Corient Private Wealth LP Invests $5.80 Million in Tapestry, Inc. $TPR

Key Points

• Corient Private Wealth initiated a $5.8 million position in Tapestry during the second quarter, while institutional investors collectively own 90.77% of the company.
• Analysts maintain a “Moderate Buy” consensus, with an average price target of $175.12; several firms recently raised their targets, including JPMorgan to $211.
• Tapestry beat quarterly earnings and revenue expectations, reported 8.9% year-over-year revenue growth, and raised its quarterly dividend from $0.40 to $0.4625 per share.

Corient Private Wealth LP acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 39,639 shares of the luxury accessories retailer's stock, valued at approximately $5,803,000.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. BlackRock Inc. bought a new position in Tapestry during the second quarter worth about $2,610,995,000. State Street Corp increased its stake in shares of Tapestry by 3.8% in the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer's stock valued at $1,223,795,000 after acquiring an additional 348,334 shares during the last quarter. Schroder Investment Management Group increased its stake in shares of Tapestry by 92.8% in the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock valued at $1,194,678,000 after acquiring an additional 4,500,850 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Tapestry by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock valued at $753,482,000 after acquiring an additional 203,764 shares during the period. Finally, Bank of America Corp DE acquired a new stake in shares of Tapestry in the 2nd quarter valued at approximately $771,309,000. Institutional investors own 90.77% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPR. Weiss Ratings upgraded shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday, August 14th. Evercore set a $175.00 target price on shares of Tapestry in a report on Friday, May 8th. Sanford C. Bernstein reiterated a "market perform" rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Telsey Advisory Group lifted their price target on shares of Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Two investment 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $175.12.

Tapestry Trading Down 1.7%

NYSE:TPR opened at $123.33 on Tuesday. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The stock has a market capitalization of $24.59 billion, a PE ratio of 16.92, a price-to-earnings-growth ratio of 1.59 and a beta of 1.43. The business's 50-day simple moving average is $142.75 and its 200-day simple moving average is $144.20.

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

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, September 4th. Tapestry's payout ratio is currently 21.95%.

Insider Activity at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at 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.

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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