Allstate Corp Buys 8,019 Shares of Tapestry, Inc. $TPR

Key Points

• Allstate Corp more than doubled its stake in Tapestry, buying 8,019 additional shares in the fourth quarter to bring its total holdings to 15,660 shares worth about $2.0 million.
• Tapestry reported strong quarterly results, with EPS of $1.66 beating estimates and revenue of $1.92 billion topping expectations; revenue also rose 21.2% year over year.
• Despite recent insider selling by CEO Todd Kahn and CEO Joanne C. Crevoiserat, analysts remain broadly positive, with a consensus Moderate Buy rating and average price target of $160.67.

Allstate Corp grew its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 104.9% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 15,660 shares of the luxury accessories retailer's stock after acquiring an additional 8,019 shares during the period. Allstate Corp's holdings in Tapestry were worth $2,001,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TPR. Fisher Asset Management LLC lifted its position in shares of Tapestry by 21.7% during the 3rd quarter. Fisher Asset Management LLC now owns 608,266 shares of the luxury accessories retailer's stock worth $68,868,000 after purchasing an additional 108,278 shares during the last quarter. DNB Asset Management AS lifted its position in shares of Tapestry by 1,331.4% during the 3rd quarter. DNB Asset Management AS now owns 39,478 shares of the luxury accessories retailer's stock worth $4,470,000 after purchasing an additional 36,720 shares during the last quarter. WCM Investment Management LLC lifted its position in shares of Tapestry by 45.5% during the 3rd quarter. WCM Investment Management LLC now owns 815,037 shares of the luxury accessories retailer's stock worth $90,844,000 after purchasing an additional 254,936 shares during the last quarter. Russell Investments Group Ltd. lifted its position in shares of Tapestry by 23.6% during the 3rd quarter. Russell Investments Group Ltd. now owns 217,408 shares of the luxury accessories retailer's stock worth $24,615,000 after purchasing an additional 41,556 shares during the last quarter. Finally, Advisory Research Inc. lifted its position in shares of Tapestry by 30.1% during the 3rd quarter. Advisory Research Inc. now owns 228,107 shares of the luxury accessories retailer's stock worth $25,826,000 after purchasing an additional 52,747 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the company's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares of the company's stock, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the completion of the sale, the chief executive officer directly owned 652,434 shares in the company, valued at $86,701,954.26. This trade represents a 4.08% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. Robert W. Baird lifted their price target on shares of Tapestry from $160.00 to $165.00 and gave the stock an "outperform" rating in a research note on Wednesday, April 29th. Citigroup lifted their price target on shares of Tapestry from $165.00 to $170.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Weiss Ratings lowered shares of Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 20th. Wells Fargo & Company lifted their price target on shares of Tapestry from $142.00 to $165.00 and gave the stock an "overweight" rating in a research note on Friday, February 6th. Finally, BNP Paribas Exane assumed coverage on shares of Tapestry in a research note on Friday, February 13th. They set an "outperform" rating and a $176.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $160.67.

Tapestry Stock Up 4.7%

TPR stock opened at $145.39 on Friday. The company has a market cap of $29.37 billion, a P/E ratio of 46.60, a P/E/G ratio of 1.41 and a beta of 1.45. Tapestry, Inc. has a 52 week low of $76.92 and a 52 week high of $161.97. The company's 50-day moving average price is $142.20 and its 200 day moving average price is $134.83. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm earned $1.03 earnings per share. The firm's revenue was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, research analysts expect that Tapestry, Inc. will post 6.95 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date of this dividend is Friday, June 5th. Tapestry's dividend payout ratio is 51.28%.

About Tapestry

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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