New Vernon Capital Holdings II LLC Acquires 401,155 Shares of Tapestry, Inc. $TPR

Key Points

• New Vernon Capital Holdings II LLC significantly increased its stake in Tapestry, Inc. by 6,359.5%, acquiring a total of 407,463 shares during the first quarter.
• Tapestry recently announced a quarterly dividend increase from $0.35 to $0.40 per share, representing an annualized yield of 1.5%.
• The company reported a net margin of 2.61% and a revenue of $1.72 billion for the recent quarter, surpassing analysts' estimates.

New Vernon Capital Holdings II LLC boosted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 6,359.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 407,463 shares of the luxury accessories retailer's stock after purchasing an additional 401,155 shares during the period. Tapestry comprises 0.1% of New Vernon Capital Holdings II LLC's investment portfolio, making the stock its 28th largest position. New Vernon Capital Holdings II LLC owned 0.20% of Tapestry worth $28,689,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of TPR. Private Trust Co. NA lifted its position in Tapestry by 27.2% during the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after acquiring an additional 153 shares during the period. Mather Group LLC. grew its holdings in Tapestry by 2.8% in the first quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after purchasing an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after purchasing an additional 194 shares during the period. Harbour Investments Inc. lifted its holdings in shares of Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Finally, MAI Capital Management boosted its position in shares of Tapestry by 51.7% in the 1st quarter. MAI Capital Management now owns 593 shares of the luxury accessories retailer's stock worth $42,000 after purchasing an additional 202 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.18% of the company's stock.

Tapestry Stock Performance

NYSE:TPR traded down $1.66 during mid-day trading on Friday, reaching $104.16. The company's stock had a trading volume of 2,489,416 shares, compared to its average volume of 4,717,418. Tapestry, Inc. has a 12-month low of $40.08 and a 12-month high of $114.05. The firm's fifty day moving average price is $102.15 and its two-hundred day moving average price is $84.81. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The stock has a market cap of $21.68 billion, a P/E ratio of 165.33, a PEG ratio of 2.63 and a beta of 1.52.

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

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a $0.40 dividend. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. Tapestry's payout ratio is presently 253.97%.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent research reports. Cowen reiterated a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. Barclays reaffirmed an "overweight" rating and issued a $105.00 price target (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Wall Street Zen downgraded shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Evercore ISI reduced their price objective on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Finally, Wells Fargo & Company upped their target price on shares of Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a research note on Thursday, August 14th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $105.47.

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.