HighTower Advisors LLC Sells 8,458 Shares of Tapestry, Inc. $TPR

Key Points

• HighTower Advisors LLC has reduced its stake in Tapestry, Inc. by 16.5%, selling 8,458 shares and maintaining a total of 42,820 shares valued at approximately $3.015 million.
• Tapestry announced a quarterly dividend increase from $0.35 to $0.40 per share, with the next payment scheduled for September 22, 2023, resulting in an annualized yield of 1.6%.
$94.00 and Telsey Advisory Group at $125.00, contributing to an average price target of $105.47.

HighTower Advisors LLC reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 16.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 42,820 shares of the luxury accessories retailer's stock after selling 8,458 shares during the quarter. HighTower Advisors LLC's holdings in Tapestry were worth $3,015,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Ameriprise Financial Inc. lifted its holdings in shares of Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock valued at $527,799,000 after acquiring an additional 370,784 shares during the period. Northern Trust Corp lifted its holdings in shares of Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after acquiring an additional 83,222 shares during the period. Price T Rowe Associates Inc. MD lifted 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 valued at $143,198,000 after acquiring an additional 1,875,753 shares during the period. Southpoint Capital Advisors LP bought a new position in shares of Tapestry during the fourth quarter valued at $130,660,000. Finally, WT Asset Management Ltd lifted its holdings in shares of 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 acquiring an additional 920,087 shares during the period. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

TPR has been the subject of a number of analyst reports. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Thursday, June 12th. Wells Fargo & Company lifted their price target on Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Telsey Advisory Group lifted their price target on Tapestry from $92.00 to $125.00 and gave the company an "outperform" rating in a report on Monday, August 11th. Morgan Stanley lifted their price target on Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Bank of America cut Tapestry from a "buy" rating to a "neutral" rating and lifted their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $105.47.

Tapestry Trading Up 2.4%

Shares of Tapestry stock traded up $2.39 during trading on Tuesday, hitting $100.86. 15,803,982 shares of the company were exchanged, compared to its average volume of 4,987,611. The firm has a market capitalization of $20.99 billion, a P/E ratio of 160.10, a price-to-earnings-growth ratio of 2.51 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 firm's fifty day moving average price is $99.01 and its 200 day moving average price is $83.74. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $1.67 billion. During the same period in the previous year, the firm earned $0.92 EPS. Tapestry's quarterly revenue was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. As a group, sell-side analysts expect that Tapestry, Inc. will post 4.91 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 22nd. Stockholders of record on Friday, September 5th will be paid a dividend of $0.40 per share. The ex-dividend date is Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.6%. This is an increase from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio (DPR) is currently 222.22%.

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.