Tapestry, Inc. $TPR Stake Lowered by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. has reduced its stake in Tapestry, Inc. by 2.9%, owning 567,451 shares worth approximately $39.95 million after selling 16,964 shares in the 1st quarter.
• Tapestry reported a quarterly earnings per share (EPS) of $1.04, exceeding estimates, with an 8.3% year-over-year revenue growth totaling $1.72 billion.
• The company has announced an increase in its quarterly dividend to $0.40 per share, up from the previous $0.35, indicating a commitment to returning value to shareholders.

Raymond James Financial Inc. decreased its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 2.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 567,451 shares of the luxury accessories retailer's stock after selling 16,964 shares during the quarter. Raymond James Financial Inc. owned approximately 0.27% of Tapestry worth $39,954,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Southpoint Capital Advisors LP purchased a new stake in shares of Tapestry during the fourth quarter worth about $130,660,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Tapestry by 593.3% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after acquiring an additional 1,875,753 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in shares of Tapestry during the fourth quarter valued at $101,433,000. Candlestick Capital Management LP bought a new position in Tapestry in the 4th quarter worth about $66,902,000. Finally, Point72 Hong Kong Ltd purchased a new position in Tapestry during the 4th quarter worth $65,751,000. Institutional investors own 90.77% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on TPR shares. Barclays reissued an "overweight" rating and set a $105.00 target price (up previously from $98.00) on shares of Tapestry in a research report on Friday, July 11th. Argus raised their price target on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Telsey Advisory Group boosted their price objective on Tapestry from $92.00 to $125.00 and gave the stock an "outperform" rating in a research note on Monday, August 11th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective for the company in a research report on Thursday, June 12th. Finally, The Goldman Sachs Group raised their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a report on Friday, May 9th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $105.47.

Tapestry Trading Up 2.4%

Shares of TPR stock traded up $2.39 during mid-day trading on Tuesday, reaching $100.86. The company's stock had a trading volume of 15,803,982 shares, compared to its average volume of 4,987,633. The firm has a market capitalization of $20.99 billion, a PE ratio of 160.10, a price-to-earnings-growth ratio of 2.51 and a beta of 1.51. Tapestry, Inc. has a 12-month low of $39.40 and a 12-month high of $114.05. The company's 50 day simple moving average is $99.01 and its 200-day simple moving average is $83.74. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77.

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. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. During the same quarter last year, the firm earned $0.92 EPS. The business's revenue was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.6%. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date is Friday, September 5th. Tapestry's payout ratio is currently 222.22%.

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.