Amundi Sells 584,651 Shares of Tapestry, Inc. $TPR

Amundi trimmed its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 33.0% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,185,254 shares of the luxury accessories retailer's stock after selling 584,651 shares during the period. Amundi owned approximately 0.59% of Tapestry worth $173,497,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. California State Teachers Retirement System raised its holdings in shares of Tapestry by 14,151.5% in the 2nd quarter. California State Teachers Retirement System now owns 45,170,672 shares of the luxury accessories retailer's stock worth $6,612,083,000 after acquiring an additional 44,853,719 shares during the last quarter. 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 position in shares of Tapestry in the second quarter valued at approximately $771,309,000. Schroder Investment Management Group boosted its position in shares of Tapestry by 92.8% during the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock valued at $1,194,678,000 after buying an additional 4,500,850 shares during the last quarter. Finally, Norges Bank bought a new stake in Tapestry during the fourth quarter worth $345,349,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Down 3.8%

Tapestry stock opened at $117.50 on Wednesday. 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 1-year low of $93.00 and a 1-year high of $164.80. The firm has a market capitalization of $23.43 billion, a price-to-earnings ratio of 16.12, a P/E/G ratio of 1.55 and a beta of 1.42. The firm has a 50 day simple moving average of $139.63 and a 200 day simple moving average of $142.83.

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, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $1.87 billion. During the same quarter in the prior year, the firm posted $1.04 EPS. The firm's quarterly 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 predict that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

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

Insider Transactions at Tapestry

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of the stock in a transaction that occurred 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 sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through 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

A number of equities analysts have issued reports on the stock. UBS Group reaffirmed a "buy" rating on shares of Tapestry in a report on Tuesday. Wells Fargo & Company cut their price objective on Tapestry from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Wall Street Zen downgraded Tapestry from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. 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. Finally, Telsey Advisory Group boosted their target price on shares of Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $175.12.

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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