Thornburg Investment Management Inc. Has $4.37 Million Holdings in Tapestry, Inc. $TPR

Thornburg Investment Management Inc. increased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 387.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,851 shares of the luxury accessories retailer’s stock after buying an additional 23,721 shares during the period. Thornburg Investment Management Inc.’s holdings in Tapestry were worth $4,370,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new position in shares of Tapestry during the second quarter worth $2,610,995,000. Bank of America Corp DE acquired a new stake in Tapestry in the second quarter valued at $771,309,000. Schroder Investment Management Group raised its position in 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 last quarter. Norges Bank bought a new position in Tapestry during the 4th quarter worth $345,349,000. Finally, Wellington Management Group LLP grew its position in shares of Tapestry by 632.3% in the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock valued at $302,368,000 after buying an additional 2,043,353 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. BTIG Research lowered their price objective on Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Evercore set a $175.00 target price on shares of Tapestry in a research report on Friday, May 8th. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Finally, Morgan Stanley reduced their price objective on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research note on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $175.12.

Tapestry Price Performance

Shares of NYSE:TPR opened at $125.75 on Friday. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The stock’s 50 day moving average is $143.26 and its 200-day moving average is $144.48. 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 firm has a market capitalization of $25.07 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.59 and a beta of 1.43.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The business’s revenue was up 8.9% on a year-over-year basis. During the same quarter 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. Sell-side analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a dividend of $0.4625 per share. 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. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. Tapestry’s payout ratio is presently 21.95%.

Insider Transactions at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the 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 sale, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

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.