Rafferty Asset Management LLC Has $1.06 Million Position in Tapestry, Inc. $TPR

Key Points

• Rafferty Asset Management LLC reduced its stake in Tapestry, Inc. by 30.7%, selling 6,651 shares in the first quarter and holding 15,016 shares valued at $1,057,000.
• Selling activity was noted among other institutional investors, with 90.77% of Tapestry's stock currently held by institutional investors and hedge funds.
• Tapestry announced a dividend increase from $0.35 to $0.40 per share, resulting in an annualized dividend yield of 1.6%, payable on September 22nd.

Rafferty Asset Management LLC reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 30.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 15,016 shares of the luxury accessories retailer's stock after selling 6,651 shares during the period. Rafferty Asset Management LLC's holdings in Tapestry were worth $1,057,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harbour Investments Inc. boosted its position in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares during the period. Greenline Partners LLC bought a new position in Tapestry during the fourth quarter worth $29,000. Caitong International Asset Management Co. Ltd bought a new position in Tapestry during the first quarter worth $29,000. Opal Wealth Advisors LLC bought a new position in Tapestry during the first quarter worth $35,000. Finally, MorganRosel Wealth Management LLC bought a new position in Tapestry during the first quarter worth $35,000. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tapestry news, 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 sale, the vice president owned 21,098 shares in the company, valued at $2,089,756.90. This trade represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 1.18% of the stock is owned by corporate insiders.

Tapestry Price Performance

NYSE TPR traded down $1.29 during trading on Friday, hitting $104.13. 1,526,669 shares of the company's stock were exchanged, compared to its average volume of 4,905,446. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The company has a market cap of $21.67 billion, a PE ratio of 165.60, a P/E/G ratio of 2.63 and a beta of 1.52. Tapestry, Inc. has a fifty-two week low of $40.08 and a fifty-two week high of $114.05. The stock's 50 day moving average price is $101.81 and its two-hundred day moving average price is $84.75.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping the consensus estimate of $1.02 by $0.02. The firm had revenue of $1.72 billion during the quarter, compared to the consensus estimate of $1.67 billion. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The business's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.92 earnings per share. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be given a $0.40 dividend. This is an increase from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 5th. Tapestry's dividend payout ratio (DPR) is 222.22%.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research reports. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a report on Thursday, June 12th. Evercore ISI dropped their target price on Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a report on Friday, August 15th. Wall Street Zen raised shares of Tapestry from a "buy" rating to a "strong-buy" rating in a report on Friday, August 22nd. Wells Fargo & Company raised their target price on shares of Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Finally, Cowen reaffirmed a "buy" rating on shares of Tapestry in a report on Thursday, August 7th. Seventeen investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $105.47.

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.