28,831 Tapestry, Inc. $TPR Shares Bought by Aware Super Pty Ltd as trustee of Aware Super

Key Points

• Aware Super increased its Tapestry stake by 11.5% in the third quarter, buying 28,831 shares to hold 280,578 shares valued at approximately $32.3 million. Institutional investors collectively own 90.77% of the company.
• Tapestry exceeded quarterly earnings expectations, reporting $1.32 in EPS versus the $1.28 consensus and revenue of $1.88 billion. The company also raised its quarterly dividend to $0.4625, equivalent to a 1.5% annualized yield.
• Wall Street maintains a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $170, despite several analysts recently lowering their targets.

Aware Super Pty Ltd as trustee of Aware Super boosted its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 11.5% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 280,578 shares of the luxury accessories retailer's stock after purchasing an additional 28,831 shares during the quarter. Aware Super Pty Ltd as trustee of Aware Super owned approximately 0.14% of Tapestry worth $32,278,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. BlackRock Inc. purchased a new position in shares of Tapestry in the second quarter worth $2,610,995,000. Bank of America Corp DE acquired a new position in shares of Tapestry in the 2nd quarter valued at $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Tapestry by 53.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer's stock valued at $317,586,000 after acquiring an additional 758,915 shares during the period. Amundi raised its stake in Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer's stock worth $249,751,000 after acquiring an additional 866,969 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tapestry in the second quarter worth about $175,291,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

NYSE TPR opened at $120.78 on Tuesday. The stock has a market capitalization of $24.08 billion, a price-to-earnings ratio of 16.57, a PEG ratio of 1.41 and a beta of 1.42. The stock has a 50-day moving average of $117.45 and a 200 day moving average of $137.02. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analysts' expectations of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company's quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 7.97 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were given a $0.4625 dividend. The ex-dividend date was Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.5%. Tapestry's dividend payout ratio (DPR) is currently 25.38%.

Insider Activity at Tapestry

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the transaction, the insider owned 21,136 shares of the company's stock, valued at $2,438,671.68. This trade represents a 21.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.28% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on the company. Raymond James Financial dropped their target price on Tapestry from $165.00 to $140.00 and set an "outperform" rating on the stock in a research report on Friday, October 16th. TD Cowen assumed coverage on shares of Tapestry in a report on Friday. They issued a "strong-buy" rating on the stock. Wells Fargo & Company reduced their price target on shares of Tapestry from $160.00 to $150.00 and set an "overweight" rating for the company in a research report on Thursday, October 29th. Weiss Ratings upgraded shares of Tapestry from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 16th. Finally, BTIG Research decreased their price objective on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Three analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $170.00.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women's footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.

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