ING Groep NV Sells 65,313 Shares of Tapestry, Inc. $TPR

Key Points

• ING Groep NV sharply reduced its Tapestry stake in the fourth quarter, selling 65,313 shares and cutting its holdings by 89.9% to 7,355 shares worth about $940,000.
• Tapestry reported better-than-expected quarterly results, with EPS of $1.66 versus $1.30 expected and revenue of $1.92 billion versus $1.79 billion expected, while revenue rose 21.2% year over year.
• Analysts remain generally bullish on the stock, with a Moderate Buy consensus and an average price target of $161.22; Tapestry also announced a quarterly dividend of $0.40 per share, payable June 22.

ING Groep NV lowered its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 89.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,355 shares of the luxury accessories retailer's stock after selling 65,313 shares during the quarter. ING Groep NV's holdings in Tapestry were worth $940,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in TPR. Norges Bank bought a new position in Tapestry in the 4th quarter worth about $345,349,000. State Street Corp boosted its stake in Tapestry by 19.3% in the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer's stock worth $1,044,995,000 after purchasing an additional 1,494,193 shares during the period. Voloridge Investment Management LLC boosted its stake in Tapestry by 160.5% in the 3rd quarter. Voloridge Investment Management LLC now owns 1,886,518 shares of the luxury accessories retailer's stock worth $213,592,000 after purchasing an additional 1,162,442 shares during the period. Two Sigma Investments LP boosted its stake in Tapestry by 426.8% in the 3rd quarter. Two Sigma Investments LP now owns 1,122,520 shares of the luxury accessories retailer's stock worth $127,092,000 after purchasing an additional 909,433 shares during the period. Finally, Barclays PLC boosted its stake in Tapestry by 191.9% in the 3rd quarter. Barclays PLC now owns 1,297,394 shares of the luxury accessories retailer's stock worth $146,891,000 after purchasing an additional 852,908 shares during the period. Institutional investors own 90.77% of the company's stock.

Analyst Ratings Changes

Several research analysts have commented on TPR shares. Sanford C. Bernstein restated an "outperform" rating and issued a $180.00 target price on shares of Tapestry in a research note on Tuesday, June 2nd. BTIG Research restated a "buy" rating and issued a $180.00 target price on shares of Tapestry in a research note on Wednesday. Wall Street Zen upgraded Tapestry from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Evercore set a $175.00 target price on Tapestry in a research note on Friday, May 8th. Finally, Argus set a $165.00 target price on Tapestry in a research note on Thursday, March 12th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $161.22.

Tapestry Stock Performance

Shares of TPR opened at $140.90 on Thursday. The company has a market cap of $28.47 billion, a PE ratio of 45.16, a price-to-earnings-growth ratio of 1.48 and a beta of 1.42. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The stock has a 50-day moving average price of $142.10 and a 200-day moving average price of $137.25. Tapestry, Inc. has a 12-month low of $78.59 and a 12-month high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.30 by $0.36. The firm had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The company's revenue for the quarter was up 21.2% on a year-over-year basis. During the same quarter last year, the company posted $1.03 EPS. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, equities analysts forecast that Tapestry, Inc. will post 6.95 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Stockholders of record on Friday, June 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Friday, June 5th. Tapestry's dividend payout ratio (DPR) is 51.28%.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 19,557 shares of the firm's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer directly owned 123,258 shares of the company's stock, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the firm's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer directly owned 652,434 shares in the company, valued at approximately $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

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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