PDT Partners LLC Invests $9.48 Million in Tapestry, Inc. $TPR

PDT Partners LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 64,734 shares of the luxury accessories retailer's stock, valued at approximately $9,476,000.

Several other large investors also recently modified their holdings of the company. Eurizon Capital SGR S.p.A. bought a new position in shares of Tapestry in the 4th quarter worth about $8,109,000. Norges Bank bought a new stake in shares of Tapestry during the 4th quarter valued at about $345,349,000. SEB Asset Management AB bought a new stake in shares of Tapestry during the 1st quarter valued at about $59,525,000. Keystone Investors PTE Ltd. grew its stake in Tapestry by 17.4% during the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer's stock worth $8,001,000 after purchasing an additional 9,303 shares during the period. Finally, North Dakota State Investment Board acquired a new stake in Tapestry during the fourth quarter worth approximately $2,417,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

TPR has been the topic of several recent analyst reports. BTIG Research dropped their price target on Tapestry from $180.00 to $175.00 and set a "buy" rating on the stock in a research note on Friday, August 14th. Telsey Advisory Group raised their price objective on shares of Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. Citigroup lifted their price objective on shares of Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Morgan Stanley dropped their target price on shares of Tapestry from $164.00 to $159.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Finally, Daiwa Securities Group raised shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $175.12.

Insider Transactions at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer owned 666,149 shares in the company, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company's stock.

Tapestry Stock Down 1.6%

TPR stock opened at $130.08 on Wednesday. The stock's 50 day simple moving average is $144.37 and its 200 day simple moving average is $144.90. The company has a market cap of $25.94 billion, a P/E ratio of 17.84, a price-to-earnings-growth 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 fifty-two week low of $93.00 and a fifty-two week high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to analysts' expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, research analysts expect that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Tapestry's previous quarterly dividend of $0.40. Tapestry's payout ratio is 21.95%.

Tapestry 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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