Tapestry, Inc. $TPR Stock: Nippon Life Global Investors Americas Inc. Cuts Position

Key Points

• Nippon Life Global Investors Americas cut its Tapestry stake by 93.9% in the third quarter, selling 80,640 shares and retaining 5,230 shares worth approximately $602,000. Institutional investors still own 90.77% of Tapestry.
• Analyst sentiment remains favorable but mixed, with Tapestry holding a consensus “Moderate Buy” rating and an average price target of $170.00.
• Tapestry reported quarterly earnings and revenue above estimates, while raising its quarterly dividend to $0.4625 per share, equivalent to a 1.6% yield.

Nippon Life Global Investors Americas Inc. trimmed its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 93.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,230 shares of the luxury accessories retailer's stock after selling 80,640 shares during the period. Nippon Life Global Investors Americas Inc.'s holdings in Tapestry were worth $602,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. BlackRock Inc. bought a new position in Tapestry in the second quarter worth about $2,610,995,000. Bank of America Corp DE bought a new stake in shares of Tapestry in the 2nd quarter valued at about $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tapestry by 53.8% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer's stock worth $317,586,000 after buying an additional 758,915 shares during the last quarter. Amundi grew its position in shares of Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer's stock worth $249,751,000 after buying an additional 866,969 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tapestry in the 2nd quarter worth approximately $175,291,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on TPR. Raymond James Financial decreased their target price on shares of Tapestry from $165.00 to $140.00 and set an "outperform" rating for the company in a research report on Friday, October 16th. Telsey Advisory Group upped their price target on Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a research report on Thursday, August 6th. BTIG Research decreased their price objective on Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 14th. Wall Street Zen downgraded Tapestry from a "buy" rating to a "hold" rating in a research note on Sunday, August 16th. Finally, Daiwa Securities Group raised Tapestry from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $170.00.

Insider Activity at Tapestry

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the business'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 value of $670,357.80. Following the completion of the transaction, the insider directly owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joanne Crevoiserat sold 27,761 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by company insiders.

Tapestry Price Performance

NYSE:TPR opened at $116.09 on Monday. Tapestry, Inc. has a one year low of $93.00 and a one year high of $164.80. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The firm has a market cap of $23.15 billion, a price-to-earnings ratio of 15.92, a PEG ratio of 1.47 and a beta of 1.42. The firm's fifty day moving average is $117.65 and its two-hundred day moving average is $137.09.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The company's revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts expect that Tapestry, Inc. will post 7.97 EPS for the current year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were given a dividend of $0.4625 per share. This is an increase from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.6%. The ex-dividend date was Friday, September 4th. Tapestry's dividend payout ratio (DPR) is 25.38%.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women's footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.

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