Paralel Advisors LLC Purchases New Holdings in Tapestry, Inc. $TPR

Key Points

• Paralel Advisors LLC purchased 16,388 Tapestry shares during the second quarter, valued at approximately $2.4 million. Institutional investors collectively own 90.77% of the company.
• Analysts maintain a favorable outlook, with Tapestry receiving a “Moderate Buy” consensus rating and an average price target of $175.12. Recent targets range from $175 to $232.
• Tapestry exceeded quarterly earnings and revenue expectations, reporting $1.32 EPS and $1.88 billion in revenue, while increasing its quarterly dividend from $0.40 to $0.4625 per share.

Paralel Advisors LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 16,388 shares of the luxury accessories retailer's stock, valued at approximately $2,399,000.

Other large investors have also recently made changes to their positions in the company. World Investment Advisors grew its holdings in shares of Tapestry by 3.6% during the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock valued at $279,000 after buying an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN raised its holdings in Tapestry by 4.7% in the 1st quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer's stock worth $222,000 after acquiring an additional 71 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in Tapestry by 2.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer's stock worth $477,000 after acquiring an additional 73 shares during the last quarter. Eastern Bank lifted its position in Tapestry by 24.4% in the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer's stock valued at $57,000 after acquiring an additional 77 shares in the last quarter. Finally, NewEdge Wealth LLC lifted its position in Tapestry by 2.7% in the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer's stock valued at $450,000 after acquiring an additional 85 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Telsey Advisory Group lifted their price objective on Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. UBS Group lifted their price target on shares of Tapestry from $230.00 to $232.00 and gave the stock a "buy" rating in a research note on Friday, August 14th. Finally, BTIG Research decreased their price objective on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $175.12.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's stock in a transaction dated Wednesday, August 19th. The stock was 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 owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the firm's stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. This trade represents a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 1.32% of the company's stock.

Tapestry Stock Down 1.8%

TPR stock opened at $129.38 on Friday. The business's 50-day moving average is $145.46 and its two-hundred day moving average is $144.86. The company has a market cap of $25.80 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 1.67 and a beta of 1.43. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. 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 issued its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. The firm 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 quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. 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 annualized dividend and a dividend yield of 1.4%. Tapestry's dividend payout ratio (DPR) is currently 21.95%.

About Tapestry

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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