300,100 Shares in Tapestry, Inc. $TPR Acquired by VIRGINIA RETIREMENT SYSTEMS ET Al

Key Points

• Virginia Retirement Systems acquired 300,100 Tapestry shares worth approximately $43.9 million, giving it a 0.15% stake; institutional investors collectively own 90.77% of the company.
• Tapestry beat quarterly expectations with $1.32 EPS and $1.88 billion in revenue, while revenue increased 8.9% year over year. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $175.12.
• The company raised its quarterly dividend to $0.4625 per share, or $1.85 annually, producing a 1.5% yield; CEO Joanne Crevoiserat separately sold 27,761 shares under a pre-arranged trading plan.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 300,100 shares of the luxury accessories retailer's stock, valued at approximately $43,929,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned 0.15% of Tapestry at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. World Investment Advisors lifted its stake in shares of Tapestry by 3.6% in the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock valued at $279,000 after purchasing an additional 69 shares during the period. Horizon Bancorp Inc. IN grew its stake in shares of Tapestry by 4.7% during the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer's stock worth $222,000 after purchasing an additional 71 shares during the period. Smartleaf Asset Management LLC grew its stake in shares of Tapestry by 2.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer's stock worth $477,000 after purchasing an additional 73 shares during the period. Eastern Bank increased its holdings in Tapestry by 24.4% in the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer's stock valued at $57,000 after purchasing an additional 77 shares during the last quarter. Finally, NewEdge Wealth LLC lifted its stake in Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer's stock valued at $450,000 after buying an additional 85 shares during the period. 90.77% of the stock is owned by institutional investors.

Insider Activity

In related news, CEO Joanne Crevoiserat sold 27,761 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of recent analyst reports. Wall Street Zen cut Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Weiss Ratings raised Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research note on Friday, August 14th. Wells Fargo & Company cut their price target on shares of Tapestry from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Zacks Research lowered shares of Tapestry from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, Sanford C. Bernstein restated a "market perform" rating and set a $185.00 price objective (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $175.12.

Tapestry Trading Down 0.1%

NYSE TPR opened at $122.01 on Monday. Tapestry, Inc. has a one year low of $93.00 and a one year high of $164.80. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The firm has a market cap of $24.33 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.55 and a beta of 1.42. The stock's 50-day moving average is $140.70 and its 200-day moving average is $143.32.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the firm earned $1.04 EPS. Tapestry's quarterly revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. This is a boost from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. Tapestry's dividend payout ratio is currently 25.38%.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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