Elevation Point Wealth Partners LLC bought a new stake in Tapestry, Inc. (NYSE:TPR – Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 6,462 shares of the luxury accessories retailer’s stock, valued at approximately $946,000.
Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Tapestry in the second quarter valued at about $2,610,995,000. State Street Corp boosted its holdings in Tapestry by 3.8% in the fourth quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after purchasing an additional 348,334 shares during the last quarter. Schroder Investment Management Group grew its position in shares of Tapestry by 92.8% during the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after buying an additional 4,500,850 shares in the last quarter. Geode Capital Management LLC grew its holdings in Tapestry by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after acquiring an additional 203,764 shares in the last quarter. Finally, Bank of America Corp DE grew its stake in Tapestry by 9.3% in the first quarter. Bank of America Corp DE now owns 5,041,935 shares of the luxury accessories retailer’s stock worth $711,467,000 after purchasing an additional 429,338 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Insiders Place Their Bets
In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by company insiders.
Analysts Set New Price Targets
Check Out Our Latest Report on Tapestry
Tapestry Stock Performance
Shares of TPR opened at $132.16 on Tuesday. The firm has a market capitalization of $26.35 billion, a PE ratio of 18.13, a P/E/G ratio of 1.65 and a beta of 1.43. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The firm has a 50-day moving average price of $144.75 and a 200 day moving average price of $144.91. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80.
Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. Tapestry’s revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.
Tapestry Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. Tapestry’s payout ratio is currently 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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