Groupe la Francaise Acquires 15,360 Shares of Tapestry, Inc. $TPR

Key Points

• Groupe la Francaise increased its Tapestry stake by 20.7% in the second quarter, acquiring 15,360 additional shares and bringing its holdings to 89,507 shares valued at $13.1 million. Institutional investors and hedge funds collectively own 90.77% of Tapestry.
• Tapestry reported quarterly EPS of $1.32, beating estimates by $0.04, while revenue rose 8.9% year over year to $1.88 billion. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $175.12.
• The company raised its quarterly dividend to $0.4625 per share, equivalent to an annualized dividend of $1.85 and a 1.5% yield. CEO Joanne Crevoiserat separately sold 27,761 shares under a pre-arranged trading plan.

Groupe la Francaise increased its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 20.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 89,507 shares of the luxury accessories retailer's stock after acquiring an additional 15,360 shares during the quarter. Groupe la Francaise's holdings in Tapestry were worth $13,113,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the company. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Tapestry during the 2nd quarter worth $43,929,000. California State Teachers Retirement System raised its holdings in shares of Tapestry by 14,151.5% in the 2nd quarter. California State Teachers Retirement System now owns 45,170,672 shares of the luxury accessories retailer's stock worth $6,612,083,000 after purchasing an additional 44,853,719 shares during the period. Wedmont Private Capital lifted its position in shares of Tapestry by 2.2% during the 2nd quarter. Wedmont Private Capital now owns 5,241 shares of the luxury accessories retailer's stock valued at $738,000 after buying an additional 115 shares during the last quarter. Nilsine Partners LLC boosted its position in Tapestry by 6.4% during the second quarter. Nilsine Partners LLC now owns 3,955 shares of the luxury accessories retailer's stock worth $579,000 after purchasing an additional 239 shares during the period. Finally, Saudi Central Bank boosted its holdings in Tapestry by 87.6% in the 2nd quarter. Saudi Central Bank now owns 14,172 shares of the luxury accessories retailer's stock worth $2,074,000 after buying an additional 6,618 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research analyst reports. Wall Street Zen downgraded Tapestry from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. Barclays increased their price objective on Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Zacks Research downgraded Tapestry from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Sanford C. Bernstein restated a "market perform" rating and issued a $185.00 price objective (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $175.12.

Insider Activity

In related news, CEO Joanne Crevoiserat sold 27,761 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 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 Down 0.1%

TPR opened at $122.01 on Monday. Tapestry, Inc. has a 52 week low of $93.00 and a 52 week high of $164.80. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The firm has a 50-day simple moving average of $140.70 and a two-hundred day simple moving average of $143.32. The company has a market capitalization of $24.33 billion, a PE ratio of 16.74, a price-to-earnings-growth ratio of 1.55 and a beta of 1.42.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The firm's revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio is 25.38%.

Tapestry Company Profile

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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