Thornburg Investment Management Inc. lifted its holdings in Tapestry, Inc. (NYSE:TPR – Free Report) by 387.0% during the second quarter, Holdings Channel.com reports. The institutional investor owned 29,851 shares of the luxury accessories retailer’s stock after acquiring an additional 23,721 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Tapestry were worth $4,370,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also bought and sold shares of TPR. BlackRock Inc. purchased a new position in Tapestry in the second quarter worth $2,610,995,000. State Street Corp raised its stake in shares of Tapestry by 3.8% during the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock worth $1,223,795,000 after purchasing an additional 348,334 shares during the period. Schroder Investment Management Group raised its stake in shares of Tapestry by 92.8% during the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after purchasing an additional 4,500,850 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Tapestry by 3.6% in 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 buying an additional 203,764 shares during the last quarter. Finally, Bank of America Corp DE bought a new position in Tapestry during the second quarter valued at about $771,309,000. 90.77% of the stock is currently owned by institutional investors.
Insider Activity at Tapestry
In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction 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 transaction, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by company insiders.
Tapestry Stock Up 2.0%
Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period last year, the business earned $1.04 earnings per share. 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 company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is 21.95%.
Analyst Ratings Changes
A number of analysts recently issued reports on the stock. Evercore set a $175.00 price objective on shares of Tapestry in a report on Friday, May 8th. Weiss Ratings raised shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research report 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 note on Friday, August 14th. Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, Wells Fargo & Company dropped their price objective on Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $175.12.
Get Our Latest Stock Analysis on Tapestry
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.
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