Lazard Asset Management LLC Buys New Shares in Tapestry, Inc. $TPR

Key Points

• Lazard Asset Management initiated a position in Tapestry by buying 13,036 shares valued at approximately $1.84 million. Institutional investors collectively own 90.77% of Tapestry’s stock.
• Analysts remain broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $173.50; recent targets range from $164 to $182.
• Tapestry reported quarterly EPS of $1.66 and revenue of $1.92 billion, surpassing estimates and marking 21.2% year-over-year revenue growth. The company also pays a quarterly dividend of $0.40, equivalent to a 1.0% annual yield.

Lazard Asset Management LLC purchased a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,036 shares of the luxury accessories retailer's stock, valued at approximately $1,840,000.

Several other institutional investors have also added to or reduced their stakes in TPR. Schroder Investment Management Group lifted its stake in shares of Tapestry by 92.8% in the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock valued at $1,194,678,000 after acquiring an additional 4,500,850 shares during the last quarter. Norges Bank bought a new position in Tapestry during the 4th quarter worth approximately $345,349,000. Wellington Management Group LLP increased its stake in Tapestry by 632.3% in the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer's stock worth $302,368,000 after purchasing an additional 2,043,353 shares during the period. State Street Corp increased its stake in Tapestry by 19.3% in the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer's stock worth $1,044,995,000 after purchasing an additional 1,494,193 shares during the period. Finally, Voloridge Investment Management LLC lifted its position in Tapestry by 160.5% in the third quarter. Voloridge Investment Management LLC now owns 1,886,518 shares of the luxury accessories retailer's stock valued at $213,592,000 after purchasing an additional 1,162,442 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

TPR has been the topic of several recent analyst reports. Barclays raised their target price on shares of Tapestry from $179.00 to $182.00 and gave the stock an "overweight" rating in a report on Thursday, July 16th. Wall Street Zen raised shares of Tapestry from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Zacks Research lowered shares of Tapestry from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Morgan Stanley restated an "overweight" rating and issued a $164.00 price objective on shares of Tapestry in a research report on Monday, July 6th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $165.00 price objective on shares of Tapestry in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $173.50.

Tapestry Trading Up 2.1%

NYSE:TPR opened at $155.60 on Tuesday. The company has a 50-day moving average price of $144.33 and a 200-day moving average price of $143.35. The stock has a market cap of $31.44 billion, a price-to-earnings ratio of 49.87, a P/E/G ratio of 1.38 and a beta of 1.43. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. Tapestry, Inc. has a 12 month low of $92.62 and a 12 month high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The company had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the firm earned $1.03 earnings per share. Tapestry'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. Equities analysts predict that Tapestry, Inc. will post 6.97 EPS for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were given a $0.40 dividend. The ex-dividend date of this dividend was Friday, June 5th. This represents a $1.60 annualized dividend and a dividend yield of 1.0%. Tapestry's dividend payout ratio is currently 51.28%.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 19,557 shares of the company's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer directly owned 123,258 shares of the company's stock, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the company's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the sale, the chief executive officer directly owned 652,434 shares in the company, valued at approximately $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.

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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