Connors Investor Services Inc. Purchases Shares of 121,427 Tapestry, Inc. $TPR

Key Points

• Connors Investor Services Inc. has acquired 121,427 shares of Tapestry, Inc., valued at approximately $10.66 million, representing around 0.06% of the company.
• Several large investors, including AQR Capital Management and Southpoint Capital Advisors, significantly increased their stakes in Tapestry during the first quarter, indicating strong institutional interest.
• Tapestry announced a quarterly dividend increase to $0.40 per share, reflecting a growing commitment to returning value to shareholders despite a payout ratio exceeding 250%.

Connors Investor Services Inc. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 121,427 shares of the luxury accessories retailer's stock, valued at approximately $10,663,000. Connors Investor Services Inc. owned approximately 0.06% of Tapestry at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the company. AQR Capital Management LLC lifted its holdings in Tapestry by 47.4% during the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after purchasing an additional 838,057 shares in the last quarter. Southpoint Capital Advisors LP raised its stake in Tapestry by 25.0% during the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after purchasing an additional 500,000 shares in the last quarter. Samlyn Capital LLC raised its stake in Tapestry by 50.2% during the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after purchasing an additional 658,889 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in Tapestry by 21.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock valued at $116,310,000 after purchasing an additional 288,219 shares in the last quarter. Finally, WT Asset Management Ltd increased its position in Tapestry by 140.6% during the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after acquiring an additional 920,087 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Telsey Advisory Group reiterated an "outperform" rating and set a $125.00 price objective on shares of Tapestry in a research report on Thursday, September 11th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $112.00 price objective on shares of Tapestry in a research note on Friday, August 15th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Tapestry in a research note on Wednesday, October 8th. BTIG Research began coverage on shares of Tapestry in a research note on Tuesday, October 14th. They issued a "buy" rating and a $140.00 price objective for the company. Finally, Raymond James Financial upped their price objective on shares of Tapestry from $115.00 to $130.00 and gave the stock an "outperform" rating in a research note on Tuesday. Eighteen analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and a consensus price target of $110.75.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares in the company, valued at approximately $865,767.07. This trade represents a 58.13% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.32% of the company's stock.

Tapestry Stock Performance

Shares of Tapestry stock opened at $115.12 on Thursday. The firm has a market capitalization of $23.83 billion, a P/E ratio of 182.73, a PEG ratio of 2.82 and a beta of 1.57. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. The company has a 50 day moving average price of $108.54 and a 200 day moving average price of $93.12. Tapestry, Inc. has a 52 week low of $43.07 and a 52 week high of $118.56.

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

Tapestry Increases Dividend

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

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.

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