Cibc World Market Inc. Invests $12.97 Million in Tapestry, Inc. $TPR

Key Points

• Cibc World Market Inc. purchased 88,586 Tapestry shares worth approximately $12.97 million during the second quarter. Institutional investors collectively own 90.77% of the company.
• Tapestry exceeded quarterly expectations with adjusted EPS of $1.32 and revenue of $1.88 billion, while sales increased 8.9% year over year. The company also raised its quarterly dividend to $0.4625, implying a 1.4% annual yield.
• Analysts maintain a favorable outlook, with a consensus “Moderate Buy” rating and an average price target of $175.12, versus the stock’s opening price of $132.16.

Cibc World Market Inc. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 88,586 shares of the luxury accessories retailer's stock, valued at approximately $12,967,000.

Other hedge funds have also made changes to their positions in the company. Keating Financial Advisory Services Inc. purchased a new position in Tapestry during the 2nd quarter worth approximately $31,000. Acumen Wealth Advisors LLC acquired a new stake in Tapestry during the 4th quarter valued at $28,000. Virtus Advisers LLC purchased a new stake in shares of Tapestry in the second quarter valued at $32,000. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new stake in shares of Tapestry in the fourth quarter valued at $32,000. Finally, Triumph Capital Management acquired a new stake in shares of Tapestry in the third quarter worth $29,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company's stock.

Tapestry Stock Up 1.5%

TPR opened at $132.16 on Tuesday. The firm has a market cap of $26.35 billion, a P/E ratio of 18.13, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The business has a 50 day moving average price of $144.75 and a 200 day moving average price of $144.91. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80.

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

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. The ex-dividend date is Friday, September 4th. This is a boost from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. Tapestry's dividend payout ratio is presently 21.95%.

Analyst Ratings Changes

TPR has been the topic of several recent analyst reports. Barclays upped their price target on Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. Daiwa Securities Group upgraded Tapestry from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. BTIG Research lowered their target price on Tapestry from $180.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, August 14th. JPMorgan Chase & Co. upped their target price on Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Finally, Weiss Ratings raised shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and a consensus price target of $175.12.

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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