Tapestry, Inc. $TPR Shares Bought by Ieq Capital LLC

Key Points

• Ieq Capital LLC increased its stake in Tapestry, Inc. by 124.9%, now owning 145,687 shares valued at approximately $10.26 million.
• The company raised its quarterly dividend to $0.40, from $0.35, resulting in an annualized dividend of $1.60 and a yield of 1.6%.
• Tapestry's latest quarterly earnings surpassed expectations, reporting $1.04 earnings per share on revenue of $1.72 billion, marking an 8.3% increase year-over-year.

Ieq Capital LLC grew its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 124.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 145,687 shares of the luxury accessories retailer's stock after acquiring an additional 80,908 shares during the quarter. Ieq Capital LLC owned about 0.07% of Tapestry worth $10,258,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Ameriprise Financial Inc. boosted its position in shares of Tapestry by 4.8% in the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after purchasing an additional 370,784 shares in the last quarter. Northern Trust Corp raised its stake in shares of Tapestry by 3.0% during the 4th quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after buying an additional 83,222 shares during the last quarter. Southpoint Capital Advisors LP purchased a new position in shares of Tapestry during the 4th quarter valued at about $130,660,000. WT Asset Management Ltd raised its stake in shares of Tapestry by 140.6% during the 1st 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. Finally, Point72 Asset Management L.P. purchased a new position in shares of Tapestry during the 4th quarter valued at about $101,433,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Trading Down 0.9%

TPR traded down $0.88 during trading hours on Monday, reaching $101.73. The company's stock had a trading volume of 3,047,780 shares, compared to its average volume of 5,188,894. Tapestry, Inc. has a fifty-two week low of $40.08 and a fifty-two week high of $114.05. The stock has a market cap of $21.17 billion, a PE ratio of 161.48, a P/E/G ratio of 2.57 and a beta of 1.52. The business's 50-day moving average is $100.42 and its 200-day moving average is $84.26. 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 released its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the prior year, the firm posted $0.92 earnings per share. The firm's quarterly revenue was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. As a group, equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

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

Insider Buying and Selling

In related 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 value of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares in the company, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TPR. Raymond James Financial reiterated 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. Citigroup boosted their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Sanford C. Bernstein reiterated an "outperform" rating and set a $112.00 price objective on shares of Tapestry in a research note on Friday, August 15th. The Goldman Sachs Group upped their price target on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Finally, JPMorgan Chase & Co. upped their price target on Tapestry from $104.00 to $145.00 and gave the company an "overweight" rating in a research report on Monday, July 28th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus target price of $105.47.

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.