Nippon Life Global Investors Americas Inc. reduced its holdings in Tapestry, Inc. (NYSE:TPR – Free Report) by 93.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,230 shares of the luxury accessories retailer’s stock after selling 80,640 shares during the period. Nippon Life Global Investors Americas Inc.’s holdings in Tapestry were worth $602,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cetera Trust Company N.A purchased a new position in Tapestry during the second quarter worth about $26,000. Keating Financial Advisory Services Inc. purchased a new stake in shares of Tapestry during the 2nd quarter valued at approximately $31,000. Virtus Advisers LLC purchased a new stake in shares of Tapestry during the 2nd quarter valued at approximately $32,000. GK Wealth Management LLC acquired a new position in Tapestry in the third quarter valued at approximately $28,000. Finally, Elevation Wealth Partners LLC lifted its holdings in Tapestry by 336.8% in the second quarter. Elevation Wealth Partners LLC now owns 297 shares of the luxury accessories retailer’s stock valued at $43,000 after acquiring an additional 229 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.
Tapestry Price Performance
Shares of NYSE TPR opened at $116.09 on Monday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The firm has a market capitalization of $23.15 billion, a PE ratio of 15.92, a price-to-earnings-growth ratio of 1.47 and a beta of 1.42. The stock’s 50-day simple moving average is $117.65 and its 200-day simple moving average is $137.09.
Tapestry (NYSE:TPR – Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities research analysts forecast that Tapestry, Inc. will post 7.97 EPS for the current fiscal year.
Tapestry Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were given a $0.4625 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.6%. Tapestry’s payout ratio is 25.38%.
Insiders Place Their Bets
In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on 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 transaction, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The transaction 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. Also, insider Denise Kulikowsky sold 5,810 shares of Tapestry stock in a transaction on 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 transaction, the insider owned 21,136 shares in the company, valued at approximately $2,438,671.68. This trade represents a 21.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 1.28% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have issued reports on TPR shares. TD Cowen assumed coverage on Tapestry in a research note on Friday. They set a “strong-buy” rating for the company. Raymond James Financial lowered their price target on Tapestry from $165.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Robert W. Baird cut their price objective on Tapestry from $165.00 to $150.00 and set an “outperform” rating for the company in a research report on Tuesday, October 27th. BTIG Research reduced 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. Finally, Weiss Ratings raised shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $170.00.
View Our Latest Research Report on TPR
About Tapestry
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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