Westfield Capital Management Co. LP Sells 352,567 Shares of Tapestry, Inc. $TPR

Key Points

• Westfield Capital Management cut its Tapestry stake by 14.4% in the fourth quarter, selling 352,567 shares and leaving it with 2,098,104 shares worth about $268.1 million.
• Tapestry reported better-than-expected quarterly results, with EPS of $1.66 versus $1.30 expected and revenue of $1.92 billion versus $1.79 billion expected, while also raising/setting FY2026 EPS guidance at 6.95.
• The company declared a quarterly dividend of $0.40 per share, payable June 22, which implies an annualized dividend of $1.60 and a yield of about 1.1%.

Westfield Capital Management Co. LP reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 14.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,098,104 shares of the luxury accessories retailer's stock after selling 352,567 shares during the quarter. Tapestry comprises about 1.1% of Westfield Capital Management Co. LP's investment portfolio, making the stock its 15th biggest position. Westfield Capital Management Co. LP owned 1.04% of Tapestry worth $268,075,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in TPR. Fisher Asset Management LLC grew its stake in shares of Tapestry by 21.7% during the third quarter. Fisher Asset Management LLC now owns 608,266 shares of the luxury accessories retailer's stock valued at $68,868,000 after buying an additional 108,278 shares during the last quarter. DNB Asset Management AS grew its stake in shares of Tapestry by 1,331.4% during the third quarter. DNB Asset Management AS now owns 39,478 shares of the luxury accessories retailer's stock valued at $4,470,000 after buying an additional 36,720 shares during the last quarter. Russell Investments Group Ltd. grew its stake in shares of Tapestry by 23.6% during the third quarter. Russell Investments Group Ltd. now owns 217,408 shares of the luxury accessories retailer's stock valued at $24,615,000 after buying an additional 41,556 shares during the last quarter. Advisory Research Inc. grew its stake in shares of Tapestry by 30.1% during the third quarter. Advisory Research Inc. now owns 228,107 shares of the luxury accessories retailer's stock valued at $25,826,000 after buying an additional 52,747 shares during the last quarter. Finally, Counterpoint Mutual Funds LLC grew its stake in shares of Tapestry by 420.8% during the third quarter. Counterpoint Mutual Funds LLC now owns 24,233 shares of the luxury accessories retailer's stock valued at $2,744,000 after buying an additional 19,580 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Up 0.7%

Shares of NYSE:TPR opened at $140.60 on Friday. Tapestry, Inc. has a 52-week low of $77.79 and a 52-week high of $161.97. The stock has a market cap of $28.41 billion, a P/E ratio of 45.06, a price-to-earnings-growth ratio of 1.42 and a beta of 1.42. The business's 50 day moving average is $142.03 and its 200 day moving average is $136.16. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.36. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The company had revenue of $1.92 billion for the quarter, compared to analysts' expectations of $1.79 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Tapestry's revenue was up 21.2% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Sell-side analysts predict that Tapestry, Inc. will post 6.95 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 5th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.60 annualized dividend and a yield of 1.1%. Tapestry's dividend payout ratio is 51.28%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Barclays set a $179.00 target price on Tapestry and gave the company an "overweight" rating in a research note on Friday, February 6th. Wells Fargo & Company upped their target price on Tapestry from $142.00 to $165.00 and gave the company an "overweight" rating in a research note on Friday, February 6th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $180.00 target price on shares of Tapestry in a research note on Tuesday. TD Cowen reaffirmed a "buy" rating on shares of Tapestry in a research note on Tuesday, February 10th. Finally, Evercore set a $175.00 target price on Tapestry in a research note on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average target price of $161.22.

Insider Activity at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,776 shares of the stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares of the company's stock, valued at $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the transaction, the chief executive officer directly owned 123,258 shares in the company, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their position. The SEC filing for this sale provides additional information. 1.32% of the stock is owned by corporate insiders.

Tapestry Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.