699,064 Shares in Tapestry, Inc. $TPR Purchased by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 699,064 shares of the luxury accessories retailer’s stock, valued at approximately $102,329,000. Tapestry accounts for about 0.7% of Jefferies Financial Group Inc.’s holdings, making the stock its 13th biggest position.

A number of other hedge funds also recently modified their holdings of the stock. Public Employees Retirement System of Ohio purchased a new stake in Tapestry in the second quarter worth $15,314,000. MASTERINVEST Kapitalanlage GmbH purchased a new position in shares of Tapestry during the 2nd quarter valued at $1,149,000. Redwood Investment Management LLC bought a new position in shares of Tapestry during the 2nd quarter worth $1,154,000. Proficio Capital Partners LLC bought a new position in shares of Tapestry during the 2nd quarter worth $750,000. Finally, Pure Financial Advisors LLC purchased a new stake in Tapestry in the 2nd quarter worth about $252,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 5.5%

Shares of TPR opened at $123.14 on Friday. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. 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 stock has a 50 day simple moving average of $143.63 and a two-hundred day simple moving average of $144.61. The firm has a market cap of $24.55 billion, a P/E ratio of 16.89, a P/E/G ratio of 1.65 and a beta of 1.43.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the firm posted $1.04 earnings per share. The business’s revenue 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 forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.5%. Tapestry’s dividend payout ratio is presently 21.95%.

Insiders Place Their Bets

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. 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. 1.32% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on TPR shares. Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Morgan Stanley reduced their target price on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. JPMorgan Chase & Co. upped 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. Sanford C. Bernstein reissued a “market perform” rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Finally, Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus 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.