Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 2nd quarter, according to its most recent disclosure with the SEC. The fund purchased 504,673 shares of the luxury accessories retailer's stock, valued at approximately $73,874,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.25% of Tapestry as of its most recent filing with the SEC.
A number of other institutional investors have also modified their holdings of TPR. State Street Corp boosted its stake in Tapestry by 3.8% in the fourth quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer's stock valued at $1,223,795,000 after acquiring an additional 348,334 shares during the period. Schroder Investment Management Group lifted its holdings 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 worth $1,194,678,000 after purchasing an additional 4,500,850 shares during the last quarter. Geode Capital Management LLC boosted its position in Tapestry by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock valued at $753,482,000 after purchasing an additional 203,764 shares during the period. Bank of America Corp DE boosted its position in Tapestry by 9.3% during the 1st quarter. Bank of America Corp DE now owns 5,041,935 shares of the luxury accessories retailer's stock valued at $711,467,000 after purchasing an additional 429,338 shares during the period. Finally, AQR Capital Management LLC grew its stake in Tapestry by 21.4% during the 3rd quarter. AQR Capital Management LLC now owns 4,307,615 shares of the luxury accessories retailer's stock worth $487,708,000 after buying an additional 760,646 shares during the last quarter. Institutional investors own 90.77% of the company's stock.
Insider Activity at Tapestry
In other news, CEO Todd Kahn sold 19,557 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares of the company's stock, valued at approximately $17,258,585.16. This represents a 13.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 1.32% of the company's stock.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on TPR shares. Sanford C. Bernstein reissued a "market perform" rating and set a $185.00 price target (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Telsey Advisory Group increased their price objective on shares of Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Barclays lifted their price objective on shares of Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. Raymond James Financial reissued an "outperform" rating and set a $165.00 target price on shares of Tapestry in a research note on Thursday, April 23rd. Finally, Evercore set a $175.00 target price on shares of Tapestry in a research report on Friday, May 8th. 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's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $175.12.
Get Our Latest Report on TPR
Tapestry Trading Down 0.6%
NYSE:TPR opened at $131.51 on Thursday. The stock has a market cap of $26.22 billion, a price-to-earnings ratio of 18.04, a PEG ratio of 1.67 and a beta of 1.43. 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, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. The business has a fifty day moving average of $145.78 and a 200-day moving average of $144.84.
Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating 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 company's revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities analysts predict that Tapestry, Inc. will post 7.94 earnings per share 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 given 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 is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. Tapestry's payout ratio is presently 21.95%.
Tapestry Profile
(
Free Report)
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.
Featured Articles
Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry, Inc. (NYSE:TPR - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Tapestry, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tapestry wasn't on the list.
While Tapestry currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Tesla, Nvidia, and Google helped shape the last era of market growth, but the next wave could come from a new group of companies. Inside this report, you’ll find 7 stocks that could play a major role in the next tech-driven market boom.
Get This Free Report
