Nicholas Investment Partners LP Purchases New Stake in Tapestry, Inc. $TPR

Nicholas Investment Partners LP purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 9,919 shares of the luxury accessories retailer’s stock, valued at approximately $1,452,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. Cetera Trust Company N.A bought a new position in shares of Tapestry in the second quarter valued at about $26,000. Acumen Wealth Advisors LLC acquired a new stake in shares of Tapestry during the 4th quarter worth about $28,000. Triumph Capital Management bought a new stake in shares of Tapestry during the 3rd quarter worth about $29,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry in the 2nd quarter valued at about $31,000. Finally, Virtus Advisers LLC acquired a new position in Tapestry in the 2nd quarter valued at about $32,000. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $132.16 on Tuesday. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The company’s 50 day moving average price is $144.75 and its two-hundred day moving average price is $144.91. The firm has a market cap of $26.35 billion, a PE ratio of 18.13, a PEG ratio of 1.65 and a beta of 1.43. 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 (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The firm’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.04 earnings per share. 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 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 given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio is currently 21.95%.

Analyst Ratings Changes

Several brokerages have issued reports on TPR. Weiss Ratings upgraded shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, August 14th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Telsey Advisory Group increased their target price on Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. Wells Fargo & Company dropped their price target on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, Evercore set a $175.00 price objective on Tapestry in a report on Friday, May 8th. 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 stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Insider Activity

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the 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 directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

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.