Wedge Capital Management L L P NC Sells 48,187 Shares of Tapestry, Inc. $TPR

Key Points

• Wedge Capital Management L L P NC reduced its stake in Tapestry, Inc. by 9.3%, now holding approximately 471,306 shares valued at $41.4 million.
• Analysts have mixed views on Tapestry; while Cowen maintains a "buy" rating, UBS cut its price target from $112 to $105, indicating a shift in market sentiment.
• Tapestry recently announced a quarterly dividend increase from $0.35 to $0.40, with a payout ratio of 253.97%.

Wedge Capital Management L L P NC lessened its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 9.3% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 471,306 shares of the luxury accessories retailer's stock after selling 48,187 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.23% of Tapestry worth $41,385,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. AQR Capital Management LLC increased its stake in Tapestry by 47.4% in the 1st quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock valued at $177,405,000 after buying an additional 838,057 shares during the last quarter. Southpoint Capital Advisors LP increased its stake in Tapestry by 25.0% in the 1st quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after buying an additional 500,000 shares during the last quarter. Samlyn Capital LLC increased its stake in Tapestry by 50.2% in the 1st quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after buying an additional 658,889 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Tapestry by 21.1% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock valued at $116,310,000 after buying an additional 288,219 shares during the last quarter. Finally, WT Asset Management Ltd increased its stake in Tapestry by 140.6% in the 1st quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after buying an additional 920,087 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TPR shares. Wall Street Zen lowered shares of Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Monday. Cowen restated a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. Raymond James Financial restated an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Thursday, June 12th. Finally, Telsey Advisory Group restated an "outperform" rating and set a $125.00 price target on shares of Tapestry in a research note on Thursday, September 11th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $106.47.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the company's stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares in the company, valued at approximately $865,767.07. This represents a 58.13% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Tapestry Price Performance

Shares of NYSE TPR traded up $2.44 during mid-day trading on Tuesday, reaching $116.32. 1,382,003 shares of the company were exchanged, compared to its average volume of 4,816,744. Tapestry, Inc. has a 52 week low of $43.07 and a 52 week high of $116.18. 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 capitalization of $24.21 billion, a PE ratio of 184.57, a PEG ratio of 2.75 and a beta of 1.52. The company's 50 day moving average price is $105.73 and its 200 day moving average price is $86.85.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. The company 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 firm's revenue was up 8.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

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