Connor Clark & Lunn Investment Management Ltd. Acquires Shares of 24,651 Tapestry, Inc. $TPR

Key Points

• Connor Clark & Lunn Investment Management Ltd. acquired 24,651 shares of Tapestry, Inc., valued at approximately $1.736 million, marking a new position in the luxury accessories retailer.
• Tapestry, Inc. reported a quarterly earnings per share (EPS) of $1.04, exceeding the consensus estimate of $1.02, with revenues of $1.72 billion for the quarter, reflecting an 8.3% year-over-year growth.
• The company announced an increase in its quarterly dividend from $0.35 to $0.40, indicating a positive change in its dividend policy.

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 24,651 shares of the luxury accessories retailer's stock, valued at approximately $1,736,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. China Universal Asset Management Co. Ltd. bought a new position in shares of Tapestry in the 1st quarter valued at about $1,708,000. Curat Global LLC bought a new position in shares of Tapestry in the 1st quarter valued at about $382,000. Nisa Investment Advisors LLC boosted its stake in shares of Tapestry by 16.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock valued at $4,460,000 after purchasing an additional 9,049 shares during the last quarter. Allworth Financial LP boosted its stake in shares of Tapestry by 689.0% in the 1st quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock valued at $913,000 after purchasing an additional 11,679 shares during the last quarter. Finally, Neo Ivy Capital Management bought a new position in shares of Tapestry in the 1st quarter valued at about $1,476,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Citigroup increased their price target on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Argus increased their price target on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Bank of America cut Tapestry from a "buy" rating to a "neutral" rating and increased their target price for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Raymond James Financial reissued an "outperform" rating and set a $115.00 target price (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Finally, Morgan Stanley increased their target price on Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a research note on Friday, August 1st. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $105.47.

Tapestry Stock Up 0.7%

Shares of Tapestry stock traded up $0.6460 on Wednesday, reaching $98.5660. 1,723,798 shares of the company were exchanged, compared to its average volume of 4,942,945. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The company has a market capitalization of $20.51 billion, a price-to-earnings ratio of 156.30, a PEG ratio of 2.52 and a beta of 1.51. Tapestry, Inc. has a one year low of $39.40 and a one year high of $114.05. The company has a 50-day moving average of $97.64 and a 200 day moving average of $83.07.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The business had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.67 billion. During the same quarter last year, the firm posted $0.92 EPS. The company'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. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a $0.40 dividend. This is a boost from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 5th. This represents a $1.60 annualized dividend and a yield of 1.6%. Tapestry's dividend payout ratio is presently 222.22%.

Tapestry Company 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.