Allianz Asset Management GmbH Acquires 422,259 Shares of Tapestry, Inc. $TPR

Key Points

• Allianz Asset Management GmbH increased its holdings in Tapestry, Inc. by 45.2%, acquiring an additional 422,259 shares, bringing its total ownership to 1,357,398 shares.
• Tapestry reported $1.04 earnings per share, exceeding analysts' expectations of $1.02, and showed a revenue increase of 8.3% year-over-year.
• The company has announced a quarterly dividend increase from $0.35 to $0.40 per share, representing an annual yield of 1.4%.

Allianz Asset Management GmbH grew its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 45.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,357,398 shares of the luxury accessories retailer's stock after acquiring an additional 422,259 shares during the period. Allianz Asset Management GmbH owned about 0.65% of Tapestry worth $119,193,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. First PREMIER Bank bought a new position in shares of Tapestry during the second quarter valued at $25,000. Flaharty Asset Management LLC bought a new position in shares of Tapestry during the first quarter valued at $25,000. Harbour Investments Inc. raised its stake in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new position in Tapestry during the first quarter worth $29,000. Finally, Ameritas Advisory Services LLC bought a new position in Tapestry during the second quarter worth $37,000. Institutional investors own 90.77% of the company's stock.

Tapestry Stock Up 0.4%

Tapestry stock opened at $116.69 on Thursday. Tapestry, Inc. has a fifty-two week low of $43.07 and a fifty-two week high of $118.56. The stock has a market cap of $24.16 billion, a PE ratio of 185.22, a price-to-earnings-growth ratio of 2.80 and a beta of 1.57. The firm's 50-day simple moving average is $107.90 and its 200 day simple moving average is $91.50. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.02. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the previous year, the company earned $0.92 earnings per share. The firm's revenue for the quarter was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were paid a $0.40 dividend. The ex-dividend date was Friday, September 5th. This is a positive change from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. Tapestry's dividend payout ratio is presently 253.97%.

Analyst Ratings Changes

A number of brokerages recently weighed in on TPR. Wall Street Zen downgraded shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Monday, September 22nd. UBS Group decreased their price target on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating for the company in a research note on Friday, August 15th. Bank of America downgraded shares of Tapestry from a "buy" rating to a "neutral" rating and lifted their price target for the company from $95.00 to $115.00 in a research note on Tuesday, July 29th. Raymond James Financial reaffirmed an "outperform" rating and issued a $115.00 price target (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Finally, Cowen reaffirmed a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $110.00.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares in the company, valued at $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the business's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares in the company, valued at approximately $865,767.07. The trade was a 58.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.32% of the stock is owned by insiders.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.

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