HB Wealth Management LLC Sells 2,317 Shares of Tapestry, Inc. $TPR

Key Points

• HB Wealth Management LLC reduced its stake in Tapestry, Inc. by 23.9%, selling 2,317 shares and now holding 7,382 shares valued at approximately $648,000.
• Tapestry recently reported earnings per share of $1.04, exceeding estimates, with a revenue of $1.72 billion for the quarter, reflecting an 8.3% year-over-year increase.
• The company announced a quarterly dividend increase from $0.35 to $0.40 per share, representing an annualized yield of 1.4% amid a payout ratio of 253.97%.

HB Wealth Management LLC cut its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 23.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,382 shares of the luxury accessories retailer's stock after selling 2,317 shares during the quarter. HB Wealth Management LLC's holdings in Tapestry were worth $648,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC boosted its position in shares of Tapestry by 47.4% during the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after purchasing an additional 838,057 shares in the last quarter. Southpoint Capital Advisors LP raised its stake in Tapestry by 25.0% during the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after buying an additional 500,000 shares during the last quarter. Samlyn Capital LLC raised its stake in Tapestry by 50.2% during the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after buying an additional 658,889 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Tapestry by 21.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock valued at $116,310,000 after buying an additional 288,219 shares during the last quarter. Finally, WT Asset Management Ltd raised its stake in Tapestry by 140.6% during the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after buying an additional 920,087 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the sale, the director owned 8,153 shares of the company's stock, valued at $865,767.07. This trade represents a 58.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of the firm's stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the completion of the sale, the vice president directly owned 21,098 shares of the company's stock, valued at $2,089,756.90. The trade was 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 company insiders.

Tapestry Price Performance

Shares of Tapestry stock opened at $114.91 on Friday. The stock has a 50 day moving average of $107.09 and a 200 day moving average of $89.33. Tapestry, Inc. has a 12 month low of $43.07 and a 12 month high of $117.77. The firm has a market cap of $23.79 billion, a PE ratio of 182.40, a PEG ratio of 2.77 and a beta of 1.57. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77.

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

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were given a dividend of $0.40 per share. This is a boost from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.60 annualized dividend and a yield of 1.4%. Tapestry's payout ratio is 253.97%.

Analysts Set New Price Targets

TPR has been the subject of a number of recent research reports. Cowen reiterated a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. UBS Group lowered their price objective on Tapestry from $112.00 to $105.00 and set a "neutral" rating for the company in a research note on Friday, August 15th. Morgan Stanley reiterated an "overweight" rating on shares of Tapestry in a research note on Thursday, September 11th. Barclays lifted their price objective on Tapestry from $111.00 to $127.00 and gave the company an "overweight" rating in a research note on Thursday, September 11th. Finally, Bank of America cut Tapestry from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $95.00 to $115.00 in a research note on Tuesday, July 29th. Seventeen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $106.47.

Tapestry Company 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.

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