Northern Trust Corp Sells 12,935 Shares of Tapestry, Inc. $TPR

Key Points

• Northern Trust Corp has decreased its stake in Tapestry, Inc. by 0.5%, owning approximately 2.8 million shares valued at $197.3 million after selling 12,935 shares.
• Tapestry's recent quarterly earnings reported an EPS of $1.04, surpassing estimates, with revenues of $1.72 billion, an increase of 8.3% year-over-year.
• The company has raised its quarterly dividend to $0.40 per share, reflecting a yield of 1.6%, with the new dividend payment scheduled for September 22nd.

Northern Trust Corp lowered its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 0.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 2,802,146 shares of the luxury accessories retailer's stock after selling 12,935 shares during the period. Northern Trust Corp owned 1.35% of Tapestry worth $197,299,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Southpoint Capital Advisors LP bought a new position in Tapestry during the 4th quarter valued at approximately $130,660,000. Price T Rowe Associates Inc. MD increased its position in Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Tapestry during the 4th quarter valued at approximately $101,433,000. Candlestick Capital Management LP bought a new position in Tapestry during the 4th quarter valued at approximately $66,902,000. Finally, Point72 Hong Kong Ltd bought a new position in Tapestry during the 4th quarter valued at approximately $65,751,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Ratings Changes

A number of research firms recently weighed in on TPR. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Bank of America lowered Tapestry from a "buy" rating to a "neutral" rating and raised their price objective for the company from $95.00 to $115.00 in a research report on Tuesday, July 29th. The Goldman Sachs Group raised their price objective on Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Evercore ISI cut their target price on Tapestry from $130.00 to $125.00 and set an "outperform" rating on the stock in a research note on Friday, August 15th. Finally, Argus increased their target price on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and a consensus price target of $105.47.

Tapestry Stock Performance

Tapestry stock traded up $2.41 during trading on Tuesday, reaching $100.88. The company had a trading volume of 2,249,623 shares, compared to its average volume of 4,903,712. Tapestry, Inc. has a 52 week low of $39.40 and a 52 week high of $114.05. The firm's 50-day simple moving average is $99.01 and its 200 day simple moving average is $83.74. The firm has a market capitalization of $21.00 billion, a price-to-earnings ratio of 159.91, a price-to-earnings-growth ratio of 2.51 and a beta of 1.51. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. During the same period last year, the firm earned $0.92 EPS. Tapestry's revenue for the quarter was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 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 22nd. Investors of record on Friday, September 5th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. This is an increase from Tapestry's previous quarterly dividend of $0.35. Tapestry's payout ratio is 222.22%.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.