Kingsview Wealth Management LLC Invests $1.53 Million in Tapestry, Inc. $TPR

Key Points

• Kingsview Wealth Management acquired 10,452 Tapestry shares during the second quarter, valued at approximately $1.53 million. Institutional investors and hedge funds collectively own 90.77% of the company.
• Analysts remain broadly bullish, with Tapestry holding a consensus “Moderate Buy” rating and an average price target of $175.12. Recent targets were raised by Barclays and Telsey Advisory Group, while Daiwa upgraded the stock to “strong buy.”
• Tapestry exceeded quarterly expectations, reporting $1.32 in EPS and $1.88 billion in revenue, with revenue up 8.9% year over year. The company also raised its quarterly dividend to $0.4625 per share, equivalent to a 1.5% annualized yield.

Kingsview Wealth Management LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,452 shares of the luxury accessories retailer's stock, valued at approximately $1,530,000.

A number of other hedge funds have also recently bought and sold shares of the company. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Tapestry during the fourth quarter worth $8,109,000. Norges Bank acquired a new position in Tapestry in the fourth quarter valued at $345,349,000. SEB Asset Management AB purchased a new position in Tapestry during the first quarter worth about $59,525,000. Keystone Investors PTE Ltd. lifted its position in Tapestry by 17.4% during the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer's stock worth $8,001,000 after buying an additional 9,303 shares during the period. Finally, Vega Investment Solutions acquired a new stake in Tapestry in the 2nd quarter worth about $10,322,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TPR shares. Barclays upped their price objective on shares of Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Telsey Advisory Group upped their price target on shares of Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research note on Friday, August 14th. Finally, Sanford C. Bernstein reiterated a "market perform" rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $175.12.

Insider Buying and Selling

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Tapestry Stock Performance

Tapestry stock opened at $125.75 on Friday. The firm has a market capitalization of $25.07 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 1.59 and a beta of 1.43. Tapestry, Inc. has a one year low of $93.00 and a one year high of $164.80. The stock's 50 day moving average price is $143.26 and its 200 day moving average price is $144.48. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75.

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

Tapestry Increases Dividend

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

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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