Avior Wealth Management LLC Cuts Holdings in Tapestry, Inc. $TPR

Key Points

• Avior Wealth Management LLC reduced its stake in Tapestry, Inc. by 16.2% during the 2nd quarter, now holding 12,745 shares valued at approximately $1.12 million.
• Various large investors have significantly increased their holdings in Tapestry, with WT Asset Management raising its position by 140.6%.
• Tapestry recently increased its quarterly dividend from $0.35 to $0.40, representing an annual yield of 1.4%.

Avior Wealth Management LLC reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 16.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 12,745 shares of the luxury accessories retailer's stock after selling 2,470 shares during the quarter. Avior Wealth Management LLC's holdings in Tapestry were worth $1,119,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in TPR. WT Asset Management Ltd raised its position in shares of Tapestry by 140.6% in the 1st quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock worth $110,870,000 after buying an additional 920,087 shares during the period. Nuveen LLC purchased a new position in shares of Tapestry in the 1st quarter worth $59,133,000. AQR Capital Management LLC increased its holdings in Tapestry by 47.4% in the 1st quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after purchasing an additional 838,057 shares in the last quarter. Samlyn Capital LLC increased its holdings in Tapestry by 50.2% in the 1st quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after purchasing an additional 658,889 shares in the last quarter. Finally, GAMMA Investing LLC increased its holdings in Tapestry by 8,158.1% in the 1st quarter. GAMMA Investing LLC now owns 622,988 shares of the luxury accessories retailer's stock valued at $43,865,000 after purchasing an additional 615,444 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on TPR shares. Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a report on Monday, September 22nd. Evercore ISI lowered their price target on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a report on Friday, August 15th. Telsey Advisory Group reiterated an "outperform" rating and issued a $125.00 price target on shares of Tapestry in a report on Thursday, September 11th. Argus increased their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Finally, Wells Fargo & Company increased their price target on Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and an average target price of $106.47.

Tapestry Stock Performance

Shares of NYSE TPR opened at $111.30 on Tuesday. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. The firm's 50-day moving average price is $106.59 and its two-hundred day moving average price is $88.27. Tapestry, Inc. has a 52-week low of $43.07 and a 52-week high of $117.00. The stock has a market capitalization of $23.16 billion, a P/E ratio of 176.66, a P/E/G ratio of 2.63 and a beta of 1.52.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter last year, the company posted $0.92 earnings per share. Tapestry's revenue was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were issued a $0.40 dividend. This is an increase 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%. The ex-dividend date of this dividend was Friday, September 5th. Tapestry's dividend payout ratio is 253.97%.

Insider Transactions at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of Tapestry stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the sale, the director owned 8,153 shares of the company's stock, valued at approximately $865,767.07. The trade was a 58.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the sale, the vice president directly owned 21,098 shares in the company, valued at approximately $2,089,756.90. This trade represents a 27.20% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

About Tapestry

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.

Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry, Inc. (NYSE:TPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.