Tapestry, Inc. $TPR Shares Newly Purchased by Founders Financial Securities LLC

Key Points

• Founders Financial Securities acquired 11,009 Tapestry shares worth approximately $1.27 million in the third quarter. Institutional investors collectively own 90.77% of Tapestry’s outstanding stock.
• Analysts remain generally bullish, with a consensus “Moderate Buy” rating and an average price target of $170. JPMorgan, Barclays and Daiwa all recently issued positive recommendations or raised their targets.
• Tapestry reported quarterly EPS of $1.32, exceeding estimates, while revenue rose 8.9% year over year to $1.88 billion. The company also increased its quarterly dividend to $0.4625, or $1.85 annually.

Founders Financial Securities LLC acquired a new stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 11,009 shares of the luxury accessories retailer's stock, valued at approximately $1,266,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BOKF NA lifted its position in Tapestry by 27,830.0% in the third quarter. BOKF NA now owns 5,586 shares of the luxury accessories retailer's stock valued at $643,000 after purchasing an additional 5,566 shares during the period. Victory Financial Group LLC boosted its stake in shares of Tapestry by 7.6% in the third quarter. Victory Financial Group LLC now owns 8,451 shares of the luxury accessories retailer's stock valued at $972,000 after buying an additional 600 shares in the last quarter. Generali Asset Management SPA SGR raised its position in Tapestry by 37.0% in the third quarter. Generali Asset Management SPA SGR now owns 5,992 shares of the luxury accessories retailer's stock worth $689,000 after acquiring an additional 1,618 shares in the last quarter. Park Avenue Securities LLC raised its position in Tapestry by 6.0% in the third quarter. Park Avenue Securities LLC now owns 14,181 shares of the luxury accessories retailer's stock worth $1,631,000 after acquiring an additional 800 shares in the last quarter. Finally, WESPAC Advisors LLC lifted its holdings in Tapestry by 16.9% in the third quarter. WESPAC Advisors LLC now owns 6,934 shares of the luxury accessories retailer's stock valued at $798,000 after acquiring an additional 1,003 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, insider Denise Kulikowsky sold 5,810 shares of the firm's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the transaction, the insider owned 21,136 shares in the company, valued at approximately $2,438,671.68. This trade represents a 21.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joanne Crevoiserat sold 27,761 shares of the firm's stock in a transaction 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 completion of the transaction, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TPR shares. JPMorgan Chase & Co. increased their target price on shares of Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Daiwa Securities Group raised Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Barclays upped their price target on Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Weiss Ratings upgraded Tapestry from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, October 16th. Finally, UBS Group cut their price target on Tapestry from $232.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, October 20th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $170.00.

Tapestry Stock Performance

Shares of TPR opened at $116.09 on Friday. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. The company's 50 day simple moving average is $117.65 and its 200 day simple moving average is $137.09. The company has a market capitalization of $23.15 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 1.47 and a beta of 1.42. 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 (NYSE:TPR - Get Free Report) last issued its quarterly 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 company 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%. Tapestry's revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts predict that Tapestry, Inc. will post 7.97 EPS for the current year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Friday, September 4th were paid a $0.4625 dividend. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.85 annualized dividend and a dividend yield of 1.6%. This is an increase from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio is presently 25.38%.

Tapestry Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women's footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.

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