Concurrent Investment Advisors LLC Trims Stock Position in Tapestry, Inc. $TPR

Key Points

• Concurrent Investment Advisors LLC reduced its stake in Tapestry, Inc. by 62.7%, selling over 6,000 shares and now holding only 3,811 shares worth approximately $335,000.
• Despite this reduction, other institutional investors increased their stakes significantly, with Harbour Investments Inc. raising its position by 120.1% in the same timeframe.
• Tapestry is experiencing positive analyst sentiment, with eighteen analysts rating the stock as a Buy and projected price targets range from $110 to $142.

Concurrent Investment Advisors LLC lowered its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 62.7% in the second quarter, according to its most recent 13F filing with the SEC. The fund owned 3,811 shares of the luxury accessories retailer's stock after selling 6,397 shares during the period. Concurrent Investment Advisors LLC's holdings in Tapestry were worth $335,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of TPR. Harbour Investments Inc. increased its stake in shares of Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares in the last quarter. Flaharty Asset Management LLC purchased a new position in shares of Tapestry in the 1st quarter valued at about $25,000. First PREMIER Bank purchased a new position in shares of Tapestry in the 2nd quarter valued at about $25,000. Caitong International Asset Management Co. Ltd purchased a new position in shares of Tapestry in the 1st quarter valued at about $29,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of Tapestry in the 1st quarter valued at about $35,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

TPR has been the subject of several recent analyst reports. Evercore ISI cut their price target on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Cowen reiterated a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. The Goldman Sachs Group boosted their price objective on Tapestry from $116.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday, October 6th. BTIG Research initiated coverage on Tapestry in a research note on Tuesday, October 14th. They set a "buy" rating and a $140.00 price objective for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Tapestry from $139.00 to $142.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Eighteen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $110.00.

Tapestry Trading Up 0.2%

Shares of Tapestry stock opened at $116.70 on Monday. The stock has a market cap of $24.16 billion, a P/E ratio of 185.23, a P/E/G ratio of 2.82 and a beta of 1.57. The stock's 50 day simple moving average is $108.22 and its 200-day simple moving average is $92.43. Tapestry, Inc. has a 1-year low of $43.07 and a 1-year high of $118.56. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31.

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

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were issued a $0.40 dividend. This is a boost from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date was Friday, September 5th. Tapestry's payout ratio is currently 253.97%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 7,882 shares of the company'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 value of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares in the company, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares in the company, valued at $865,767.07. This represents a 58.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.32% of the company's stock.

About Tapestry

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.

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