Point72 Asia Hong Kong Ltd Increases Holdings in Tapestry Inc (TPR)

Point72 Asia Hong Kong Ltd boosted its holdings in shares of Tapestry Inc (NYSE:TPR) by 57.2% in the first quarter, HoldingsChannel.com reports. The fund owned 6,591 shares of the luxury accessories retailer’s stock after buying an additional 2,399 shares during the quarter. Point72 Asia Hong Kong Ltd’s holdings in Tapestry were worth $347,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Stelac Advisory Services LLC acquired a new stake in Tapestry during the 1st quarter worth about $130,000. Advisory Services Network LLC acquired a new stake in Tapestry during the 4th quarter worth about $131,000. Stratos Wealth Partners LTD. acquired a new stake in Tapestry during the 1st quarter worth about $155,000. SeaCrest Wealth Management LLC acquired a new stake in Tapestry during the 4th quarter worth about $163,000. Finally, Penserra Capital Management LLC acquired a new stake in Tapestry during the 4th quarter worth about $179,000. Hedge funds and other institutional investors own 89.36% of the company’s stock.

Shares of Tapestry opened at $45.47 on Thursday, MarketBeat Ratings reports. The company has a current ratio of 2.66, a quick ratio of 1.83 and a debt-to-equity ratio of 0.51. Tapestry Inc has a twelve month low of $38.70 and a twelve month high of $55.50. The company has a market capitalization of $13.33 billion, a P/E ratio of 21.15, a P/E/G ratio of 1.59 and a beta of 0.34.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Tuesday, May 1st. The luxury accessories retailer reported $0.54 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.50 by $0.04. Tapestry had a return on equity of 24.12% and a net margin of 6.10%. The business had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. The firm’s revenue was up 32.9% compared to the same quarter last year. research analysts forecast that Tapestry Inc will post 2.6 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 8th will be given a $0.338 dividend. This is an increase from Tapestry’s previous quarterly dividend of $0.34. This represents a $1.35 annualized dividend and a yield of 2.97%. The ex-dividend date is Thursday, June 7th. Tapestry’s payout ratio is currently 62.79%.

A number of equities research analysts have commented on the company. Credit Suisse Group assumed coverage on Tapestry in a research report on Monday, March 12th. They set an “outperform” rating and a $60.00 price objective for the company. Robert W. Baird set a $60.00 price objective on Tapestry and gave the stock a “buy” rating in a research report on Monday, April 16th. Loop Capital set a $59.00 price objective on Tapestry and gave the stock a “buy” rating in a research report on Tuesday, May 1st. Buckingham Research decreased their price objective on Tapestry from $62.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, May 2nd. Finally, Zacks Investment Research downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Thursday, May 3rd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Tapestry has an average rating of “Buy” and an average target price of $54.27.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and lifestyle brands. It offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, belts, sunglasses, watches, novelty accessories, and ready-to-wear for men.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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