Wealthfront Advisers LLC Makes New $7.20 Million Investment in Tapestry, Inc. $TPR

Key Points

• Wealthfront Advisers acquired 49,211 Tapestry shares worth approximately $7.2 million in the second quarter, while other institutions also established new positions. Institutional investors now own 90.77% of Tapestry’s stock.
• Tapestry reported quarterly EPS of $1.32, exceeding the $1.28 consensus estimate, while revenue rose 8.9% year over year to $1.88 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $175.12.
• The company raised its quarterly dividend to $0.4625 per share from $0.40, equivalent to an annualized $1.85 payout and a 1.4% yield. Shares opened at $131.51, below their 50-day and 200-day moving averages.

Wealthfront Advisers LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 49,211 shares of the luxury accessories retailer's stock, valued at approximately $7,204,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Foster & Motley Inc. purchased a new position in shares of Tapestry in the second quarter worth $2,869,000. RHS Financial LLC purchased a new stake in Tapestry during the 2nd quarter valued at $215,000. Meeder Advisory Services Inc. bought a new stake in Tapestry in the 2nd quarter worth $727,000. Meeder Asset Management Inc. purchased a new position in shares of Tapestry in the second quarter valued at about $10,564,000. Finally, Citizens Financial Group Inc. RI purchased a new position in shares of Tapestry in the second quarter valued at about $518,000. Institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares of the company's stock, valued at $17,258,585.16. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.32% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

TPR has been the subject of a number of analyst reports. Sanford C. Bernstein reiterated a "market perform" rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Citigroup upped their price target on Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. JPMorgan Chase & Co. increased their price objective on Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a report on Tuesday, August 4th. Barclays lifted their price objective on Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a research report on Friday, August 14th. Finally, Zacks Research cut Tapestry from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $175.12.

Tapestry Trading Down 0.6%

NYSE TPR opened at $131.51 on Thursday. The firm has a market capitalization of $26.22 billion, a PE ratio of 18.04, a P/E/G ratio of 1.67 and a beta of 1.43. The stock's 50 day moving average is $145.78 and its 200 day moving average is $144.84. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. 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 (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during 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%.The firm's quarterly revenue was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a dividend of $0.4625 per share. This is an increase from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. Tapestry's dividend payout ratio is 21.95%.

Tapestry 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.

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