Empowered Funds LLC Reduces Holdings in Tapestry, Inc. $TPR

Key Points

• Empowered Funds LLC reduced its stake in Tapestry, Inc. by 6.3%, selling 11,038 shares and holding 162,836 shares valued at approximately $11.47 million at the end of the first quarter.
• Insider selling included VP Manesh Dadlani, who sold 7,882 shares at an average price of $99.05, resulting in a significant decrease in his ownership.
• Tapestry recently increased its quarterly dividend to $0.40 per share, representing a 14.3% increase from the previous dividend of $0.35 and a yield of 1.5%.

Empowered Funds LLC reduced its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 6.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 162,836 shares of the luxury accessories retailer's stock after selling 11,038 shares during the quarter. Empowered Funds LLC owned about 0.08% of Tapestry worth $11,465,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. MBB Public Markets I LLC bought a new stake in shares of Tapestry during the first quarter valued at approximately $307,000. Ascent Group LLC bought a new stake in shares of Tapestry during the first quarter valued at approximately $240,000. United Services Automobile Association bought a new stake in shares of Tapestry during the first quarter valued at approximately $371,000. Caxton Associates LLP bought a new stake in shares of Tapestry during the first quarter valued at approximately $3,683,000. Finally, Sciencast Management LP bought a new stake in shares of Tapestry during the first quarter valued at approximately $1,487,000. Institutional investors own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the company's stock in a transaction 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 transaction, the director owned 8,153 shares of the company's stock, valued at $865,767.07. This represents a 58.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction 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 directly owned 21,098 shares in the company, valued at $2,089,756.90. This represents a 27.20% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Tapestry Stock Performance

TPR stock traded down $0.32 during midday trading on Friday, hitting $106.55. The company's stock had a trading volume of 2,940,833 shares, compared to its average volume of 4,108,255. The stock's 50-day moving average price is $103.86 and its 200 day moving average price is $85.54. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 1 year low of $42.06 and a 1 year high of $114.05. The stock has a market cap of $22.18 billion, a price-to-earnings ratio of 169.13, a PEG ratio of 2.68 and a beta of 1.52.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share 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 business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The business's 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 analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a $0.40 dividend. This is an increase from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 5th. Tapestry's payout ratio is presently 253.97%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $112.00 target price on shares of Tapestry in a research report on Friday, August 15th. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. UBS Group cut their target price on Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a research report on Friday, August 15th. Barclays lifted their target price on Tapestry from $111.00 to $127.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Wells Fargo & Company lifted their target price on Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $106.47.

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.