Tapestry, Inc. (NYSE:TPR) Stock Holdings Boosted by Federated Hermes Inc.

Key Points

• Federated Hermes Inc. increased its holdings in Tapestry, Inc. by 4,221.4%, acquiring 29,634 shares during the first quarter, bringing its total ownership to 30,336 shares valued at $2.14 million.
• Several institutional investors, including Meeder Asset Management and Picton Mahoney, significantly boosted their stakes in Tapestry, highlighting a broader interest among hedge funds, which now own 90.77% of the company's stock.
• The stock received bullish analyst ratings, with TD Cowen upgrading Tapestry from "hold" to "buy" and setting a target price of $100.00, while the average target price among analysts is $99.72.

Federated Hermes Inc. raised its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 4,221.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 30,336 shares of the luxury accessories retailer's stock after acquiring an additional 29,634 shares during the quarter. Federated Hermes Inc.'s holdings in Tapestry were worth $2,136,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Greenline Partners LLC purchased a new position in Tapestry during the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC grew its holdings in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the period. Opal Wealth Advisors LLC acquired a new position in Tapestry during the first quarter worth approximately $35,000. MorganRosel Wealth Management LLC purchased a new position in Tapestry during the first quarter worth approximately $35,000. Finally, Canada Post Corp Registered Pension Plan acquired a new stake in shares of Tapestry during the 4th quarter worth $48,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TPR has been the subject of a number of research reports. JPMorgan Chase & Co. boosted their target price on Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Wells Fargo & Company reiterated an "overweight" rating and issued a $100.00 price target (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Raymond James Financial restated an "outperform" rating and set a $115.00 price objective (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Finally, TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Thursday, June 12th. Four investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.72.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Tapestry Stock Up 0.5%

Shares of Tapestry stock traded up $0.51 during trading on Friday, reaching $108.99. The company had a trading volume of 3,243,754 shares, compared to its average volume of 4,905,006. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a fifty-two week low of $37.13 and a fifty-two week high of $113.08. The firm's fifty day moving average is $93.55 and its 200-day moving average is $81.32. The company has a market cap of $22.64 billion, a price-to-earnings ratio of 28.68, a price-to-earnings-growth ratio of 2.26 and a beta of 1.51.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter last year, the business posted $0.81 EPS. Tapestry's quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

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.