Public Employees Retirement System of Ohio Takes Position in Tapestry, Inc. $TPR

Public Employees Retirement System of Ohio purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, Holdings Channel.com reports. The fund purchased 104,616 shares of the luxury accessories retailer’s stock, valued at approximately $15,314,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $8,109,000. Norges Bank acquired a new position in shares of Tapestry during the fourth quarter worth approximately $345,349,000. SEB Asset Management AB bought a new position in Tapestry in the 1st quarter worth approximately $59,525,000. Keystone Investors PTE Ltd. increased its position in Tapestry by 17.4% in the 4th quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer’s stock valued at $8,001,000 after acquiring an additional 9,303 shares during the period. Finally, Vega Investment Solutions acquired a new stake in Tapestry in the 2nd quarter valued at approximately $10,322,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

TPR opened at $125.75 on Monday. The business has a 50 day moving average price of $143.26 and a two-hundred day moving average price of $144.41. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The company has a market capitalization of $25.07 billion, a price-to-earnings ratio of 17.25, a price-to-earnings-growth ratio of 1.59 and a beta of 1.43. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80.

Tapestry (NYSE:TPR) last issued its quarterly 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 period last year, the firm earned $1.04 EPS. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts predict 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. Investors of record on Friday, September 4th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, September 4th. This is an increase from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. 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 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 sale, 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on TPR shares. Sanford C. Bernstein reiterated a “market perform” rating and set a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. JPMorgan Chase & Co. raised their price target on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Barclays lifted 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. UBS Group upped their price objective on shares of Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a report on Friday, August 14th. Finally, Evercore set a $175.00 target price on shares of Tapestry in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued 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 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.