United Capital Financial Advisors LLC Makes New $1.59 Million Investment in Tapestry, Inc. $TPR

Key Points

• United Capital Financial Advisors acquired 10,860 Tapestry shares worth approximately $1.59 million in the second quarter. Institutional investors collectively own 90.77% of the company.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $175.12; Barclays and JPMorgan recently raised their targets.
• Tapestry surpassed quarterly expectations with $1.32 EPS and $1.88 billion in revenue, while increasing its quarterly dividend to $0.4625 per share, or $1.85 annually.

United Capital Financial Advisors LLC bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 10,860 shares of the luxury accessories retailer's stock, valued at approximately $1,590,000.

Several other institutional investors have also modified their holdings of TPR. BlackRock Inc. acquired a new position in Tapestry during the second quarter worth $2,610,995,000. State Street Corp raised its stake in shares of Tapestry by 3.8% during the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer's stock worth $1,223,795,000 after buying an additional 348,334 shares during the last quarter. Schroder Investment Management Group boosted its position in shares of Tapestry by 92.8% in the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer's stock worth $1,194,678,000 after buying an additional 4,500,850 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tapestry by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock worth $753,482,000 after buying an additional 203,764 shares in the last quarter. Finally, Bank of America Corp DE acquired a new stake in Tapestry in the 2nd quarter valued at about $771,309,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Weiss Ratings upgraded shares of Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a research report on Friday, August 14th. Wall Street Zen cut Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Barclays upped their price objective on Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a research report on Friday, August 14th. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a report on Tuesday, August 4th. Finally, Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $175.12.

Tapestry Trading Up 2.0%

NYSE TPR opened at $125.75 on Friday. Tapestry, Inc. has a 12 month low of $93.00 and a 12 month high of $164.80. The company has a 50-day moving average of $143.26 and a 200-day moving average of $144.48. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The company has a market cap of $25.07 billion, a P/E ratio of 17.25, a P/E/G ratio of 1.59 and a beta of 1.43.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) 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 business had revenue of $1.88 billion for the quarter, compared to analysts' expectations of $1.87 billion. During the same period last year, the company earned $1.04 earnings per share. The company's quarterly revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities analysts predict 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 will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. This is a boost from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio is presently 21.95%.

Insider Activity

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry, Inc. (NYSE:TPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source