Tapestry, Inc. $TPR Shares Sold by National Pension Service

Key Points

• National Pension Service reduced its Tapestry stake by 1.8% in the second quarter, selling 10,281 shares and retaining 551,115 shares valued at approximately $80.7 million. Institutional investors and hedge funds 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 own 1.32% of the company.
• Analysts maintain a generally positive outlook, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $175.12. Tapestry also raised its quarterly dividend to $0.4625 per share, up from $0.40.

National Pension Service lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 1.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 551,115 shares of the luxury accessories retailer's stock after selling 10,281 shares during the period. National Pension Service owned 0.28% of Tapestry worth $80,672,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Cetera Trust Company N.A acquired a new stake in Tapestry in the 2nd quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new stake in Tapestry during the 4th quarter valued at $28,000. Triumph Capital Management acquired a new position in Tapestry during the 3rd quarter worth $29,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry during the 2nd quarter worth $31,000. Finally, Virtus Advisers LLC bought a new position in shares of Tapestry in the second quarter worth $32,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were 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. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the firm's stock in a transaction that occurred 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 sale, the insider owned 21,136 shares of the company's stock, valued at $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 1.32% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on TPR. UBS Group reissued a "buy" rating on shares of Tapestry in a report on Tuesday. Sanford C. Bernstein reiterated a "market perform" rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Wells Fargo & Company lowered their target price on shares of Tapestry from $165.00 to $160.00 and set an "overweight" rating on the stock in a research note on Thursday, August 13th. Weiss Ratings upgraded shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Finally, Morgan Stanley reduced their price target on shares of Tapestry from $164.00 to $159.00 and set an "overweight" rating for the company in a research note on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $175.12.

Tapestry Trading Up 2.2%

Shares of Tapestry stock opened at $118.39 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The firm has a market cap of $23.61 billion, a price-to-earnings ratio of 16.24, a price-to-earnings-growth ratio of 1.47 and a beta of 1.42. The business has a fifty day simple moving average of $137.94 and a 200-day simple moving average of $142.10. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (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 firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the company earned $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. On average, equities analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. This represents a $1.85 annualized dividend and a dividend yield of 1.6%. Tapestry's payout ratio is 25.38%.

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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