BlackRock Inc. Buys Shares of 17,837,105 Tapestry, Inc. $TPR

BlackRock Inc. bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 17,837,105 shares of the luxury accessories retailer's stock, valued at approximately $2,610,995,000. BlackRock Inc. owned approximately 8.83% of Tapestry at the end of the most recent quarter.

Several other large investors have also made changes to their positions in TPR. Schroder Investment Management Group increased its stake in Tapestry by 92.8% in the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock valued at $1,194,678,000 after acquiring an additional 4,500,850 shares during the last quarter. Norges Bank bought a new stake in Tapestry during the fourth quarter worth $345,349,000. Wellington Management Group LLP boosted its holdings in shares of Tapestry by 632.3% in the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer's stock valued at $302,368,000 after purchasing an additional 2,043,353 shares in the last quarter. State Street Corp boosted its holdings in shares of Tapestry by 19.3% in the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer's stock valued at $1,044,995,000 after purchasing an additional 1,494,193 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Tapestry in the 2nd quarter valued at $175,291,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of Tapestry stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer directly owned 123,258 shares of the company's stock, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.32% of the stock is currently owned by corporate insiders.

Tapestry Stock Down 0.6%

Shares of NYSE TPR opened at $131.51 on Thursday. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The firm has a market cap of $26.22 billion, a PE ratio of 18.04, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43. The company has a 50 day simple moving average of $145.78 and a 200 day simple moving average of $144.84.

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

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 annualized dividend and a yield of 1.4%. This is an increase from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio is 21.95%.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on TPR. Sanford C. Bernstein restated a "market perform" rating and set a $185.00 price objective (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Robert W. Baird increased their target price on shares of Tapestry from $160.00 to $165.00 and gave the stock an "outperform" rating in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Tapestry from a "buy" rating to a "hold" rating in a report on Sunday. Evercore set a $175.00 price objective on shares of Tapestry in a research report on Friday, May 8th. Finally, Raymond James Financial restated an "outperform" rating and issued a $165.00 target price on shares of Tapestry in a research report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $175.12.

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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