Concurrent Investment Advisors LLC Buys 27,585 Shares of Tapestry, Inc. $TPR

Key Points

• Concurrent Investment Advisors increased its Tapestry stake by 250.2% in the second quarter, purchasing 27,585 additional shares and bringing its holdings to 38,611 shares valued at $5.65 million. Institutional investors collectively own 90.77% of the company.
• Tapestry exceeded quarterly expectations, reporting $1.32 in earnings per share versus the $1.28 consensus and $1.88 billion in revenue, up 8.9% year over year. The company also raised its quarterly dividend to $0.4625, or $1.85 annually.
• Analysts maintain a generally positive view, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $175.12. CEO Joanne Crevoiserat sold 27,761 shares under a pre-arranged Rule 10b5-1 trading plan.

Concurrent Investment Advisors LLC lifted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 250.2% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 38,611 shares of the luxury accessories retailer's stock after buying an additional 27,585 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Tapestry were worth $5,652,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. purchased a new stake in Tapestry in the fourth quarter worth $8,109,000. Norges Bank purchased a new position in Tapestry during the fourth quarter valued at $345,349,000. Keystone Investors PTE Ltd. lifted its position in Tapestry by 17.4% during the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer's stock valued at $8,001,000 after buying an additional 9,303 shares during the period. SEB Asset Management AB bought a new stake in shares of Tapestry during the 1st quarter valued at $59,525,000. Finally, Vega Investment Solutions bought a new stake in shares of Tapestry during the 2nd quarter valued at $10,322,000. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, CEO Joanne Crevoiserat sold 27,761 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by insiders.

Tapestry Stock Performance

Shares of Tapestry stock opened at $122.01 on Monday. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. The firm's 50-day moving average is $140.70 and its 200 day moving average is $143.32. The stock has a market cap of $24.33 billion, a price-to-earnings ratio of 16.74, a PEG ratio of 1.55 and a beta of 1.42. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25.

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

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 4th. This is an increase from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio (DPR) is presently 25.38%.

Wall Street Analysts Forecast Growth

TPR has been the subject of several research reports. Wells Fargo & Company decreased their price target on shares of Tapestry from $165.00 to $160.00 and set an "overweight" rating for the company in a research note on Thursday, August 13th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a research note on Thursday, August 6th. Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. BTIG Research decreased their target price on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a research note on Friday, August 14th. Finally, Morgan Stanley lowered their target price on shares of Tapestry from $164.00 to $159.00 and set an "overweight" rating for the company in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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