Bank of Nova Scotia bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 106,171 shares of the luxury accessories retailer's stock, valued at approximately $15,541,000. Bank of Nova Scotia owned approximately 0.05% of Tapestry as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds have also modified their holdings of the business. World Investment Advisors grew its position in shares of Tapestry by 3.6% during the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock worth $279,000 after purchasing an additional 69 shares in the last quarter. Horizon Bancorp Inc. IN raised its position in shares of Tapestry by 4.7% in the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer's stock valued at $222,000 after buying an additional 71 shares in the last quarter. Smartleaf Asset Management LLC boosted its stake in shares of Tapestry by 2.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer's stock valued at $477,000 after buying an additional 73 shares during the period. Eastern Bank boosted its stake 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 buying an additional 77 shares during the period. Finally, NewEdge Wealth LLC grew its position in Tapestry by 2.7% during the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer's stock worth $450,000 after buying an additional 85 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
TPR has been the subject of several analyst reports. Wall Street Zen cut Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Sanford C. Bernstein reissued a "market perform" rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Telsey Advisory Group raised their price target on Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Citigroup boosted their price target on Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Finally, BTIG Research cut their price objective on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and an average target price of $175.12.
Check Out Our Latest Research Report on TPR
Insiders Place Their Bets
In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business'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 sale, the chief executive officer owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.
Tapestry Trading Up 1.5%
Shares of TPR opened at $132.16 on Tuesday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80. The firm has a market cap of $26.35 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.65 and a beta of 1.43. The business's fifty day moving average is $144.75 and its 200-day moving average is $144.91.
Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.04. The business had revenue of $1.88 billion for 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%.Tapestry's revenue was up 8.9% compared to the same quarter last year. During the same period last year, the firm posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities analysts anticipate that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.
Tapestry Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a $0.4625 dividend. This is an increase from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 4th. Tapestry's dividend payout ratio (DPR) is 21.95%.
Tapestry Company Profile
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Free Report)
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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