Strategic Global Advisors LLC Purchases Shares of 35,869 Tapestry, Inc. $TPR

Key Points

• Institutional investors increased exposure to Tapestry: Strategic Global Advisors bought 35,869 shares worth approximately $5.25 million, while several other funds also initiated sizable positions. Institutions now own 90.77% of Tapestry’s outstanding stock.
• Tapestry exceeded quarterly expectations: The luxury retailer reported earnings of $1.32 per share versus the $1.28 consensus estimate, with revenue rising 8.9% year over year to $1.88 billion.
• The company raised its dividend and maintains a favorable analyst outlook: Tapestry increased its quarterly dividend to $0.4625 per share, while analysts gave the stock a “Moderate Buy” consensus rating and an average price target of $175.12.

Strategic Global Advisors LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 35,869 shares of the luxury accessories retailer's stock, valued at approximately $5,251,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. Freestone Grove Partners LP bought a new position in shares of Tapestry during the second quarter worth approximately $46,075,000. Caisse de depot et placement du Quebec acquired a new stake in Tapestry during the 2nd quarter worth approximately $74,199,000. Man Group plc bought a new stake in Tapestry in the 2nd quarter valued at $41,731,000. Jupiter Topco LLC acquired a new position in Tapestry in the 2nd quarter valued at $20,654,000. Finally, Hsbc Holdings PLC acquired a new position in Tapestry in the 2nd quarter valued at $67,278,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $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 available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company's stock.

Tapestry Stock Down 0.0%

Shares of NYSE TPR opened at $130.06 on Thursday. 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 52 week low of $93.00 and a 52 week high of $164.80. The stock has a market capitalization of $25.93 billion, a P/E ratio of 17.84, a PEG ratio of 1.65 and a beta of 1.43. The stock's fifty day moving average is $144.05 and its 200 day moving average is $144.81.

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

Tapestry Increases Dividend

The company 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 dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. This is a positive change from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio (DPR) is 21.95%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Barclays lifted their target price on Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Sanford C. Bernstein restated a "market perform" rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. UBS Group raised their price target on shares of Tapestry from $230.00 to $232.00 and gave the stock a "buy" rating in a research report on Friday, August 14th. Evercore set a $175.00 price objective on shares of Tapestry in a report on Friday, May 8th. Finally, Citigroup increased their target price on shares of Tapestry from $165.00 to $170.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and an average price target of $175.12.

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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