Public Employees Retirement System of Ohio Makes New Investment in Tapestry, Inc. $TPR

Key Points

• Public Employees Retirement System of Ohio purchased 104,616 Tapestry shares worth approximately $15.3 million, while institutional investors collectively own 90.77% of the company.
• Tapestry reported quarterly EPS of $1.32 and revenue of $1.88 billion, exceeding analyst estimates; revenue increased 8.9% year over year.
• The company raised its quarterly dividend from $0.40 to $0.4625 per share, equivalent to a $1.85 annualized payout and a 1.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $175.12.

Public Employees Retirement System of Ohio bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 104,616 shares of the luxury accessories retailer's stock, valued at approximately $15,314,000. Public Employees Retirement System of Ohio owned approximately 0.05% of Tapestry as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of TPR. MASTERINVEST Kapitalanlage GmbH acquired a new position in Tapestry during the 2nd quarter worth approximately $1,149,000. Redwood Investment Management LLC purchased a new stake in shares of Tapestry during the second quarter valued at approximately $1,154,000. Proficio Capital Partners LLC purchased a new stake in shares of Tapestry during the second quarter valued at approximately $750,000. Pure Financial Advisors LLC acquired a new position in shares of Tapestry during the second quarter worth $252,000. Finally, Transamerica Financial Advisors LLC purchased a new position in shares of Tapestry in the second quarter valued at $6,592,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of TPR stock opened at $125.75 on Monday. The firm has a fifty day moving average of $143.26 and a two-hundred day moving average of $144.41. The firm has a market cap of $25.07 billion, a P/E ratio of 17.25, a P/E/G ratio of 1.59 and a beta of 1.43. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) 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 analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company's revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, research analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. Tapestry's payout ratio is 21.95%.

Insider Buying and Selling at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

Several research firms recently issued reports on TPR. Wells Fargo & Company dropped their price target on shares of Tapestry from $165.00 to $160.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Barclays upped 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. Morgan Stanley lowered their target price on Tapestry from $164.00 to $159.00 and set an "overweight" rating for the company in a research note on Friday, August 14th. Evercore set a $175.00 price target on Tapestry in a research note on Friday, May 8th. Finally, BTIG Research reduced their price target on Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and a consensus price target of $175.12.

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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