Janney Montgomery Scott LLC Purchases 22,899 Shares of Tapestry, Inc. $TPR

Key Points

• Janney Montgomery Scott LLC significantly increased its stake in Tapestry, Inc. by purchasing 22,899 shares, raising ownership to 30,733 shares valued at approximately $2.7 million.
• Several institutional investors have also made notable transactions, with 90.77% of Tapestry's stock currently owned by institutional investors.
• Tapestry posted a Q2 earnings per share (EPS) of $1.04, exceeding analysts' expectations by $0.02, along with an 8.3% year-over-year revenue increase.

Janney Montgomery Scott LLC raised its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 292.3% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 30,733 shares of the luxury accessories retailer's stock after purchasing an additional 22,899 shares during the quarter. Janney Montgomery Scott LLC's holdings in Tapestry were worth $2,699,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Archford Capital Strategies LLC bought a new stake in Tapestry during the 2nd quarter valued at about $200,000. Kathmere Capital Management LLC bought a new stake in shares of Tapestry in the second quarter worth approximately $551,000. Signet Financial Management LLC grew its stake in shares of Tapestry by 3.4% in the second quarter. Signet Financial Management LLC now owns 19,491 shares of the luxury accessories retailer's stock worth $1,712,000 after acquiring an additional 638 shares during the period. Mather Group LLC. grew its stake in shares of Tapestry by 11.5% in the second quarter. Mather Group LLC. now owns 6,709 shares of the luxury accessories retailer's stock worth $589,000 after acquiring an additional 691 shares during the period. Finally, Ballentine Partners LLC grew its stake in shares of Tapestry by 16.4% in the second quarter. Ballentine Partners LLC now owns 3,595 shares of the luxury accessories retailer's stock worth $316,000 after acquiring an additional 507 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the business's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the transaction, the director owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of Tapestry from $116.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday. Bank of America lowered shares of Tapestry from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Wells Fargo & Company lifted their price target on shares of Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Evercore ISI cut their target price on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research report on Friday, August 15th. Finally, Sanford C. Bernstein restated an "outperform" rating and set a $112.00 target price on shares of Tapestry in a research report on Friday, August 15th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $108.42.

Tapestry Price Performance

TPR stock opened at $113.43 on Friday. Tapestry, Inc. has a one year low of $43.07 and a one year high of $117.77. The company's fifty day moving average price is $107.63 and its 200-day moving average price is $90.37. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The company has a market capitalization of $23.48 billion, a PE ratio of 180.05, a price-to-earnings-growth ratio of 2.82 and a beta of 1.57.

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

Tapestry Increases Dividend

The company also recently disclosed 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 represents a $1.60 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date was Friday, September 5th. Tapestry's dividend payout ratio (DPR) is presently 253.97%.

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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