Tapestry, Inc. $TPR Stake Cut by Public Employees Retirement System of Ohio

Key Points

• Public Employees Retirement System of Ohio reduced its stake in Tapestry, Inc. by 10.3%, selling 7,955 shares and holding a total of 69,000 shares valued at approximately $6.06 million at the end of the recent quarter.
• Tapestry reported $1.04 earnings per share, beating the estimated earnings of $1.02, and had a revenue of $1.72 billion, surpassing the forecast of $1.67 billion for the quarter.
• The company announced an increase in its quarterly dividend to $0.40 per share, up from the previous $0.35, reflecting a positive outlook despite a high payout ratio of 253.97%.

Public Employees Retirement System of Ohio cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 10.3% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 69,000 shares of the luxury accessories retailer's stock after selling 7,955 shares during the quarter. Public Employees Retirement System of Ohio's holdings in Tapestry were worth $6,059,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. First PREMIER Bank acquired a new stake in shares of Tapestry during the second quarter worth approximately $25,000. Flaharty Asset Management LLC purchased a new stake in Tapestry in the 1st quarter worth approximately $25,000. Harbour Investments Inc. lifted its position in Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Tapestry during the 1st quarter valued at $29,000. Finally, MorganRosel Wealth Management LLC purchased a new position in shares of Tapestry during the 1st quarter valued at $35,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Trading Up 1.1%

Tapestry stock opened at $108.99 on Monday. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The business's 50-day simple moving average is $106.49 and its 200-day simple moving average is $87.98. The firm has a market capitalization of $22.68 billion, a PE ratio of 173.00, a PEG ratio of 2.63 and a beta of 1.52. Tapestry, Inc. has a 52 week low of $43.07 and a 52 week high of $117.00.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, beating 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 firm's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. This is an increase from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, September 5th. Tapestry's payout ratio is presently 253.97%.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Barclays raised their price target on Tapestry from $111.00 to $127.00 and gave the stock an "overweight" rating in a research note on Thursday, September 11th. Sanford C. Bernstein reissued an "outperform" rating and issued a $112.00 price target on shares of Tapestry in a research note on Friday, August 15th. Telsey Advisory Group restated an "outperform" rating and issued a $125.00 price objective on shares of Tapestry in a report on Thursday, September 11th. Finally, Morgan Stanley reiterated an "overweight" rating on shares of Tapestry in a research note on Thursday, September 11th. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $106.47.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the company's stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the transaction, the director directly owned 8,153 shares of the company's stock, valued at $865,767.07. This represents a 58.13% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by corporate insiders.

About Tapestry

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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