Vest Financial LLC Makes New $1.88 Million Investment in Tapestry, Inc. $TPR

Key Points

• Vest Financial acquired 16,298 Tapestry shares worth approximately $1.88 million in the third quarter. Institutional investors and hedge funds collectively own 90.77% of the company.
• Analysts maintain a generally positive outlook, with Tapestry carrying a consensus “Moderate Buy” rating and an average price target of $171.56.
• Tapestry exceeded quarterly earnings and revenue expectations, reporting $1.32 in EPS and $1.88 billion in revenue. The company also increased its quarterly dividend to $0.4625 per share, equivalent to a 1.7% annualized yield.

Vest Financial LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 16,298 shares of the luxury accessories retailer's stock, valued at approximately $1,875,000.

A number of other hedge funds have also modified their holdings of the stock. Cantor Fitzgerald Investment Advisors L.P. grew its holdings in shares of Tapestry by 7,111.9% in the 3rd quarter. Cantor Fitzgerald Investment Advisors L.P. now owns 133,420 shares of the luxury accessories retailer's stock worth $15,349,000 after acquiring an additional 131,570 shares during the last quarter. AMG Asset Management Group Inc. purchased a new stake in shares of Tapestry during the third quarter valued at $209,000. Quadrant Capital Group LLC lifted its holdings in shares of Tapestry by 2.4% during the third quarter. Quadrant Capital Group LLC now owns 5,749 shares of the luxury accessories retailer's stock valued at $662,000 after purchasing an additional 132 shares during the last quarter. Capstone Capital Management Ltd acquired a new position in shares of Tapestry in the 3rd quarter valued at $264,000. Finally, Range Financial Group LLC boosted its position in shares of Tapestry by 4.3% in the 3rd quarter. Range Financial Group LLC now owns 37,938 shares of the luxury accessories retailer's stock valued at $4,364,000 after purchasing an additional 1,560 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on TPR shares. Barclays boosted their price objective on Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a report on Friday, August 14th. Raymond James Financial reduced their price objective on shares of Tapestry from $165.00 to $140.00 and set an "outperform" rating for the company in a research note on Friday, October 16th. Daiwa Securities Group upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Sanford C. Bernstein reissued a "market perform" rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Finally, Wells Fargo & Company dropped their target price on shares of Tapestry from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. Two equities 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 stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $171.56.

Insider Activity

In related news, CEO Joanne C. 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 transaction of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares of the company's stock, valued at approximately $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 SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the transaction, the insider directly owned 21,136 shares in the company, valued at $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 1.28% of the company's stock.

Tapestry Stock Performance

Shares of Tapestry stock opened at $110.34 on Friday. The stock has a market cap of $22.00 billion, a PE ratio of 15.14, a price-to-earnings-growth ratio of 1.40 and a beta of 1.42. The business has a fifty day simple moving average of $119.18 and a 200-day simple moving average of $135.61. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a 12 month low of $93.00 and a 12 month high of $164.80.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. Tapestry's revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date was Friday, September 4th. This is a boost from Tapestry's previous quarterly dividend of $0.40. Tapestry's dividend payout ratio is 25.38%.

About Tapestry

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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