Sanctuary Advisors LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the second quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 21,259 shares of the luxury accessories retailer's stock, valued at approximately $3,112,000.
Several other hedge funds and other institutional investors have also made changes to their positions in TPR. BlackRock Inc. purchased a new stake in shares of Tapestry during the 2nd quarter worth $2,610,995,000. Schroder Investment Management Group increased its holdings in Tapestry by 92.8% in the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock valued at $1,194,678,000 after buying an additional 4,500,850 shares during the last quarter. Norges Bank purchased a new position in Tapestry in the fourth quarter valued at $345,349,000. Wellington Management Group LLP raised its stake in Tapestry by 632.3% in the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer's stock valued at $302,368,000 after buying an additional 2,043,353 shares in the last quarter. Finally, State Street Corp raised its stake in Tapestry by 19.3% in the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer's stock valued at $1,044,995,000 after buying an additional 1,494,193 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.
Insider Buying and Selling at Tapestry
In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm's stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company's stock.
Tapestry Stock Performance
Shares of TPR stock opened at $130.08 on Wednesday. The stock's 50-day moving average is $144.37 and its two-hundred day moving average is $144.90. 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 1 year low of $93.00 and a 1 year high of $164.80. The firm has a market cap of $25.94 billion, a price-to-earnings ratio of 17.84, a PEG ratio of 1.67 and a beta of 1.43.
Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business's quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Analysts predict that Tapestry, Inc. will post 7.94 earnings per share for the current year.
Tapestry Increases Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a $0.4625 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. Tapestry's dividend payout ratio is currently 21.95%.
Wall Street Analyst Weigh In
TPR has been the subject of several analyst reports. Robert W. Baird upped their price objective on Tapestry from $160.00 to $165.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. UBS Group increased their price objective on Tapestry from $230.00 to $232.00 and gave the company a "buy" rating in a report on Friday, August 14th. Zacks Research lowered Tapestry from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Evercore set a $175.00 target price on Tapestry in a research note on Friday, May 8th. Finally, Telsey Advisory Group upped their price target on Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $175.12.
Check Out Our Latest Stock Analysis on TPR
Tapestry Profile
(
Free Report)
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.
See Also
Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry, Inc. (NYSE:TPR - Free Report).
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Before you consider Tapestry, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tapestry wasn't on the list.
While Tapestry currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The space race is growing fast, and you don’t have to have gotten in early on SpaceX to profit. This report shows seven space stocks you can buy today that may grow as rockets, satellites, defense, space internet, and new space technology become more important.
Get This Free Report
