Simplicity Wealth LLC grew its position in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 17.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,040 shares of the luxury accessories retailer’s stock after acquiring an additional 6,273 shares during the quarter. Simplicity Wealth LLC’s holdings in Tapestry were worth $4,951,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Tapestry in the 2nd quarter worth $2,610,995,000. Bank of America Corp DE acquired a new stake in Tapestry in the 2nd quarter valued at $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Tapestry by 53.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock valued at $317,586,000 after purchasing an additional 758,915 shares in the last quarter. Amundi increased its stake in Tapestry by 96.0% during the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after purchasing an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Tapestry during the 2nd quarter valued at $175,291,000. Institutional investors own 90.77% of the company’s stock.
Insiders Place Their Bets
In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the sale, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the sale, the insider owned 21,136 shares of the company’s stock, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.28% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
TPR has been the topic of several research reports. BTIG Research lowered their price objective on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Barclays lifted their price objective on shares of Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Wall Street Zen cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Weiss Ratings raised shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. 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 company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $171.56.
Get Our Latest Analysis on TPR
Tapestry Stock Down 0.0%
TPR stock opened at $110.34 on Monday. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. 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 stock’s 50 day moving average is $119.18 and its 200-day moving average is $135.56. The firm has a market capitalization of $22.00 billion, a PE ratio of 15.14, a P/E/G ratio of 1.40 and a beta of 1.42.
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 (EPS) 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 company had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the previous year, the firm earned $1.04 earnings per share. Tapestry’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. Sell-side analysts expect that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.
Tapestry Increases Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were issued a dividend of $0.4625 per share. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.7%. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is presently 25.38%.
Tapestry Company Profile
Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.
Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.
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