9,507 Tapestry, Inc. $TPR Shares Sold by North Dakota State Investment Board

Key Points

• North Dakota State Investment Board cut its Tapestry stake by 53.2% in the third quarter, selling 9,507 shares and retaining 8,358 shares worth approximately $962,000. Institutional investors collectively own 90.77% of Tapestry.
• Tapestry reported quarterly earnings of $1.32 per share, exceeding estimates by $0.04, while revenue rose 8.9% year over year to $1.88 billion. The company raised its quarterly dividend to $0.4625, equivalent to a 1.6% annual yield.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $170, compared with the stock’s reported price of $116.09.

North Dakota State Investment Board trimmed its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 53.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 8,358 shares of the luxury accessories retailer's stock after selling 9,507 shares during the period. North Dakota State Investment Board's holdings in Tapestry were worth $962,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Tapestry in the second quarter valued at approximately $2,610,995,000. Bank of America Corp DE bought a new stake in Tapestry during the second quarter worth $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Tapestry by 53.8% in the second 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 worth $317,586,000 after purchasing an additional 758,915 shares during the last quarter. Amundi boosted its position in Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer's stock worth $249,751,000 after purchasing an additional 866,969 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Tapestry in the 2nd quarter valued at $175,291,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Activity

In related news, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value of $670,357.80. Following the sale, the insider directly owned 21,136 shares in the company, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Joanne Crevoiserat sold 27,761 shares of the company's stock in a transaction dated 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 approximately $88,244,758.03. This trade represents 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. Company insiders own 1.28% of the company's stock.

Tapestry Stock Performance

NYSE:TPR opened at $116.09 on Friday. 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 business has a fifty day simple moving average of $117.65 and a two-hundred day simple moving average of $137.09. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. The company has a market capitalization of $23.15 billion, a P/E ratio of 15.92, a P/E/G ratio of 1.47 and a beta of 1.42.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results 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 firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company posted $1.04 earnings per share. The business's revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts expect that Tapestry, Inc. will post 7.97 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were issued a $0.4625 dividend. This is an increase from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.85 annualized dividend and a yield of 1.6%. Tapestry's payout ratio is 25.38%.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on TPR shares. BTIG Research decreased their target price on Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, August 14th. JPMorgan Chase & Co. boosted their price target on shares of Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Weiss Ratings raised shares of Tapestry from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, October 16th. 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. Finally, Zacks Research downgraded shares of Tapestry from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Three research 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 stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus 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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