Basepoint Wealth LLC Cuts Holdings in Tapestry, Inc. $TPR

Key Points

• Basepoint Wealth LLC cut its Tapestry stake by 29.3% in the fourth quarter, selling 8,206 shares and leaving it with 19,830 shares worth about $2.53 million.
• Tapestry insiders sold shares in recent transactions, including CEO Todd Kahn and CEO Joanne C. Crevoiserat, while insiders overall own about 1.32% of the company.
• The luxury accessories maker reported better-than-expected quarterly earnings and revenue, raised/maintained strong analyst interest, and also announced a quarterly dividend of $0.40 per share payable June 22.

Basepoint Wealth LLC decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 29.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,830 shares of the luxury accessories retailer's stock after selling 8,206 shares during the period. Tapestry accounts for about 1.5% of Basepoint Wealth LLC's portfolio, making the stock its 8th biggest position. Basepoint Wealth LLC's holdings in Tapestry were worth $2,534,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Steph & Co. increased its holdings in Tapestry by 128.7% in the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock worth $30,000 after purchasing an additional 130 shares in the last quarter. Cloud Capital Management LLC bought a new stake in Tapestry in the third quarter valued at $26,000. Flagship Harbor Advisors LLC acquired a new position in shares of Tapestry during the fourth quarter valued at about $31,000. Triumph Capital Management acquired a new position in shares of Tapestry during the third quarter valued at about $29,000. Finally, Cornerstone Planning Group LLC boosted its position in shares of Tapestry by 2,720.0% during the 4th quarter. Cornerstone Planning Group LLC now owns 282 shares of the luxury accessories retailer's stock worth $36,000 after purchasing an additional 272 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity

In related news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer directly owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 sale, the chief executive officer directly owned 652,434 shares in the company, valued at approximately $86,701,954.26. This trade represents a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

Tapestry Trading Up 4.7%

NYSE:TPR opened at $145.39 on Friday. Tapestry, Inc. has a 12 month low of $76.92 and a 12 month high of $161.97. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The firm's 50 day moving average is $142.20 and its 200 day moving average is $134.83. The stock has a market capitalization of $29.37 billion, a PE ratio of 46.60, a price-to-earnings-growth ratio of 1.41 and a beta of 1.45.

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

Tapestry Announces Dividend

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

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Citigroup boosted their target price on Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Barclays set a $179.00 target price on Tapestry and gave the stock an "overweight" rating in a research report on Friday, February 6th. Telsey Advisory Group lifted their price objective on shares of Tapestry to $150.00 and gave the company an "outperform" rating in a report on Thursday, February 5th. Evercore set a $175.00 target price on shares of Tapestry in a research report on Friday, May 8th. Finally, UBS Group raised shares of Tapestry from a "neutral" rating to a "buy" rating and raised their price target for the company from $142.00 to $187.00 in a research report on Friday, May 8th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $160.67.

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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