Investment House LLC Purchases New Holdings in Tapestry, Inc. $TPR

Investment House LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR) during the third quarter, Holdings Channel reports. The institutional investor acquired 6,000 shares of the luxury accessories retailer’s stock, valued at approximately $690,000.

A number of other institutional investors have also made changes to their positions in the business. BlackRock Inc. bought a new stake in shares of Tapestry in the second quarter worth $2,610,995,000. Bank of America Corp DE bought a new position in Tapestry in the second quarter valued at $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in Tapestry by 53.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock valued at $317,586,000 after purchasing an additional 758,915 shares in the last quarter. Amundi grew its position in Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after purchasing an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in Tapestry in the 2nd quarter valued at $175,291,000. Institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of the 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 completion of the sale, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the 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 sale, the insider owned 21,136 shares of the company’s stock, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.28% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the topic of several recent research reports. JPMorgan Chase & Co. lifted their price target on shares of Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Raymond James Financial reduced their price objective on shares of Tapestry from $165.00 to $140.00 and set an “outperform” rating for the company in a research note on Friday, October 16th. Barclays raised their price objective on Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Finally, Wells Fargo & Company lowered their target price on Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $171.56.

Tapestry Trading Down 3.1%

Shares of Tapestry stock opened at $110.34 on Friday. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The stock has a market cap of $22.00 billion, a P/E ratio of 15.14, a P/E/G ratio of 1.44 and a beta of 1.42. 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 business’s 50 day moving average is $119.18 and its 200-day moving average is $135.61.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 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 during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the firm posted $1.04 EPS. The firm’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. Equities research analysts predict that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 1.7%. This is an increase from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, September 4th. Tapestry’s payout ratio is currently 25.38%.

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.