Evolve Private Wealth LLC Purchases New Position in Tapestry, Inc. $TPR

Evolve Private Wealth LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, HoldingsChannel reports. The institutional investor acquired 11,644 shares of the luxury accessories retailer’s stock, valued at approximately $1,704,000.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in Tapestry during the 2nd quarter worth $2,610,995,000. State Street Corp increased its position in shares of Tapestry by 3.8% during the fourth quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock worth $1,223,795,000 after purchasing an additional 348,334 shares in the last quarter. Schroder Investment Management Group increased its position in shares of 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 in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Tapestry by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock valued at $753,482,000 after purchasing an additional 203,764 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Tapestry by 9.3% in the 1st quarter. Bank of America Corp DE now owns 5,041,935 shares of the luxury accessories retailer’s stock valued at $711,467,000 after purchasing an additional 429,338 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $130.66 on Friday. 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 firm has a market cap of $26.05 billion, a price-to-earnings ratio of 17.92, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. The firm’s fifty day moving average price is $145.13 and its 200 day moving average price is $144.76. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping analysts’ consensus estimates 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 net margin of 19.09% and a return on equity of 254.95%. Tapestry’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts expect that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The firm 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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio is presently 21.95%.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on TPR shares. Morgan Stanley dropped their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research note on Friday, August 14th. Weiss Ratings raised shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a report on Friday, August 14th. UBS Group increased 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. Citigroup raised their price objective on shares of Tapestry from $165.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, JPMorgan Chase & Co. upped their target price on shares of Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $175.12.

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.