Tapestry, Inc. $TPR Shares Sold by Corient Private Wealth LP

Key Points

• Corient Private Wealth LP cut its Tapestry stake by 40.5% in the second quarter, selling 23,010 shares and retaining 33,808 shares valued at approximately $4.95 million.
• Institutional ownership remains high at 90.77%, with BlackRock and Bank of America establishing major new positions while UBS Asset Management increased its holdings by 53.8%.
• Tapestry reported quarterly EPS of $1.32, exceeding estimates, while revenue rose 8.9% year over year. The company also raised its quarterly dividend to $0.4625 per share, and analysts maintain a “Moderate Buy” consensus with a $175.12 price target.

Corient Private Wealth LP cut its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 40.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,808 shares of the luxury accessories retailer's stock after selling 23,010 shares during the period. Corient Private Wealth LP's holdings in Tapestry were worth $4,949,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in Tapestry in the second quarter valued at $2,610,995,000. Bank of America Corp DE acquired a new position in Tapestry in the 2nd quarter valued at $771,309,000. Geode Capital Management LLC raised its position in Tapestry by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock worth $753,482,000 after buying an additional 203,764 shares during the last quarter. Norges Bank purchased a new stake in shares of Tapestry in the fourth quarter valued at about $345,349,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Tapestry by 53.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer's stock valued at $317,586,000 after acquiring an additional 758,915 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TPR. Barclays raised their price objective 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. Daiwa Securities Group raised Tapestry from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 17th. Telsey Advisory Group raised their price target on Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a report on Thursday, August 6th. Sanford C. Bernstein restated a "market perform" rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Finally, Weiss Ratings upgraded shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Two 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $175.12.

Tapestry Stock Down 0.8%

Tapestry stock opened at $115.14 on Friday. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The firm has a market capitalization of $22.96 billion, a price-to-earnings ratio of 15.79, a price-to-earnings-growth ratio of 1.46 and a beta of 1.42. 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 stock's fifty day moving average is $135.36 and its two-hundred day moving average is $140.73.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company's quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Analysts predict that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 1.6%. This is a boost from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. Tapestry's dividend payout ratio (DPR) is presently 25.38%.

Insider Transactions at Tapestry

In related news, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the sale, the insider 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 completion of the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

About Tapestry

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.

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