Exchange Traded Concepts LLC Boosts Stock Position in Tapestry, Inc. $TPR

Key Points

• Exchange Traded Concepts LLC increased its stake in Tapestry, Inc. by 351.2%, owning 72,177 shares worth approximately $6.34 million as of the latest SEC filing.
• Tapestry's stock has been given a consensus rating of Moderate Buy by analysts, with a price target averaging $106.47, and multiple firms have issued upgrades recently.
• The company announced an increase in its quarterly dividend from $0.35 to $0.40, reflecting a commitment to returning value to shareholders despite a high payout ratio.

Exchange Traded Concepts LLC lifted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 351.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 72,177 shares of the luxury accessories retailer's stock after purchasing an additional 56,180 shares during the period. Exchange Traded Concepts LLC's holdings in Tapestry were worth $6,338,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. NorthCrest Asset Manangement LLC lifted its holdings in Tapestry by 6.5% during the 2nd quarter. NorthCrest Asset Manangement LLC now owns 4,945 shares of the luxury accessories retailer's stock worth $446,000 after buying an additional 302 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Tapestry by 15.2% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 108,533 shares of the luxury accessories retailer's stock worth $9,790,000 after purchasing an additional 14,328 shares during the period. Atticus Wealth Management LLC acquired a new stake in shares of Tapestry in the 2nd quarter worth about $851,000. Baader Bank Aktiengesellschaft grew its holdings in Tapestry by 84.1% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 19,663 shares of the luxury accessories retailer's stock worth $1,727,000 after buying an additional 8,980 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Tapestry by 10.0% during the second quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 5,414 shares of the luxury accessories retailer's stock valued at $475,000 after purchasing an additional 494 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Price Performance

TPR stock traded down $0.36 during mid-day trading on Monday, hitting $113.83. The stock had a trading volume of 1,509,557 shares, compared to its average volume of 4,825,117. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 52 week low of $42.95 and a 52 week high of $115.35. The firm has a fifty day simple moving average of $105.48 and a 200 day simple moving average of $86.57. The firm has a market capitalization of $23.69 billion, a P/E ratio of 180.65, a P/E/G ratio of 2.75 and a beta of 1.52.

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

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 5th. Tapestry's payout ratio is currently 253.97%.

Insider Activity at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the sale, the director directly owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the sale, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Analyst Upgrades and Downgrades

TPR has been the subject of a number of research reports. Evercore ISI decreased their price target on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Raymond James Financial reissued an "outperform" rating and issued a $115.00 price target (up from $85.00) on shares of Tapestry in a report on Tuesday, July 22nd. Wall Street Zen lowered shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Monday. Morgan Stanley reaffirmed an "overweight" rating on shares of Tapestry in a report on Thursday, September 11th. Finally, Bank of America lowered Tapestry from a "buy" rating to a "neutral" rating and raised their price objective for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Seventeen analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $106.47.

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.