Tapestry, Inc. $TPR Shares Purchased by NewEdge Advisors LLC

Key Points

• NewEdge Advisors increased its Tapestry stake by 15.8% in the second quarter, bringing its holdings to 80,827 shares valued at approximately $11.8 million. Institutional investors collectively own 90.77% of Tapestry.
• Analysts remain broadly positive, with Tapestry receiving a consensus “Moderate Buy” rating and an average price target of $175.12. Recent targets include $211 from JPMorgan and $185 from Barclays.
• Tapestry exceeded quarterly expectations, reporting $1.32 in EPS and $1.88 billion in revenue, while revenue rose 8.9% year over year. The company also raised its quarterly dividend from $0.40 to $0.4625 per share, yielding approximately 1.6% annually.

NewEdge Advisors LLC boosted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 15.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 80,827 shares of the luxury accessories retailer's stock after buying an additional 11,010 shares during the quarter. NewEdge Advisors LLC's holdings in Tapestry were worth $11,832,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Woodline Partners LP grew its position in shares of Tapestry by 25.0% during the 1st quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer's stock valued at $1,231,000 after acquiring an additional 3,495 shares during the period. Acadian Asset Management LLC purchased a new position in Tapestry during the first quarter worth approximately $493,000. Sivia Capital Partners LLC purchased a new position in Tapestry during the second quarter worth approximately $602,000. Arrowstreet Capital Limited Partnership acquired a new stake in Tapestry in the second quarter valued at approximately $6,307,000. Finally, Brown Advisory Inc. increased its position in shares of Tapestry by 13.8% in the second quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer's stock valued at $319,000 after buying an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insiders Place Their Bets

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total transaction of $670,357.80. Following the transaction, the insider owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. The trade was 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 company's stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the sale, the chief executive officer 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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on TPR. Barclays lifted their price target on shares of Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research note on Friday, August 14th. Morgan Stanley dropped their target price on shares of Tapestry from $164.00 to $159.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Daiwa Securities Group raised shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Zacks Research downgraded shares of Tapestry from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 22nd. Finally, JPMorgan Chase & Co. upped their price target on shares of Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $175.12.

Tapestry Stock Performance

NYSE:TPR opened at $118.39 on Friday. The company has a market cap of $23.61 billion, a P/E ratio of 16.24, a P/E/G ratio of 1.47 and a beta of 1.42. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The company's 50-day moving average price is $137.94 and its 200-day moving average price is $142.10. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) 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 analysts' expectations of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. Tapestry's revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. 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 yield of 1.6%. Tapestry's dividend payout ratio (DPR) is 25.38%.

Tapestry Company 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.