Freedom Investment Management Inc. Sells 16,064 Shares of Tapestry, Inc. $TPR

Key Points

• Freedom Investment Management Inc. reduced its stake in Tapestry, Inc. by 49.1%, selling 16,064 shares and holding 16,645 shares worth approximately $1,172,000 at the end of the first quarter.
• Despite the reduction by Freedom Investment, other institutional investors increased their positions, with Harbour Investments Inc. raising its stake by 120.1% in the same period.
• Analysts have given Tapestry a consensus rating of "Moderate Buy" with an average price target of $105.47, indicating positive sentiment towards the stock.

Freedom Investment Management Inc. lessened its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 49.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 16,645 shares of the luxury accessories retailer's stock after selling 16,064 shares during the period. Freedom Investment Management Inc.'s holdings in Tapestry were worth $1,172,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TPR. Southpoint Capital Advisors LP acquired a new stake in Tapestry during the 4th quarter worth about $130,660,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the period. Point72 Asset Management L.P. purchased a new position in Tapestry during the fourth quarter valued at approximately $101,433,000. Candlestick Capital Management LP acquired a new position in Tapestry in the 4th quarter valued at approximately $66,902,000. Finally, Point72 Hong Kong Ltd purchased a new stake in Tapestry in the 4th quarter worth approximately $65,751,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TPR has been the topic of a number of research reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $115.00 price target (up from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Citigroup lifted their price target on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $112.00 target price on shares of Tapestry in a research note on Friday, August 15th. Finally, Evercore ISI reduced their price objective on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $105.47.

Tapestry Stock Performance

NYSE:TPR traded up $0.25 during midday trading on Wednesday, reaching $100.95. The stock had a trading volume of 3,668,685 shares, compared to its average volume of 5,275,290. The stock has a market capitalization of $21.01 billion, a P/E ratio of 160.23, a PEG ratio of 2.54 and a beta of 1.51. Tapestry, Inc. has a 1-year low of $39.40 and a 1-year high of $114.05. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. The firm's fifty day simple moving average is $99.70 and its 200-day simple moving average is $83.98.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. The company had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The business's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.92 earnings per share. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a $0.40 dividend. This is an increase from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. Tapestry's payout ratio is 222.22%.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $99.05, for a total transaction of $780,712.10. Following the completion of the transaction, the vice president directly owned 21,098 shares in the company, valued at $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

About Tapestry

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.