Tapestry, Inc. $TPR Shares Sold by Gagnon Securities LLC

Key Points

• Gagnon Securities LLC has reduced its stake in Tapestry, Inc. (NYSE:TPR) by 11.9%, now holding approximately 23,420 shares valued at $2.06 million.
• Recent analyst ratings include an upgrade from Argus, raising the price target to $92.00 and maintaining a "buy" rating, while Bank of America has downgraded it from "buy" to "neutral" with a new target of $115.00.
• Tapestry has increased its quarterly dividend to $0.40 per share, up from $0.35, reflecting a push towards rewarding shareholders despite a high dividend payout ratio of 253.97%.

Gagnon Securities LLC cut its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 11.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,420 shares of the luxury accessories retailer's stock after selling 3,167 shares during the period. Gagnon Securities LLC's holdings in Tapestry were worth $2,057,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. AQR Capital Management LLC increased its holdings in shares of Tapestry by 47.4% in the first quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after purchasing an additional 838,057 shares during the period. Southpoint Capital Advisors LP increased its holdings in shares of Tapestry by 25.0% in the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after purchasing an additional 500,000 shares during the period. Samlyn Capital LLC increased its holdings in shares of Tapestry by 50.2% in the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after purchasing an additional 658,889 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Tapestry by 21.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock valued at $116,310,000 after purchasing an additional 288,219 shares during the period. Finally, WT Asset Management Ltd increased its holdings in shares of Tapestry by 140.6% in the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after purchasing an additional 920,087 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on TPR shares. Argus increased their price objective on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Weiss Ratings restated a "hold (c)" rating on shares of Tapestry in a research note on Saturday, September 27th. Bank of America downgraded Tapestry from a "buy" rating to a "neutral" rating and upped their target price for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a research note on Thursday, June 12th. Finally, The Goldman Sachs Group upped their target price on Tapestry from $116.00 to $130.00 and gave the stock a "buy" rating in a research note on Monday. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $108.42.

Insider Activity at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the firm's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the transaction, the director owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 7,882 shares of the firm's stock in a transaction that occurred on Monday, August 25th. The shares were 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 in the company, valued at approximately $2,089,756.90. This trade represents a 27.20% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.32% of the company's stock.

Tapestry Stock Down 0.3%

Shares of TPR opened at $115.13 on Wednesday. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 12 month low of $43.07 and a 12 month high of $117.77. The stock's 50 day moving average is $107.35 and its two-hundred day moving average is $89.92. The firm has a market cap of $23.83 billion, a P/E ratio of 182.75, a PEG ratio of 2.78 and a beta of 1.57.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the company earned $0.92 earnings per share. Tapestry's quarterly revenue was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were given a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. This is a boost from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date was Friday, September 5th. Tapestry's dividend payout ratio (DPR) is 253.97%.

Tapestry Company 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.

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