Saudi Central Bank raised its stake in Tapestry, Inc. (NYSE:TPR – Free Report) by 87.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 14,172 shares of the luxury accessories retailer’s stock after buying an additional 6,618 shares during the quarter. Saudi Central Bank’s holdings in Tapestry were worth $2,074,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in the stock. AlphaGrep UK Ltd acquired a new stake in shares of Tapestry during the second quarter worth $260,000. Raiffeisen Bank International AG boosted its stake in Tapestry by 13,153.1% in the 2nd quarter. Raiffeisen Bank International AG now owns 23,193 shares of the luxury accessories retailer’s stock worth $3,399,000 after purchasing an additional 23,018 shares during the period. Syon Capital LLC increased its holdings in Tapestry by 3.5% during the 2nd quarter. Syon Capital LLC now owns 6,338 shares of the luxury accessories retailer’s stock worth $928,000 after purchasing an additional 212 shares in the last quarter. TD Waterhouse Canada Inc. increased its holdings in Tapestry by 9.4% during the 2nd quarter. TD Waterhouse Canada Inc. now owns 206,832 shares of the luxury accessories retailer’s stock worth $29,786,000 after purchasing an additional 17,776 shares in the last quarter. Finally, Concurrent Investment Advisors LLC raised its stake in shares of Tapestry by 250.2% in the 2nd quarter. Concurrent Investment Advisors LLC now owns 38,611 shares of the luxury accessories retailer’s stock valued at $5,652,000 after purchasing an additional 27,585 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.
Wall Street Analysts Forecast Growth
TPR has been the subject of several recent research reports. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $185.00 price objective (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Wall Street Zen cut Tapestry from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. UBS Group raised their price target on shares of Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, Telsey Advisory Group lifted their price objective on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $175.12.
Tapestry Price Performance
NYSE:TPR opened at $122.01 on Tuesday. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The firm has a market capitalization of $24.33 billion, a price-to-earnings ratio of 16.74, a P/E/G ratio of 1.55 and a beta of 1.42. The stock’s 50 day moving average price is $140.21 and its two-hundred day moving average price is $143.09. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44.
Tapestry (NYSE:TPR – Get Free Report) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping the consensus estimate of $1.28 by $0.04. The company 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 revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current year.
Tapestry Increases Dividend
The business also recently disclosed 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 is an increase from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio is presently 25.38%.
Insider Activity at Tapestry
In other news, CEO Joanne 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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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