Sterling Capital Management LLC Cuts Stock Holdings in Tapestry, Inc. $TPR

Key Points

• Sterling Capital Management cut its Tapestry stake by 37.1% in the first quarter, selling 10,812 shares and leaving it with 18,310 shares worth about $2.58 million.
• Tapestry’s latest quarter was strong: the company reported $1.66 EPS on $1.92 billion in revenue, both above estimates, with revenue rising 21.2% year over year.
• Analysts remain generally constructive, with a Moderate Buy consensus and a target price of $167.65; several firms recently reiterated or raised price targets, while executives Joanne C. Crevoiserat and Todd Kahn also sold shares.

Sterling Capital Management LLC lessened its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 37.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,310 shares of the luxury accessories retailer's stock after selling 10,812 shares during the quarter. Sterling Capital Management LLC's holdings in Tapestry were worth $2,584,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Smartleaf Asset Management LLC grew its holdings in Tapestry by 2.0% during the fourth 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 period. Northwest Wealth Management LLC boosted its position in shares of Tapestry by 3.4% during the 4th quarter. Northwest Wealth Management LLC now owns 2,462 shares of the luxury accessories retailer's stock worth $315,000 after purchasing an additional 82 shares in the last quarter. Fulton Bank N.A. boosted its position in shares of Tapestry by 2.8% during the 4th quarter. Fulton Bank N.A. now owns 3,166 shares of the luxury accessories retailer's stock worth $405,000 after purchasing an additional 87 shares in the last quarter. CVA Family Office LLC grew its stake in shares of Tapestry by 23.4% during the 4th quarter. CVA Family Office LLC now owns 469 shares of the luxury accessories retailer's stock worth $60,000 after purchasing an additional 89 shares during the period. Finally, Clark Financial Services Group Inc. BD increased its holdings in shares of Tapestry by 1.8% in the 4th quarter. Clark Financial Services Group Inc. BD now owns 5,701 shares of the luxury accessories retailer's stock valued at $733,000 after purchasing an additional 103 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

TPR has been the subject of several recent analyst reports. Argus set a $165.00 price objective on shares of Tapestry in a research note on Thursday, March 12th. Weiss Ratings cut shares of Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a report on Wednesday, May 20th. Raymond James Financial reiterated an "outperform" rating and set a $165.00 price target on shares of Tapestry in a research report on Thursday, April 23rd. Citigroup boosted their price target on Tapestry from $165.00 to $170.00 and gave the stock a "buy" rating in a research note on Wednesday, April 29th. Finally, Evercore set a $175.00 price objective on Tapestry in a research note on Friday, May 8th. Two 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $167.65.

Insider Transactions at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the completion of the transaction, the chief executive officer owned 652,434 shares of the company's stock, valued at $86,701,954.26. This represents a 4.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 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 that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 1.32% of the company's stock.

Tapestry Trading Up 0.2%

Shares of Tapestry stock opened at $146.24 on Monday. Tapestry, Inc. has a fifty-two week low of $84.39 and a fifty-two week high of $161.97. The business's fifty day moving average is $142.32 and its two-hundred day moving average is $140.33. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. The firm has a market cap of $29.55 billion, a PE ratio of 46.87, a P/E/G ratio of 1.48 and a beta of 1.42.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating analysts' consensus estimates of $1.30 by $0.36. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The business's revenue for the quarter was up 21.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Analysts anticipate that Tapestry, Inc. will post 6.95 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were issued a $0.40 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.60 annualized dividend and a yield of 1.1%. Tapestry's payout ratio is 51.28%.

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.

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.