Belpointe Asset Management LLC Takes Position in Tapestry, Inc. $TPR

Key Points

• Belpointe Asset Management LLC acquired a new stake in Tapestry, Inc. during the second quarter, purchasing 6,743 shares valued at approximately $592,000.
• Significant increases in stake have been made by various institutional investors, with AQR Capital Management LLC raising its stake by 47.4%, now owning 2,607,742 shares.
• Tapestry recently announced a quarterly dividend increase from $0.35 to $0.40 per share, representing an annualized dividend of $1.60.

Belpointe Asset Management LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,743 shares of the luxury accessories retailer's stock, valued at approximately $592,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. AQR Capital Management LLC raised its stake in shares of Tapestry by 47.4% in the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after acquiring an additional 838,057 shares during the period. Southpoint Capital Advisors LP raised its stake in shares of Tapestry by 25.0% in the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after acquiring an additional 500,000 shares during the period. Samlyn Capital LLC raised its stake in shares of Tapestry by 50.2% in the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after acquiring an additional 658,889 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Tapestry by 21.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock valued at $116,310,000 after acquiring an additional 288,219 shares during the period. Finally, WT Asset Management Ltd raised its stake in shares of Tapestry by 140.6% in the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after acquiring an additional 920,087 shares during the period. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the sale, the director directly owned 8,153 shares in the company, valued at approximately $865,767.07. This trade represents a 58.13% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of the firm's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the completion of the sale, the vice president owned 21,098 shares in the company, valued at $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.32% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TPR. Wells Fargo & Company increased their target price on shares of Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $125.00 price target on shares of Tapestry in a research note on Thursday, September 11th. Evercore ISI reduced their price target on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating on the stock in a research note on Friday, August 15th. UBS Group reduced their price target on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a research note on Friday, August 15th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tapestry in a research note on Wednesday. Seventeen analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $108.42.

Tapestry Trading Down 2.9%

NYSE TPR opened at $113.43 on Friday. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The company has a market capitalization of $23.48 billion, a price-to-earnings ratio of 180.05, a price-to-earnings-growth ratio of 2.82 and a beta of 1.57. The company's 50-day simple moving average is $107.63 and its two-hundred day simple moving average is $90.37. Tapestry, Inc. has a one year low of $43.07 and a one year high of $117.77.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion for the quarter, compared to the consensus estimate of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The company's revenue for the quarter was up 8.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal 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 given a dividend of $0.40 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. Tapestry's payout ratio is 253.97%.

Tapestry Profile

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.

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