Livforsakringsbolaget Skandia Omsesidigt Acquires New Position in Tapestry, Inc. $TPR

Livforsakringsbolaget Skandia Omsesidigt acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, HoldingsChannel reports. The fund acquired 73,803 shares of the luxury accessories retailer’s stock, valued at approximately $10,797,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Tapestry in the 2nd quarter worth approximately $2,610,995,000. State Street Corp increased its stake in Tapestry by 3.8% in the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after purchasing an additional 348,334 shares in the last quarter. Schroder Investment Management Group raised its holdings in Tapestry by 92.8% during the fourth 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 last quarter. Geode Capital Management LLC raised its holdings in Tapestry by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after purchasing an additional 203,764 shares during the last quarter. Finally, Bank of America Corp DE purchased a new stake in Tapestry during the second quarter worth $771,309,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

TPR has been the subject of a number of research analyst reports. Evercore set a $175.00 price target on Tapestry in a research report on Friday, May 8th. Telsey Advisory Group boosted their price objective on shares of Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Barclays increased their price objective on shares of Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Weiss Ratings upgraded shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a report on Friday, August 14th. Finally, Wall Street Zen cut shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Two investment 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $175.12.

Tapestry Stock Performance

Tapestry stock opened at $125.75 on Friday. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The company has a market capitalization of $25.07 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.56 and a beta of 1.43. The stock has a fifty day moving average of $143.26 and a two-hundred day moving average of $144.48. 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 (NYSE:TPR) last posted 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. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the company earned $1.04 earnings per share. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts anticipate that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be paid 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 an increase from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio is presently 21.95%.

Insider Buying and Selling

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value 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 approximately $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company’s stock.

Tapestry 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.