Seven Eight Capital LP Acquires New Holdings in Tapestry Inc (TPR)

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Seven Eight Capital LP acquired a new position in Tapestry Inc (NYSE:TPR) during the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 135,684 shares of the luxury accessories retailer’s stock, valued at approximately $6,821,000.

Several other hedge funds have also recently added to or reduced their stakes in TPR. United Capital Financial Advisers LLC increased its holdings in shares of Tapestry by 18.4% in the 1st quarter. United Capital Financial Advisers LLC now owns 21,758 shares of the luxury accessories retailer’s stock worth $1,145,000 after acquiring an additional 3,379 shares during the period. Natixis acquired a new stake in shares of Tapestry in the 1st quarter worth about $1,195,000. Ladenburg Thalmann Financial Services Inc. increased its holdings in shares of Tapestry by 239.4% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 27,887 shares of the luxury accessories retailer’s stock worth $1,466,000 after acquiring an additional 19,671 shares during the period. Highbridge Capital Management LLC increased its holdings in shares of Tapestry by 203.7% in the 1st quarter. Highbridge Capital Management LLC now owns 5,081 shares of the luxury accessories retailer’s stock worth $267,000 after acquiring an additional 9,981 shares during the period. Finally, NEXT Financial Group Inc acquired a new stake in shares of Tapestry in the 1st quarter worth about $228,000. 90.04% of the stock is currently owned by institutional investors and hedge funds.

In other news, Director Ivan Menezes sold 2,068 shares of the firm’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $50.70, for a total transaction of $104,847.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Ian Bickley sold 48,071 shares of the firm’s stock in a transaction dated 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 90 days, insiders have sold 50,602 shares of company stock valued at $2,633,939. Insiders own 0.70% of the company’s stock.

Shares of TPR opened at $43.44 on Friday. The stock has a market capitalization of $12.74 billion, a P/E ratio of 16.73, a P/E/G ratio of 1.36 and a beta of 0.43. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.59 and a quick ratio of 1.87. Tapestry Inc has a 52-week low of $39.16 and a 52-week high of $55.50.

Tapestry (NYSE:TPR) last announced its earnings results on Tuesday, August 14th. The luxury accessories retailer reported $0.60 earnings per share (EPS) for the quarter, beating the Zacks’ 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 during the quarter, compared to analyst estimates of $1.47 billion. During the same quarter in the prior year, the firm posted $0.50 EPS. Tapestry’s revenue was up 30.9% compared to the same quarter last year. Equities research analysts expect that Tapestry Inc will post 2.77 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 1st. Stockholders of record on Friday, September 7th were given a dividend of $0.3375 per share. The ex-dividend date of this dividend was Thursday, September 6th. This represents a $1.35 annualized dividend and a dividend yield of 3.11%. Tapestry’s dividend payout ratio (DPR) is 51.33%.

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

Tapestry Company 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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