Capricorn Fund Managers Ltd Raises Holdings in Tapestry, Inc. (NYSE:TPR)

Capricorn Fund Managers Ltd raised its stake in shares of Tapestry, Inc. (NYSE:TPR) by 93.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 115,000 shares of the luxury accessories retailer’s stock after purchasing an additional 55,677 shares during the quarter. Tapestry accounts for 4.3% of Capricorn Fund Managers Ltd’s portfolio, making the stock its 8th largest holding. Capricorn Fund Managers Ltd owned approximately 0.06% of Tapestry worth $8,097,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TPR. LPL Financial LLC boosted its holdings in Tapestry by 1.5% during the fourth quarter. LPL Financial LLC now owns 122,258 shares of the luxury accessories retailer’s stock valued at $7,987,000 after purchasing an additional 1,791 shares in the last quarter. Corebridge Financial Inc. boosted its holdings in Tapestry by 3.3% during the fourth quarter. Corebridge Financial Inc. now owns 59,055 shares of the luxury accessories retailer’s stock valued at $3,858,000 after purchasing an additional 1,902 shares in the last quarter. NEOS Investment Management LLC boosted its holdings in Tapestry by 28.6% during the fourth quarter. NEOS Investment Management LLC now owns 11,171 shares of the luxury accessories retailer’s stock valued at $730,000 after purchasing an additional 2,483 shares in the last quarter. Norges Bank acquired a new stake in Tapestry during the fourth quarter valued at approximately $114,199,000. Finally, Nomura Asset Management Co. Ltd. boosted its holdings in shares of Tapestry by 17.6% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer’s stock worth $329,000 after acquiring an additional 754 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on TPR shares. Morgan Stanley raised Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a report on Thursday, May 8th. Cowen raised Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, June 12th. TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Thursday, June 12th. Barclays reissued an “overweight” rating and issued a $105.00 target price (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Finally, JPMorgan Chase & Co. boosted their target price on Tapestry from $104.00 to $145.00 and gave the stock an “overweight” rating in a report on Monday. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $93.11.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president owned 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Todd Kahn sold 40,000 shares of the firm’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the sale, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Up 1.9%

NYSE:TPR opened at $110.37 on Tuesday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $110.44. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The firm has a market capitalization of $22.92 billion, a P/E ratio of 29.04, a P/E/G ratio of 2.23 and a beta of 1.47. The stock’s fifty day simple moving average is $88.77 and its 200-day simple moving average is $79.25.

Tapestry (NYSE:TPR) last posted 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 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same period last year, the company earned $0.81 EPS. The firm’s revenue was up 6.9% on a year-over-year basis. Equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.27%. The ex-dividend date was Friday, June 6th. Tapestry’s payout ratio is presently 36.84%.

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.