Jupiter Asset Management Ltd. Sells 253,121 Shares of Tapestry, Inc. $TPR

Key Points

• Jupiter Asset Management sharply cut its Tapestry position by 97.8% in the fourth quarter, selling 253,121 shares and leaving it with 5,788 shares worth about $740,000.
• Tapestry reported strong quarterly results, with EPS of $1.66 beating estimates and revenue of $1.92 billion topping forecasts; revenue also rose 21.2% year over year.
• The company announced a quarterly dividend of $0.40 per share, payable June 22, and analysts remain constructive overall with a consensus rating of “Moderate Buy” and an average price target of $160.67.

Jupiter Asset Management Ltd. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 97.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,788 shares of the luxury accessories retailer's stock after selling 253,121 shares during the quarter. Jupiter Asset Management Ltd.'s holdings in Tapestry were worth $740,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. State Street Corp increased its stake in Tapestry by 19.3% during the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer's stock worth $1,044,995,000 after acquiring an additional 1,494,193 shares during the last quarter. Geode Capital Management LLC lifted 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 worth $753,482,000 after purchasing an additional 203,764 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Tapestry by 21.1% during the third quarter. Schroder Investment Management Group now owns 4,849,371 shares of the luxury accessories retailer's stock valued at $549,046,000 after buying an additional 846,553 shares during the period. AQR Capital Management LLC boosted its position in shares of Tapestry by 21.4% during the third quarter. AQR Capital Management LLC now owns 4,307,615 shares of the luxury accessories retailer's stock valued at $487,708,000 after buying an additional 760,646 shares during the period. Finally, Northern Trust Corp boosted its position in shares of Tapestry by 7.6% during the third quarter. Northern Trust Corp now owns 2,870,821 shares of the luxury accessories retailer's stock valued at $325,034,000 after buying an additional 203,520 shares during the period. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Up 0.0%

Shares of NYSE:TPR opened at $145.40 on Friday. The business has a 50 day simple moving average of $142.31 and a two-hundred day simple moving average of $134.90. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. Tapestry, Inc. has a 1 year low of $76.92 and a 1 year high of $161.97. The firm has a market capitalization of $29.38 billion, a PE ratio of 46.60, a price-to-earnings-growth ratio of 1.48 and a beta of 1.45.

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

Tapestry Announces Dividend

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

Insider Activity at Tapestry

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on TPR. Sanford C. Bernstein restated an "outperform" rating and set a $170.00 target price on shares of Tapestry in a research report on Friday, February 6th. Weiss Ratings lowered Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 20th. Robert W. Baird boosted their target price on Tapestry from $160.00 to $165.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. boosted their target price on Tapestry from $190.00 to $200.00 and gave the company an "overweight" rating in a research report on Friday, May 8th. Finally, Zacks Research upgraded Tapestry from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 9th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $160.67.

About Tapestry

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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