Verdence Capital Advisors LLC Has $1.16 Million Stake in Tapestry, Inc. $TPR

Key Points

• Verdence Capital Advisors LLC increased its stake in Tapestry, Inc. by 94.2% during Q2, now holding shares valued at $1.16 million.
• Several institutional investors, including China Universal Asset Management and Jump Financial, have made significant acquisitions and increases in their positions in Tapestry over the recent quarters, now accounting for 90.77% of the company's stock.
• Tapestry recently raised its quarterly dividend from $0.35 to $0.40 per share, reflecting a 1.4% annual yield for shareholders.

Verdence Capital Advisors LLC boosted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 94.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 13,245 shares of the luxury accessories retailer's stock after acquiring an additional 6,425 shares during the period. Verdence Capital Advisors LLC's holdings in Tapestry were worth $1,163,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. acquired a new position in Tapestry during the 1st quarter worth $1,708,000. Nisa Investment Advisors LLC increased its holdings in shares of Tapestry by 16.7% during the 1st quarter. Nisa Investment Advisors LLC now owns 63,342 shares of the luxury accessories retailer's stock worth $4,460,000 after purchasing an additional 9,049 shares during the period. Jump Financial LLC increased its holdings in shares of Tapestry by 1,025.9% during the 1st quarter. Jump Financial LLC now owns 79,702 shares of the luxury accessories retailer's stock worth $5,612,000 after purchasing an additional 72,623 shares during the period. Allworth Financial LP increased its holdings in shares of Tapestry by 689.0% during the 1st quarter. Allworth Financial LP now owns 13,374 shares of the luxury accessories retailer's stock worth $913,000 after purchasing an additional 11,679 shares during the period. Finally, Neo Ivy Capital Management bought a new position in shares of Tapestry during the 1st quarter worth about $1,476,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity

In other Tapestry news, 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 sale, the director directly owned 8,153 shares of the company's stock, valued at approximately $865,767.07. This represents a 58.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was 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 $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.32% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several research firms have recently issued reports on TPR. JPMorgan Chase & Co. boosted their price objective on shares of Tapestry from $139.00 to $142.00 and gave the stock an "overweight" rating in a report on Thursday, September 11th. Morgan Stanley restated an "overweight" rating on shares of Tapestry in a report on Thursday, September 11th. UBS Group dropped their price objective on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Friday, August 15th. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $116.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, October 6th. Finally, Bank of America cut shares of Tapestry from a "buy" rating to a "neutral" rating and upped their target price for the company from $95.00 to $115.00 in a research note on Tuesday, July 29th. Seventeen equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $108.42.

Tapestry Stock Performance

NYSE TPR opened at $113.99 on Tuesday. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77. The stock has a market cap of $23.60 billion, a P/E ratio of 180.94, a PEG ratio of 2.61 and a beta of 1.57. Tapestry, Inc. has a twelve month low of $43.07 and a twelve month high of $117.77. The company's 50-day simple moving average is $107.72 and its 200 day simple moving average is $91.15.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.02. The firm had revenue of $1.72 billion for the quarter, compared to analysts' expectations of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The company's quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.92 earnings per share. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. As a group, research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were paid a dividend of $0.40 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Friday, September 5th. Tapestry's payout ratio is currently 253.97%.

Tapestry 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.

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