Korea Investment CORP Takes $41.81 Million Position in Tapestry, Inc. $TPR

Key Points

• Korea Investment CORP acquired a new 285,639-share stake in Tapestry valued at approximately $41.8 million, representing 0.14% of the luxury retailer. Institutional investors collectively own 90.77% of Tapestry.
• Analyst sentiment remains favorable, with a consensus rating of “Moderate Buy” and an average price target of $175.12, despite one downgrade to “Hold.” Tapestry recently exceeded quarterly earnings and revenue expectations.
• Tapestry raised its quarterly dividend to $0.4625 per share, equivalent to an annualized $1.85 payout and a 1.4% yield. Company insiders, however, recently sold shares, reducing insider ownership to 1.32%.

Korea Investment CORP bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 285,639 shares of the luxury accessories retailer's stock, valued at approximately $41,812,000. Korea Investment CORP owned 0.14% of Tapestry as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in TPR. Woodline Partners LP boosted its holdings in shares of Tapestry by 25.0% in the first quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer's stock valued at $1,231,000 after acquiring an additional 3,495 shares during the period. Acadian Asset Management LLC purchased a new position in shares of Tapestry during the first quarter worth approximately $493,000. Sivia Capital Partners LLC acquired a new position in shares of Tapestry in the 2nd quarter valued at $602,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Tapestry in the 2nd quarter valued at $6,307,000. Finally, Brown Advisory Inc. raised its position in Tapestry by 13.8% in the 2nd quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer's stock valued at $319,000 after purchasing an additional 439 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on TPR shares. Wall Street Zen cut shares of Tapestry from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. UBS Group upped their target price on shares of Tapestry from $230.00 to $232.00 and gave the company a "buy" rating in a report on Friday, August 14th. Weiss Ratings upgraded shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research note on Friday, August 14th. Citigroup raised their price target on Tapestry from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Finally, Robert W. Baird boosted their price target on Tapestry from $160.00 to $165.00 and gave the company an "outperform" rating in a research report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $175.12.

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction that occurred on 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 sale, the chief executive officer owned 123,258 shares of the company's stock, valued at $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's 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 in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their position. 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 Price Performance

Tapestry stock opened at $130.66 on Friday. The company has a market cap of $26.05 billion, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 1.65 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 business has a fifty day moving average of $145.13 and a two-hundred day moving average of $144.76. 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 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. The business had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The business's revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the company posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, analysts predict that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. This is an increase from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.4%. Tapestry's dividend payout ratio (DPR) is currently 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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