ZWJ Investment Counsel Inc. Has $8.60 Million Position in Tapestry, Inc. $TPR

Key Points

• ZWJ Investment Counsel Inc. reduced its stake in Tapestry, Inc. by 9.8% in Q2, now holding $8.60 million worth of the stock.
• Tapestry's quarterly earnings report for August revealed an EPS of $1.04, surpassing estimates, with revenues of $1.72 billion compared to expectations of $1.67 billion.
• The company recently increased its quarterly dividend from $0.35 to $0.40, representing a 1.4% yield for shareholders.

ZWJ Investment Counsel Inc. reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 9.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 97,938 shares of the luxury accessories retailer's stock after selling 10,619 shares during the period. ZWJ Investment Counsel Inc.'s holdings in Tapestry were worth $8,600,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of TPR. Rhumbline Advisers increased its holdings in shares of Tapestry by 2.7% in the first quarter. Rhumbline Advisers now owns 408,115 shares of the luxury accessories retailer's stock valued at $28,735,000 after purchasing an additional 10,580 shares during the last quarter. NBC Securities Inc. increased its holdings in shares of Tapestry by 172,300.0% in the first quarter. NBC Securities Inc. now owns 1,724 shares of the luxury accessories retailer's stock valued at $121,000 after purchasing an additional 1,723 shares during the last quarter. Merit Financial Group LLC boosted its position in shares of Tapestry by 89.2% in the first quarter. Merit Financial Group LLC now owns 23,082 shares of the luxury accessories retailer's stock valued at $1,625,000 after acquiring an additional 10,879 shares during the period. Vest Financial LLC bought a new stake in shares of Tapestry in the first quarter valued at about $2,406,000. Finally, Curat Global LLC bought a new stake in shares of Tapestry in the first quarter valued at about $382,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

TPR has been the subject of a number of recent research reports. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research report on Thursday, June 12th. Bank of America cut shares of Tapestry from a "buy" rating to a "neutral" rating and boosted their target price for the company from $95.00 to $115.00 in a research report on Tuesday, July 29th. Weiss Ratings reissued a "hold (c)" rating on shares of Tapestry in a research report on Saturday, September 27th. UBS Group reduced their target price on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating for the company in a research report on Friday, August 15th. Finally, Cowen reissued a "buy" rating on shares of Tapestry in a research report on Thursday, August 7th. Seventeen investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $106.47.

Tapestry Price Performance

Shares of NYSE:TPR opened at $114.91 on Friday. The firm has a 50 day moving average of $107.09 and a 200-day moving average of $89.22. The stock has a market capitalization of $23.79 billion, a PE ratio of 182.40, a PEG ratio of 2.79 and a beta of 1.57. 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 12 month low of $43.07 and a 12 month high of $117.77.

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, beating the consensus estimate of $1.02 by $0.02. The company had revenue of $1.72 billion during 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 business's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, equities research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal 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 issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. This is an increase from Tapestry's previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, September 5th. Tapestry's dividend payout ratio (DPR) is currently 253.97%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total value of $780,712.10. Following the completion of the transaction, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction dated 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 directly owned 8,153 shares of the company's stock, valued at $865,767.07. This trade represents a 58.13% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by corporate insiders.

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.

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