Jefferies Financial Group Inc. Takes Position in Tapestry, Inc. $TPR

Key Points

• Jefferies Financial Group initiated a position in Tapestry by purchasing 699,064 shares valued at approximately $102.3 million, representing about 0.35% of the company and 0.7% of Jefferies’ portfolio. Institutional investors collectively own 90.77% of Tapestry.
• Analysts maintain a generally positive outlook, with Tapestry receiving a consensus “Moderate Buy” rating and an average price target of $175.12. The company recently exceeded quarterly earnings and revenue expectations, reporting $1.32 EPS and $1.88 billion in revenue.
• Tapestry increased its quarterly dividend from $0.40 to $0.4625 per share, equal to an annualized dividend of $1.85 and a yield of approximately 1.5%. CEO Joanne Crevoiserat separately sold 27,761 shares under a pre-arranged Rule 10b5-1 plan.

Jefferies Financial Group Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 699,064 shares of the luxury accessories retailer's stock, valued at approximately $102,329,000. Tapestry accounts for about 0.7% of Jefferies Financial Group Inc.'s portfolio, making the stock its 13th largest position. Jefferies Financial Group Inc. owned approximately 0.35% of Tapestry as of its most recent filing with the SEC.

A number of other hedge funds have also added to or reduced their stakes in TPR. BlackRock Inc. bought a new stake in Tapestry during the second quarter worth $2,610,995,000. State Street Corp raised its holdings in shares of Tapestry by 3.8% during the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer's stock worth $1,223,795,000 after buying an additional 348,334 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Tapestry by 92.8% during the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock worth $1,194,678,000 after buying an additional 4,500,850 shares during the last quarter. Geode Capital Management LLC boosted its stake in Tapestry by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock valued at $753,482,000 after buying an additional 203,764 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Tapestry in the second quarter valued at about $771,309,000. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Evercore set a $175.00 price target on shares of Tapestry in a research note on Friday, May 8th. Barclays upped their price objective on shares of Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Zacks Research downgraded shares of Tapestry from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Finally, Telsey Advisory Group raised their target price on shares of Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $175.12.

Tapestry Price Performance

Shares of NYSE TPR opened at $123.14 on Friday. The company has a market capitalization of $24.55 billion, a PE ratio of 16.89, a P/E/G ratio of 1.65 and a beta of 1.43. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The firm has a fifty day simple moving average of $143.63 and a 200 day simple moving average of $144.61.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping analysts' consensus estimates of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the business posted $1.04 EPS. The business's revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be issued a $0.4625 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. Tapestry's dividend payout ratio is 21.95%.

Tapestry 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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