Tapestry, Inc. $TPR Shares Acquired by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia boosted its Tapestry stake by 183.7% in the first quarter, ending with 95,778 shares valued at about $13.5 million.
• Tapestry reported strong quarterly results, with EPS of $1.66 and revenue of $1.92 billion, both beating analyst expectations and rising 21.2% year over year.
• The company paid a quarterly dividend of $0.40 per share, while analysts currently view the stock as a Moderate Buy with an average price target of about $170.06.

Bank of Nova Scotia lifted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 183.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 95,778 shares of the luxury accessories retailer's stock after acquiring an additional 62,014 shares during the quarter. Bank of Nova Scotia's holdings in Tapestry were worth $13,515,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TPR. Acumen Wealth Advisors LLC purchased a new position in Tapestry during the 4th quarter worth approximately $28,000. Triumph Capital Management acquired a new position in Tapestry in the 3rd quarter worth about $29,000. Steph & Co. raised its position in Tapestry by 128.7% during the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock valued at $30,000 after acquiring an additional 130 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Tapestry during the 4th quarter valued at $31,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in Tapestry during the fourth quarter valued at about $32,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

Tapestry stock opened at $142.82 on Friday. Tapestry, Inc. has a 1 year low of $92.62 and a 1 year high of $161.97. The company has a market cap of $28.86 billion, a PE ratio of 45.78, a PEG ratio of 1.30 and a beta of 1.43. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The company's 50-day moving average is $142.46 and its two-hundred day moving average is $142.49.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping analysts' consensus estimates of $1.30 by $0.36. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.79 billion. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The business's quarterly revenue was up 21.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.03 EPS. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Equities analysts anticipate that Tapestry, Inc. will post 6.97 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were issued a dividend of $0.40 per share. The ex-dividend date was Friday, June 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.1%. Tapestry's payout ratio is currently 51.28%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Weiss Ratings cut shares of Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 20th. Citigroup lifted their price objective on Tapestry from $165.00 to $170.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Raymond James Financial reissued an "outperform" rating and issued a $165.00 target price on shares of Tapestry in a research note on Thursday, April 23rd. Wall Street Zen upgraded Tapestry from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Finally, Sanford C. Bernstein reaffirmed an "outperform" rating and set a $180.00 price objective on shares of Tapestry in a report on Tuesday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company's stock. According to MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $170.06.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the sale, the chief executive officer directly owned 123,258 shares in the company, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the firm's stock in a transaction on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the sale, the chief executive officer owned 652,434 shares in the company, valued at approximately $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by insiders.

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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