Stevens Capital Partners Acquires Shares of 78,181 Tapestry, Inc. $TPR

Stevens Capital Partners bought a new stake in Tapestry, Inc. (NYSE:TPR) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 78,181 shares of the luxury accessories retailer’s stock, valued at approximately $11,444,000. Tapestry comprises approximately 2.2% of Stevens Capital Partners’ holdings, making the stock its 8th largest holding.

Other hedge funds have also made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Tapestry during the second quarter worth about $2,610,995,000. State Street Corp raised its stake in Tapestry by 3.8% during the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after acquiring an additional 348,334 shares during the last quarter. Schroder Investment Management Group lifted its position in Tapestry by 92.8% during the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after acquiring an additional 4,500,850 shares during the period. Geode Capital Management LLC lifted its position in Tapestry by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after acquiring an additional 203,764 shares during the period. Finally, Bank of America Corp DE grew its stake 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. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Up 2.5%

Shares of NYSE TPR opened at $132.23 on Wednesday. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a 52 week low of $93.00 and a 52 week high of $164.80. The firm has a 50-day moving average price of $145.97 and a 200 day moving average price of $144.81. The stock has a market capitalization of $26.37 billion, a price-to-earnings ratio of 18.14, a price-to-earnings-growth ratio of 1.15 and a beta of 1.43.

Tapestry (NYSE:TPR) last released 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. 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 quarter in the previous year, the firm earned $1.04 earnings per share. The firm’s revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities research analysts anticipate that Tapestry, Inc. will post 7.96 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a dividend of $0.4625 per share. This is a positive change 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 annualized dividend and a dividend yield of 1.4%. Tapestry’s dividend payout ratio is presently 21.95%.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TPR. Citigroup boosted their target price on Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Company lowered their price objective on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday. Telsey Advisory Group upped their price objective on shares of Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Finally, Zacks Research downgraded shares of Tapestry from a “strong-buy” rating to a “hold” rating in a 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 given a Hold rating to the company’s stock. Based on data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $175.12.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 19,557 shares of the company’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 value of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares in the company, valued at $17,258,585.16. This represents a 13.69% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.32% of the stock is owned by company insiders.

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.