New York Life Investment Management LLC Reduces Stock Position in Tapestry, Inc. $TPR

Key Points

• New York Life Investment Management cut its Tapestry stake by 43.1% in the fourth quarter, selling 21,311 shares and ending with 28,087 shares valued at about $3.59 million.
• Tapestry insiders have been selling stock, including CEO Joanne C. Crevoiserat and Director Thomas Greco, with total insider sales of 90,816 shares worth $13.4 million over the last 90 days.
• The company reported strong quarterly results, beating estimates with $1.66 EPS on $1.92 billion in revenue, and it also announced a quarterly dividend of $0.40 per share.

New York Life Investment Management LLC lowered its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 43.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 28,087 shares of the luxury accessories retailer's stock after selling 21,311 shares during the period. New York Life Investment Management LLC's holdings in Tapestry were worth $3,589,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TPR. Woodline Partners LP lifted its position in shares of Tapestry by 25.0% during the first quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer's stock worth $1,231,000 after acquiring an additional 3,495 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Tapestry in the first quarter worth $493,000. Sivia Capital Partners LLC purchased a new stake in shares of Tapestry in the second quarter worth $602,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Tapestry in the second quarter worth $6,307,000. Finally, Brown Advisory Inc. raised its position in shares of Tapestry by 13.8% in the second quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer's stock worth $319,000 after buying an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 48,795 shares of the firm's stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $154.87, for a total transaction of $7,556,881.65. Following the transaction, the chief executive officer directly owned 671,193 shares of the company's stock, valued at approximately $103,947,659.91. This trade represents a 6.78% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas Greco sold 14,245 shares of the firm's stock in a transaction dated Tuesday, February 17th. The shares were sold at an average price of $154.44, for a total value of $2,199,997.80. Following the transaction, the director directly owned 21,302 shares in the company, valued at $3,289,880.88. This trade represents a 40.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 90,816 shares of company stock worth $13,448,032 over the last ninety days. Insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPR. BNP Paribas Exane began coverage on Tapestry in a research report on Friday, February 13th. They issued an "outperform" rating and a $176.00 price objective on the stock. Sanford C. Bernstein reiterated an "outperform" rating and issued a $170.00 price objective on shares of Tapestry in a research report on Friday, February 6th. JPMorgan Chase & Co. increased their price objective on Tapestry from $190.00 to $200.00 and gave the stock an "overweight" rating in a research report on Friday, May 8th. Zacks Research upgraded Tapestry from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 9th. Finally, BTIG Research reiterated a "buy" rating and issued a $180.00 price objective on shares of Tapestry in a research report on Friday, May 8th. 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 company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $160.67.

Tapestry Stock Down 0.1%

TPR opened at $129.13 on Monday. The stock has a market cap of $26.09 billion, a PE ratio of 41.39, a P/E/G ratio of 1.31 and a beta of 1.45. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. Tapestry, Inc. has a 52 week low of $76.29 and a 52 week high of $161.97. The business's fifty day simple moving average is $143.45 and its 200 day simple moving average is $132.93.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.36. The business had revenue of $1.92 billion for the quarter, compared to analysts' expectations of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The firm's revenue was up 21.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, research analysts expect that Tapestry, Inc. will post 6.95 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 5th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date of this dividend is Friday, June 5th. Tapestry's dividend payout ratio is currently 51.28%.

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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