Dumont & Blake Investment Advisors LLC Decreases Stake in Tapestry, Inc. $TPR

Key Points

• Dumont & Blake Investment Advisors LLC reduced its stake in Tapestry, Inc. by 19.9%, selling 6,581 shares during the second quarter and now holding 26,441 shares valued at $2,322,000.
• Tapestry recently reported quarterly earnings of $1.04 earnings per share, exceeding analysts' expectations and showing an 8.3% revenue increase from the previous year.
• The company announced an increase in its quarterly dividend from $0.35 to $0.40 per share, representing an annual yield of 1.4% despite a high payout ratio of 253.97%.

Dumont & Blake Investment Advisors LLC reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 19.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,441 shares of the luxury accessories retailer's stock after selling 6,581 shares during the period. Dumont & Blake Investment Advisors LLC's holdings in Tapestry were worth $2,322,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in TPR. Harbour Investments Inc. lifted its position in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares in the last quarter. Flaharty Asset Management LLC purchased a new stake in Tapestry during the first quarter valued at approximately $25,000. First PREMIER Bank purchased a new stake in Tapestry during the second quarter valued at approximately $25,000. Caitong International Asset Management Co. Ltd purchased a new stake in Tapestry during the first quarter valued at approximately $29,000. Finally, MorganRosel Wealth Management LLC purchased a new stake in Tapestry during the first quarter valued at approximately $35,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Trading Up 0.2%

TPR opened at $116.70 on Friday. The stock has a market cap of $24.16 billion, a price-to-earnings ratio of 185.23, a P/E/G ratio of 2.82 and a beta of 1.57. The stock's 50 day moving average price is $108.22 and its 200-day moving average price is $92.24. Tapestry, Inc. has a one year low of $43.07 and a one year high of $118.56. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, topping 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 company had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the prior year, the firm earned $0.92 earnings per share. Tapestry's revenue was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

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

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Weiss Ratings restated a "hold (c)" rating on shares of Tapestry in a research report on Wednesday, October 8th. Raymond James Financial restated an "outperform" rating and set a $115.00 price objective (up from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Wells Fargo & Company upped their price objective on Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Evercore ISI decreased their price objective on Tapestry from $130.00 to $125.00 and set an "outperform" rating on the stock in a research report on Friday, August 15th. Finally, Barclays upped their target price on Tapestry from $111.00 to $127.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $110.00.

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 stock was 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 of the company's stock, valued at $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 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 value of $1,202,070.80. Following the completion of the transaction, the director directly 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. 1.32% of the stock is owned by corporate insiders.

Tapestry 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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