Markets Inc. lifted its position in shares of Tapestry by 24.5% in the first quarter. CIBC World Markets Inc. now owns 7,042 shares of the luxury accessories retailer’s stock worth $370,000 after purchasing an additional 1,387 shares in the last quarter. Sumitomo Mitsui Asset Management Company LTD lifted its position in shares of Tapestry by 2.2% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 65,072 shares of the luxury accessories retailer’s stock worth $3,039,000 after purchasing an additional 1,388 shares in the last quarter. Finally, Sumitomo Life Insurance Co. lifted its position in shares of Tapestry by 4.5% in the second quarter. Sumitomo Life Insurance Co. now owns 32,988 shares of the luxury accessories retailer’s stock worth $1,541,000 after purchasing an additional 1,415 shares in the last quarter. 90.04% of the stock is owned by institutional investors and hedge funds.

In other news, Director Ivan Menezes sold 2,068 shares of Tapestry stock in a transaction that occurred on Friday, August 31st. The shares were sold at an average price of $50.70, for a total value of $104,847.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Ian Bickley sold 48,071 shares of Tapestry stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $52.13, for a total transaction of $2,505,941.23. The disclosure for this sale can be found here. In the last three months, insiders sold 50,602 shares of company stock worth $2,633,939. Insiders own 0.70% of the company’s stock.

A number of analysts have recently issued reports on TPR shares. UBS Group started coverage on shares of Tapestry in a research report on Thursday, June 21st. They issued a “buy” rating and a $62.00 price target for the company. Goldman Sachs Group started coverage on shares of Tapestry in a research report on Monday, June 25th. They issued a “buy” rating and a $56.00 price target for the company. Guggenheim reissued a “buy” rating and issued a $60.00 price target on shares of Tapestry in a research report on Tuesday, July 3rd. Wells Fargo & Co set a $56.00 price target on shares of Tapestry and gave the stock a “buy” rating in a research report on Monday, July 9th. Finally, Piper Jaffray Companies set a $58.00 price target on shares of Tapestry and gave the stock a “buy” rating in a research report on Thursday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $56.16.

Shares of TPR opened at $43.44 on Friday. The company has a market cap of $12.74 billion, a P/E ratio of 16.73, a price-to-earnings-growth ratio of 1.36 and a beta of 0.43. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.87 and a current ratio of 2.59. Tapestry Inc has a twelve month low of $39.16 and a twelve month high of $55.50.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.03. Tapestry had a net margin of 6.76% and a return on equity of 24.76%. The firm had revenue of $1.48 billion for the quarter, compared to analyst estimates of $1.47 billion. During the same quarter last year, the firm earned $0.50 earnings per share. The company’s revenue for the quarter was up 30.9% on a year-over-year basis. Analysts predict that Tapestry Inc will post 2.77 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were given a $0.3375 dividend. This represents a $1.35 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Thursday, September 6th. Tapestry’s dividend payout ratio is 51.33%.

Tapestry Profile

Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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