Empowered Funds LLC bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 257,479 shares of the luxury accessories retailer's stock, valued at approximately $37,690,000. Empowered Funds LLC owned 0.13% of Tapestry as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds have also recently added to or reduced their stakes in TPR. World Investment Advisors increased its position in shares of Tapestry by 3.6% in the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock valued at $279,000 after purchasing an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN lifted its position in shares of Tapestry by 4.7% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer's stock worth $222,000 after purchasing an additional 71 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Tapestry by 2.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer's stock worth $477,000 after purchasing an additional 73 shares during the last quarter. Eastern Bank grew its stake in shares of Tapestry by 24.4% during the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer's stock worth $57,000 after purchasing an additional 77 shares in the last quarter. Finally, NewEdge Wealth LLC increased its holdings in Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer's stock valued at $450,000 after buying an additional 85 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have recently commented on TPR. Morgan Stanley dropped their price objective on Tapestry from $164.00 to $159.00 and set an "overweight" rating on the stock in a report on Friday, August 14th. Wells Fargo & Company lowered their price target on Tapestry from $165.00 to $160.00 and set an "overweight" rating for the company in a report on Thursday, August 13th. Wall Street Zen cut shares of Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. BTIG Research lowered their target price on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 14th. Finally, Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $175.12.
View Our Latest Analysis on TPR
Insider Buying and Selling at Tapestry
In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm's stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares of the company's stock, valued at $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.
Tapestry Stock Performance
Shares of TPR opened at $123.14 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. The firm has a market cap of $24.55 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. The company's 50 day simple moving average is $143.63 and its 200-day simple moving average is $144.61. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80.
Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating the consensus estimate of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. Tapestry's revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities analysts predict that Tapestry, Inc. will post 7.94 EPS for the current year.
Tapestry Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. This is a positive change from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. Tapestry's payout ratio is currently 21.95%.
Tapestry Company Profile
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Free Report)
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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