WT Asset Management Ltd Sells 1,222,194 Shares of Tapestry, Inc. $TPR

Key Points

• WT Asset Management Ltd reduced its stake in Tapestry, Inc. by 77.6%, selling 1,222,194 shares and holding 352,440 shares, which now represent 2.2% of its portfolio.
• Analysts have shown optimism towards Tapestry, with 17 ratings classified as "Buy" and a consensus price target of $106.47, while recent upgrades from firms like Raymond James raise the target price significantly.
• Tapestry announced an increase in its quarterly dividend to $0.40 per share, reflecting a positive shift from its previous $0.35, but has a high payout ratio of 253.97%.

WT Asset Management Ltd decreased its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 77.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 352,440 shares of the luxury accessories retailer's stock after selling 1,222,194 shares during the period. Tapestry comprises 2.2% of WT Asset Management Ltd's portfolio, making the stock its 13th biggest position. WT Asset Management Ltd owned about 0.17% of Tapestry worth $30,948,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Harbour Investments Inc. increased its position in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares during the last quarter. Flaharty Asset Management LLC acquired a new position in shares of Tapestry during the 1st quarter worth approximately $25,000. First PREMIER Bank acquired a new position in shares of Tapestry during the 2nd quarter worth approximately $25,000. Caitong International Asset Management Co. Ltd acquired a new position in shares of Tapestry during the 1st quarter worth approximately $29,000. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Tapestry during the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Raymond James Financial reaffirmed an "outperform" rating and set a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. TD Cowen raised Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Thursday, June 12th. Weiss Ratings reissued a "hold (c)" rating on shares of Tapestry in a report on Saturday, September 27th. Evercore ISI decreased their target price on Tapestry from $130.00 to $125.00 and set an "outperform" rating on the stock in a report on Friday, August 15th. Finally, Wells Fargo & Company boosted their target price on Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $106.47.

Tapestry Stock Performance

Shares of NYSE TPR opened at $114.91 on Friday. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. The stock's fifty day moving average price is $107.09 and its two-hundred day moving average price is $89.22. Tapestry, Inc. has a one year low of $43.07 and a one year high of $117.77. The firm has a market cap of $23.79 billion, a price-to-earnings ratio of 182.40, a P/E/G ratio of 2.79 and a beta of 1.57.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, beating analysts' consensus estimates of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period in the prior year, the firm posted $0.92 EPS. The company's revenue for the quarter was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Friday, September 5th. This is a positive change from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio is currently 253.97%.

Insiders Place Their Bets

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the company's stock in a transaction 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 sale, the director directly owned 8,153 shares in the company, valued at approximately $865,767.07. This represents a 58.13% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction 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 sale, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company's stock.

Tapestry Company 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.

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