Tapestry, Inc. $TPR Shares Sold by Congress Asset Management Co.

Key Points

• Congress Asset Management reduced its Tapestry stake by 3.2%, selling 20,565 shares and retaining 629,789 shares valued at approximately $72.5 million. Institutional investors and hedge funds own 90.77% of the company.
• Tapestry insiders also sold shares, including CEO Joanne Crevoiserat’s $3.68 million transaction and Denise Kulikowsky’s $670,358 sale. Meanwhile, analysts maintained a positive outlook, with a consensus “Moderate Buy” rating and an average price target of $175.12.
• The stock traded down 0.4% to $116.47, despite quarterly earnings and revenue exceeding estimates. Tapestry also increased its quarterly dividend from $0.40 to $0.4625 per share, implying a 1.6% yield.

Congress Asset Management Co. reduced its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 3.2% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 629,789 shares of the luxury accessories retailer's stock after selling 20,565 shares during the quarter. Congress Asset Management Co. owned about 0.32% of Tapestry worth $72,451,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently added to or reduced their stakes in the business. Cetera Trust Company N.A acquired a new stake in shares of Tapestry during the 2nd quarter worth approximately $26,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry in the second quarter valued at approximately $31,000. Virtus Advisers LLC acquired a new position in Tapestry in the second quarter valued at approximately $32,000. Elevation Wealth Partners LLC boosted its stake in Tapestry by 336.8% in the second quarter. Elevation Wealth Partners LLC now owns 297 shares of the luxury accessories retailer's stock valued at $43,000 after acquiring an additional 229 shares during the last quarter. Finally, Security National Bank of Sioux City Iowa IA bought a new position in Tapestry in the second quarter valued at approximately $44,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, insider Denise Kulikowsky sold 5,810 shares of the company's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the transaction, the insider owned 21,136 shares in the company, valued at $2,438,671.68. This represents a 21.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Joanne Crevoiserat sold 27,761 shares of the 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 sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. This represents a 4.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.28% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have commented on TPR. Barclays upped their target price on shares of Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. Weiss Ratings raised Tapestry from a "buy (b-)" rating to a "buy (b)" rating in a research note on Monday, September 21st. Daiwa Securities Group upgraded Tapestry from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. JPMorgan Chase & Co. increased their target price on Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Finally, Telsey Advisory Group raised their target price on Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Two 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 stock. Based on data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and an average target price of $175.12.

Tapestry Trading Down 0.4%

NYSE:TPR traded down $0.48 on Tuesday, reaching $116.47. The company's stock had a trading volume of 2,516,895 shares, compared to its average volume of 2,595,969. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year 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. The firm has a market cap of $23.22 billion, a PE ratio of 15.98, a PEG ratio of 1.49 and a beta of 1.42. The business's 50-day moving average price is $129.46 and its two-hundred day moving average price is $138.12.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping analysts' consensus estimates of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm posted $1.04 earnings per share. Tapestry's 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. 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 declared a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were paid a $0.4625 dividend. The ex-dividend date of this dividend was Friday, September 4th. This is an increase 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 payout ratio is presently 25.38%.

Tapestry Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, Kate Spade New York, Stuart Weitzman, Versace, Jimmy Choo and Michael Kors, offering handbags, footwear, apparel, jewelry, watches, accessories, fragrances and related products.

Tapestry sells its products through company-operated stores, brand websites and other digital channels, as well as wholesale partners, department stores, specialty retailers and travel-retail locations.

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