Empowered Funds LLC Invests $37.69 Million in Tapestry, Inc. $TPR

Empowered Funds LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, Holdings Channel reports. The fund purchased 257,479 shares of the luxury accessories retailer’s stock, valued at approximately $37,690,000.

A number of other institutional investors have also recently modified their holdings of TPR. Eurizon Capital SGR S.p.A. purchased a new position in Tapestry in the fourth quarter valued at about $8,109,000. Norges Bank purchased a new stake in shares of Tapestry during the 4th quarter worth approximately $345,349,000. Keystone Investors PTE Ltd. increased its stake 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 purchasing an additional 9,303 shares in the last quarter. SEB Asset Management AB acquired a new position in Tapestry during the first quarter worth $59,525,000. Finally, Vega Investment Solutions acquired a new position in Tapestry during the second quarter worth $10,322,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’s stock in a transaction on 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 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on TPR. Telsey Advisory Group upped their target price on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Morgan Stanley lowered their price target on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. UBS Group raised their price objective 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. Weiss Ratings upgraded Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, August 14th. Finally, Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Price Performance

NYSE:TPR opened at $123.14 on Friday. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The firm has a market cap of $24.55 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. The company’s 50-day moving average is $143.63 and its two-hundred day moving average is $144.61. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts expect that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be paid a dividend of $0.4625 per share. 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%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio is currently 21.95%.

About Tapestry

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.