Boothbay Fund Management LLC Grows Stake in Tapestry, Inc. $TPR

Key Points

• Boothbay Fund Management LLC increased its stake in Tapestry, Inc. by 19.6% in the first quarter, owning 212,112 shares valued at about $14.9 million, which makes Tapestry the fund's 24th largest position.
• Analysts have raised their price targets on Tapestry, with Wells Fargo upgrading it from $100 to $120 and Morgan Stanley from $90 to $115, leading to an average price target of $105.47 and a "Moderate Buy" rating.
• Tapestry announced a quarterly dividend increase to $0.40 per share, reflecting a yield of 1.5%, with the ex-dividend date on September 5th.

Boothbay Fund Management LLC boosted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 19.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 212,112 shares of the luxury accessories retailer's stock after purchasing an additional 34,709 shares during the quarter. Tapestry makes up 0.4% of Boothbay Fund Management LLC's investment portfolio, making the stock its 24th largest position. Boothbay Fund Management LLC owned about 0.10% of Tapestry worth $14,935,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. AQR Capital Management LLC boosted its stake in Tapestry by 47.4% in the 1st quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock worth $177,405,000 after purchasing an additional 838,057 shares during the period. Amundi boosted its stake in Tapestry by 25.4% in the 1st quarter. Amundi now owns 432,323 shares of the luxury accessories retailer's stock worth $28,140,000 after purchasing an additional 87,550 shares during the period. Ancora Advisors LLC boosted its stake in Tapestry by 7,948.1% in the 1st quarter. Ancora Advisors LLC now owns 8,692 shares of the luxury accessories retailer's stock worth $612,000 after purchasing an additional 8,584 shares during the period. Southpoint Capital Advisors LP boosted its position in shares of Tapestry by 25.0% during the 1st quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after acquiring an additional 500,000 shares during the last quarter. Finally, Focus Partners Advisor Solutions LLC boosted its position in shares of Tapestry by 237.1% during the 1st quarter. Focus Partners Advisor Solutions LLC now owns 10,964 shares of the luxury accessories retailer's stock valued at $772,000 after acquiring an additional 7,712 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the completion of the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TPR has been the subject of a number of research analyst reports. Wells Fargo & Company lifted their price target on Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research report on Thursday, June 12th. Sanford C. Bernstein reiterated an "outperform" rating and set a $112.00 price target on shares of Tapestry in a research report on Friday, August 15th. Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Finally, Barclays reissued an "overweight" rating and set a $105.00 price objective (up from $98.00) on shares of Tapestry in a report on Friday, July 11th. Seventeen research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $105.47.

Tapestry Trading Down 1.6%

Tapestry stock traded down $1.66 during trading hours on Friday, reaching $104.16. The company had a trading volume of 2,489,416 shares, compared to its average volume of 4,755,136. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. The company has a 50-day moving average price of $102.15 and a 200 day moving average price of $84.82. The firm has a market cap of $21.68 billion, a price-to-earnings ratio of 165.33, a P/E/G ratio of 2.63 and a beta of 1.52. Tapestry, Inc. has a 12-month low of $40.08 and a 12-month high of $114.05.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The business had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The business's quarterly revenue was up 8.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $0.40 per share. This is a boost from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, September 5th. Tapestry's dividend payout ratio is currently 222.22%.

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.