Tapestry, Inc. $TPR Stock Sold by Monument Capital Management

Key Points

• Monument Capital Management cut its Tapestry stake by 87.7% in the third quarter, selling 24,312 shares and retaining 3,409 shares worth approximately $392,000.
• Tapestry reported quarterly revenue of $1.88 billion and earnings of $1.32 per share, exceeding analyst expectations, while revenue increased 8.9% year over year.
• The company raised its quarterly dividend to $0.4625, equivalent to an annualized $1.85 payout and a 1.6% yield. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $175.12.

Monument Capital Management decreased its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 87.7% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,409 shares of the luxury accessories retailer's stock after selling 24,312 shares during the quarter. Monument Capital Management's holdings in Tapestry were worth $392,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Tapestry in the 2nd quarter worth $2,610,995,000. Bank of America Corp DE acquired a new position in shares of Tapestry during the 2nd quarter valued at about $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Tapestry by 53.8% during 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 valued at $317,586,000 after acquiring an additional 758,915 shares during the last quarter. Amundi grew its holdings in shares of Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer's stock valued at $249,751,000 after purchasing an additional 866,969 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Tapestry by 169.7% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,770,695 shares of the luxury accessories retailer's stock valued at $226,242,000 after purchasing an additional 1,114,082 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Up 0.4%

Shares of TPR opened at $116.23 on Friday. The firm has a market cap of $23.18 billion, a P/E ratio of 15.94, a price-to-earnings-growth ratio of 1.47 and a beta of 1.42. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The company's 50-day moving average price is $126.57 and its 200 day moving average price is $137.42. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm posted $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, sell-side analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of brokerages have commented on TPR. Barclays lifted their target price on shares of Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. Morgan Stanley dropped 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. Telsey Advisory Group raised their price target on shares of Tapestry from $160.00 to $175.00 and gave the stock an "outperform" rating in a report on Thursday, August 6th. Weiss Ratings lowered shares of Tapestry from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 2nd. Finally, JPMorgan Chase & Co. upped their price objective on Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $175.12.

Insider Buying and Selling

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the sale, the chief executive officer 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. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the company's stock in a transaction 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 transaction, the insider owned 21,136 shares in the company, valued at $2,438,671.68. This trade represents a 21.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.28% of the company's stock.

Tapestry Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, Kate Spade New York, Stuart Weitzman, Versace, Jimmy Choo and Michael Kors, offering handbags, footwear, apparel, jewelry, watches, accessories, fragrances and related products.

Tapestry sells its products through company-operated stores, brand websites and other digital channels, as well as wholesale partners, department stores, specialty retailers and travel-retail locations.

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