Tapestry, Inc. $TPR Shares Sold by Axecap Investments LLC

Key Points

• Axecap Investments reduced its Tapestry stake by 66.7% in the third quarter, selling 21,392 shares and retaining 10,663 shares valued at approximately $1.23 million. Institutional investors collectively own 90.77% of Tapestry.
• Tapestry insiders also sold shares, including CEO Joanne Crevoiserat’s $3.68 million sale and Denise Kulikowsky’s $670,358 sale. Insiders currently own 1.28% of the company.
• Analysts maintain a generally positive outlook, with Tapestry carrying a “Moderate Buy” consensus rating and an average price target of $171.56. The company recently beat quarterly earnings and revenue estimates and increased its quarterly dividend to $0.4625 per share.

Axecap Investments LLC lowered its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 66.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 10,663 shares of the luxury accessories retailer's stock after selling 21,392 shares during the quarter. Axecap Investments LLC's holdings in Tapestry were worth $1,227,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Quadrant Capital Group LLC grew its position in Tapestry by 2.4% in the 3rd quarter. Quadrant Capital Group LLC now owns 5,749 shares of the luxury accessories retailer's stock worth $662,000 after purchasing an additional 132 shares during the last quarter. Capstone Capital Management Ltd bought a new position in shares of Tapestry during the 3rd quarter worth about $264,000. Range Financial Group LLC raised its position in shares of Tapestry by 4.3% during the third quarter. Range Financial Group LLC now owns 37,938 shares of the luxury accessories retailer's stock valued at $4,364,000 after buying an additional 1,560 shares during the last quarter. Nisa Investment Advisors LLC raised its position in shares of Tapestry by 5.2% during the third quarter. Nisa Investment Advisors LLC now owns 30,251 shares of the luxury accessories retailer's stock valued at $3,480,000 after buying an additional 1,507 shares during the last quarter. Finally, CWA Asset Management Group LLC raised its position in shares of Tapestry by 6.7% during the third quarter. CWA Asset Management Group LLC now owns 51,709 shares of the luxury accessories retailer's stock valued at $5,949,000 after buying an additional 3,251 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the transaction, the insider directly owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on TPR shares. Morgan Stanley decreased 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. Telsey Advisory Group boosted their price target on Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a research note on Thursday, August 6th. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. UBS Group reduced their price objective on Tapestry from $232.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, BTIG Research decreased their price objective on Tapestry from $180.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, August 14th. Two research 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 company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $171.56.

Tapestry Price Performance

NYSE:TPR opened at $117.49 on Wednesday. The company has a 50-day moving average of $120.62 and a 200-day moving average of $136.17. The company has a market capitalization of $23.43 billion, a price-to-earnings ratio of 16.12, a PEG 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 company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm's revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities research analysts anticipate 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 was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were issued a dividend of $0.4625 per share. The ex-dividend date of this dividend was 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 presently 25.38%.

Tapestry Company Profile

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

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.

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