Sowell Financial Services LLC Sells 5,083 Shares of Tapestry, Inc. $TPR

Key Points

• Sowell Financial Services LLC cut its stake in Tapestry, Inc. by 21.6%, selling 5,083 shares during the second quarter, bringing its total holdings down to 18,422 shares valued at approximately $1.62 million.
• Multiple hedge funds have also adjusted their positions in Tapestry recently, with notable increases from firms such as Jump Financial LLC, which boosted its stake by over 1,000%.
• Tapestry reported a quarterly earnings per share (EPS) of $1.04, exceeding expectations, and declared a quarterly dividend increase from $0.35 to $0.40 per share, reflecting strong financial performance.

Sowell Financial Services LLC reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 21.6% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,422 shares of the luxury accessories retailer's stock after selling 5,083 shares during the quarter. Sowell Financial Services LLC's holdings in Tapestry were worth $1,618,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. China Universal Asset Management Co. Ltd. bought a new stake in shares of Tapestry in the 1st quarter worth approximately $1,708,000. Curat Global LLC bought a new stake in shares of Tapestry in the 1st quarter worth approximately $382,000. Nisa Investment Advisors LLC boosted its position in shares of Tapestry by 16.7% in the 1st quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock worth $4,460,000 after purchasing an additional 9,049 shares in the last quarter. Jump Financial LLC boosted its position in shares of Tapestry by 1,025.9% in the 1st quarter. Jump Financial LLC now owns 79,702 shares of the luxury accessories retailer's stock worth $5,612,000 after purchasing an additional 72,623 shares in the last quarter. Finally, Allworth Financial LP boosted its position in shares of Tapestry by 689.0% in the 1st quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock worth $913,000 after purchasing an additional 11,679 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the completion of the transaction, the vice president owned 21,098 shares of the company's stock, valued at $2,089,756.90. This represents a 27.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the transaction, the director directly owned 8,153 shares of the company's stock, valued at $865,767.07. This trade represents a 58.13% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on TPR shares. Argus boosted their price target on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. JPMorgan Chase & Co. boosted their price objective on shares of Tapestry from $139.00 to $142.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a report on Thursday, June 12th. Raymond James Financial restated an "outperform" rating and issued a $115.00 price objective (up from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Finally, Telsey Advisory Group restated an "outperform" rating and issued a $125.00 price objective on shares of Tapestry in a report on Thursday, September 11th. Seventeen analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $106.47.

Tapestry Trading Down 0.3%

Shares of TPR stock opened at $113.86 on Tuesday. Tapestry, Inc. has a 52-week low of $42.95 and a 52-week high of $115.35. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The firm has a market capitalization of $23.70 billion, a PE ratio of 180.73, a PEG ratio of 2.75 and a beta of 1.52. The stock has a fifty day simple moving average of $105.73 and a two-hundred day simple moving average of $86.85.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (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 business had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter in the prior year, the business posted $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. On average, analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were issued a dividend of $0.40 per share. This is a boost from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, September 5th. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. Tapestry's payout ratio is currently 253.97%.

Tapestry Profile

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.

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