CIBC Asset Management Inc Grows Holdings in Tapestry, Inc. $TPR

Key Points

• CIBC Asset Management boosted its stake in Tapestry by 80.8% in the fourth quarter, ending with 49,251 shares valued at about $6.29 million.
• Insiders sold shares recently, including CEO Joanne C. Crevoiserat and CEO Todd Kahn, both through pre-arranged trading plans.
• Tapestry reported strong quarterly results, beating EPS and revenue estimates, and analysts remain broadly positive with a consensus rating of Moderate Buy and a $161.22 price target.

CIBC Asset Management Inc increased its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 80.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 49,251 shares of the luxury accessories retailer's stock after acquiring an additional 22,015 shares during the quarter. CIBC Asset Management Inc's holdings in Tapestry were worth $6,293,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in TPR. Woodline Partners LP grew its holdings in Tapestry by 25.0% during the 1st quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer's stock valued at $1,231,000 after buying an additional 3,495 shares in the last quarter. Acadian Asset Management LLC bought a new position in shares of Tapestry during the 1st quarter valued at approximately $493,000. Sivia Capital Partners LLC bought a new stake in Tapestry in the second quarter worth $602,000. Arrowstreet Capital Limited Partnership bought a new stake in Tapestry in the second quarter worth $6,307,000. Finally, Brown Advisory Inc. lifted its position in Tapestry by 13.8% in the second quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer's stock worth $319,000 after buying an additional 439 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,776 shares of the business's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the transaction, the chief executive officer directly owned 652,434 shares of the company's stock, valued at approximately $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the transaction, the chief executive officer directly owned 123,258 shares of the company's stock, valued at $17,258,585.16. The trade was a 13.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on TPR shares. BTIG Research reiterated a "buy" rating and set a $180.00 target price on shares of Tapestry in a research report on Friday, May 8th. BNP Paribas Exane began coverage on Tapestry in a research note on Friday, February 13th. They set an "outperform" rating and a $176.00 price target on the stock. Sanford C. Bernstein reiterated an "outperform" rating and issued a $180.00 target price on shares of Tapestry in a research note on Tuesday. Wall Street Zen upgraded Tapestry from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Finally, TD Cowen reissued a "buy" rating on shares of Tapestry in a report on Tuesday, February 10th. Two equities 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $161.22.

Tapestry Price Performance

Shares of NYSE TPR opened at $139.95 on Friday. The business's 50 day moving average price is $141.90 and its 200 day moving average price is $136.18. The firm has a market cap of $28.28 billion, a P/E ratio of 44.86, a P/E/G ratio of 1.42 and a beta of 1.42. Tapestry, Inc. has a 52 week low of $77.86 and a 52 week high of $161.97. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.36. The firm had revenue of $1.92 billion for 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 for the quarter was up 21.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, sell-side analysts expect that Tapestry, Inc. will post 6.95 earnings per share for the current year.

Tapestry Dividend Announcement

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

Tapestry Profile

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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