Canandaigua National Bank & Trust Co. Buys Shares of 2,287 Tapestry, Inc. $TPR

Key Points

• Canandaigua National Bank & Trust Co. acquired a new position in Tapestry, Inc., purchasing 2,287 shares valued at approximately $201,000 during the second quarter.
• Tapestry recently reported a quarterly revenue of $1.72 billion, exceeding analyst expectations, alongside an EPS of $1.04 for the quarter.
• The company declared an increase in its quarterly dividend from $0.35 to $0.40 per share, representing a 1.5% yield.

Canandaigua National Bank & Trust Co. 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 & Exchange Commission. The fund acquired 2,287 shares of the luxury accessories retailer's stock, valued at approximately $201,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Private Trust Co. NA lifted its holdings in Tapestry by 27.2% in the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after acquiring an additional 153 shares during the period. Mather Group LLC. lifted its holdings in Tapestry by 2.8% in the first quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock valued at $424,000 after acquiring an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB raised its stake in shares of Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after buying an additional 194 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares during the last quarter. Finally, MAI Capital Management raised its stake in shares of Tapestry by 51.7% during the 1st quarter. MAI Capital Management now owns 593 shares of the luxury accessories retailer's stock worth $42,000 after buying an additional 202 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the business's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the transaction, the director directly owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. Barclays lifted their price target on Tapestry from $111.00 to $127.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Bank of America downgraded Tapestry from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Finally, TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Seventeen analysts have rated the stock with 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 $106.47.

Tapestry Trading Up 0.8%

Shares of NYSE:TPR traded up $0.95 during trading on Friday, reaching $114.25. 5,658,328 shares of the stock were exchanged, compared to its average volume of 3,797,537. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. Tapestry, Inc. has a 12-month low of $42.06 and a 12-month high of $115.35. The firm has a market cap of $23.78 billion, a price-to-earnings ratio of 181.35, a price-to-earnings-growth ratio of 2.75 and a beta of 1.52. The firm's 50-day moving average price is $105.48 and its 200 day moving average price is $86.51.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping the consensus estimate of $1.02 by $0.02. The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.Tapestry's revenue for the quarter was up 8.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a dividend of $0.40 per share. This is a boost from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.60 annualized dividend and a yield of 1.4%. Tapestry's dividend payout ratio is presently 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.