Tapestry, Inc. $TPR Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System dramatically increased its Tapestry stake by purchasing 44.85 million additional shares, bringing its holdings to 45.17 million shares, or 22.65% of the company. Institutional investors collectively own 90.77% of Tapestry.
• Tapestry reported quarterly results above expectations, with earnings of $1.32 per share and revenue of $1.88 billion, up 8.9% year over year. The company also raised its quarterly dividend to $0.4625 per share, equivalent to a 1.6% annualized yield.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $175.12, despite Tapestry shares recently trading down 3.3% at $113.64.

California State Teachers Retirement System lifted its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 14,151.5% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 45,170,672 shares of the luxury accessories retailer's stock after purchasing an additional 44,853,719 shares during the quarter. California State Teachers Retirement System owned 22.65% of Tapestry worth $6,612,083,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the stock. Cetera Trust Company N.A acquired a new position in Tapestry during the second quarter worth about $26,000. Keating Financial Advisory Services Inc. acquired a new stake in Tapestry in the 2nd quarter valued at about $31,000. Acumen Wealth Advisors LLC acquired a new stake in Tapestry in the 4th quarter valued at about $28,000. Virtus Advisers LLC bought a new position in shares of Tapestry during the 2nd quarter valued at about $32,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Tapestry during the 4th quarter valued at about $32,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Down 3.3%

Shares of NYSE:TPR opened at $113.64 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. The company has a market cap of $22.66 billion, a PE ratio of 15.59, a price-to-earnings-growth ratio of 1.49 and a beta of 1.42. Tapestry, Inc. has a 52 week low of $93.00 and a 52 week high of $164.80. The firm has a 50 day simple moving average of $139.02 and a 200 day simple moving average of $142.56.

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. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same period in the previous year, the company posted $1.04 EPS. The company's quarterly revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, research analysts expect that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Friday, September 4th. Tapestry's dividend payout ratio is presently 25.38%.

Insiders Place Their Bets

In related news, CEO Joanne Crevoiserat sold 27,761 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on TPR shares. Sanford C. Bernstein reiterated a "market perform" rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Weiss Ratings upgraded shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Telsey Advisory Group upped their price target on Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Wells Fargo & Company cut their price objective on Tapestry from $165.00 to $160.00 and set an "overweight" rating for the company in a research report on Thursday, August 13th. Finally, Morgan Stanley cut their target price on Tapestry from $164.00 to $159.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $175.12.

Tapestry Profile

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

The company sells its products through directly operated stores, e-commerce platforms, wholesale partners, and specialty retailers.

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.