Redwood Investment Management LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 7,881 shares of the luxury accessories retailer’s stock, valued at approximately $1,154,000.
A number of other hedge funds also recently made changes to their positions in TPR. Cetera Trust Company N.A bought a new stake in Tapestry during the 2nd quarter valued at $26,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry during the 2nd quarter worth $31,000. Acumen Wealth Advisors LLC bought a new position in shares of Tapestry in the fourth quarter worth $28,000. Virtus Advisers LLC bought a new position in shares of Tapestry in the second quarter worth $32,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in shares of Tapestry during the fourth quarter valued at $32,000. Institutional investors own 90.77% of the company’s stock.
Analyst Ratings Changes
TPR has been the subject of several research analyst reports. UBS Group upped their price objective on shares of Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. BTIG Research lowered their target price on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Sanford C. Bernstein restated a “market perform” rating and set a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Finally, Wells Fargo & Company reduced their price target on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Two 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 company’s stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $175.12.
Tapestry Stock Down 5.5%
TPR opened at $123.14 on Friday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The company has a market capitalization of $24.55 billion, a PE ratio of 16.89, a P/E/G ratio of 1.65 and a beta of 1.43. The stock’s fifty day moving average is $143.63 and its 200-day moving average is $144.61. Tapestry, Inc. has a one year low of $93.00 and a one year high of $164.80.
Tapestry (NYSE:TPR – Get Free Report) last announced its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the business posted $1.04 earnings per share. The company’s quarterly revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, equities analysts predict that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.
Tapestry Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, September 4th. This is an increase from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is presently 21.95%.
Insider Buying and Selling
In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.
About Tapestry
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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