Vident Advisory LLC Trims Position in Tapestry, Inc. $TPR

Key Points

• Vident Advisory LLC significantly reduced its stake in Tapestry, Inc. by 54.8% in Q1, now holding 26,135 shares valued at approximately $1.84 million.
• Tapestry recently declared a quarterly dividend increase from $0.35 to $0.40 per share, set to be paid on September 22, representing a yield of 1.6%.
• The company reported strong quarterly earnings, with $1.04 earnings per share, surpassing analyst expectations and indicating an 8.3% year-over-year revenue growth.

Vident Advisory LLC decreased its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 54.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 26,135 shares of the luxury accessories retailer's stock after selling 31,743 shares during the period. Vident Advisory LLC's holdings in Tapestry were worth $1,840,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the company. Private Trust Co. NA lifted its stake in shares of Tapestry by 27.2% during the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after buying an additional 153 shares during the period. Mather Group LLC. increased its position in Tapestry by 2.8% during the first quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after purchasing an additional 165 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its position in Tapestry by 25.2% during the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after purchasing an additional 194 shares during the last quarter. Harbour Investments Inc. boosted its holdings in shares of Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after purchasing an additional 197 shares during the last quarter. Finally, Evergreen Capital Management LLC boosted its holdings in shares of Tapestry by 3.2% in the 1st quarter. Evergreen Capital Management LLC now owns 6,808 shares of the luxury accessories retailer's stock valued at $479,000 after purchasing an additional 209 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the sale, the vice president owned 21,098 shares of the company's stock, valued at $2,089,756.90. The trade was a 27.20% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.18% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on TPR. Evercore ISI decreased their price target on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating on the stock in a report on Friday, August 15th. Wells Fargo & Company lifted their price target on shares of Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a report on Thursday, August 14th. Sanford C. Bernstein reiterated an "outperform" rating and issued a $112.00 price target on shares of Tapestry in a report on Friday, August 15th. Morgan Stanley lifted their price target on shares of Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, August 1st. Finally, Barclays reiterated an "overweight" rating and issued a $105.00 price target (up previously from $98.00) on shares of Tapestry in a report on Friday, July 11th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $105.47.

Tapestry Stock Down 0.9%

Shares of Tapestry stock opened at $101.73 on Tuesday. The company has a fifty day moving average price of $100.73 and a 200 day moving average price of $84.36. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a twelve month low of $40.08 and a twelve month high of $114.05. The stock has a market cap of $21.17 billion, a price-to-earnings ratio of 161.48, a price-to-earnings-growth ratio of 2.57 and a beta of 1.52.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The firm had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same period in the prior year, the company earned $0.92 EPS. The firm's revenue was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Equities 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 declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a dividend of $0.40 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Friday, September 5th. This represents a $1.60 annualized dividend and a yield of 1.6%. Tapestry's payout ratio is presently 222.22%.

About Tapestry

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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