Bank of America Corp DE Purchases New Position in Tapestry, Inc. $TPR

Bank of America Corp DE acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 5,269,226 shares of the luxury accessories retailer's stock, valued at approximately $771,309,000. Bank of America Corp DE owned approximately 2.61% of Tapestry as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Cetera Trust Company N.A purchased a new stake in shares of Tapestry in the second quarter valued at about $26,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Tapestry in the 2nd quarter worth approximately $31,000. Virtus Advisers LLC purchased a new position in shares of Tapestry in the 2nd quarter worth approximately $32,000. Elevation Wealth Partners LLC grew its holdings in shares of Tapestry by 336.8% in the second quarter. Elevation Wealth Partners LLC now owns 297 shares of the luxury accessories retailer's stock valued at $43,000 after acquiring an additional 229 shares in the last quarter. Finally, Eastern Bank grew its holdings in shares of Tapestry by 24.4% in the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer's stock valued at $57,000 after acquiring an additional 77 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of NYSE TPR opened at $116.92 on Wednesday. The stock has a market cap of $23.31 billion, a PE ratio of 16.04, a price-to-earnings-growth ratio of 1.49 and a beta of 1.42. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The stock has a fifty day moving average of $136.81 and a 200-day moving average of $141.49.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company's quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities research analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.6%. Tapestry's dividend payout ratio (DPR) is 25.38%.

Insider Activity

In related news, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the sale, the insider owned 21,136 shares in the company, valued at $2,438,671.68. The trade was a 21.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's stock in a transaction on 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 completion of the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. This trade represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company's stock.

Analyst Ratings Changes

Several research analysts have weighed in on the company. UBS Group reissued a "buy" rating on shares of Tapestry in a research report on Tuesday, September 8th. JPMorgan Chase & Co. raised their target price on Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a research report on Tuesday, August 4th. Morgan Stanley lowered their target price on Tapestry from $164.00 to $159.00 and set an "overweight" rating on the stock in a research note on Friday, August 14th. Zacks Research downgraded shares of Tapestry from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Finally, Wall Street Zen lowered shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Two research 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's stock. According to data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $175.12.

Tapestry Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. Its portfolio includes Coach, known for handbags, leather goods, footwear, apparel, jewelry, watches, and fragrance; Kate Spade New York, which offers handbags, accessories, apparel, footwear, jewelry, home products, and fragrance; and Stuart Weitzman, a designer of women's luxury footwear.

The company sells its products through directly operated stores, e-commerce platforms, wholesale partners, and specialty retailers.

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