Tapestry, Inc. $TPR Stake Boosted by Gen Wealth Partners Inc

Gen Wealth Partners Inc increased its stake in Tapestry, Inc. (NYSE:TPR) by 40,100.0% in the third quarter, Holdings Channel.com reports. The institutional investor owned 8,040 shares of the luxury accessories retailer’s stock after acquiring an additional 8,020 shares during the period. Gen Wealth Partners Inc’s holdings in Tapestry were worth $925,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. bought a new stake in Tapestry during the 2nd quarter valued at approximately $2,610,995,000. Bank of America Corp DE purchased a new position in shares of Tapestry during the 2nd quarter worth approximately $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Tapestry by 53.8% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock worth $317,586,000 after acquiring an additional 758,915 shares during the period. Amundi raised its position in shares of Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after acquiring an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Tapestry in the 2nd quarter worth approximately $175,291,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, insider David Howard sold 11,188 shares of the business’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $133.68, for a total value of $1,495,611.84. Following the sale, the insider directly owned 58,290 shares of the company’s stock, valued at approximately $7,792,207.20. The trade was a 16.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Denise Kulikowsky sold 11,244 shares of the business’s stock in a transaction on Monday, November 9th. The stock was sold at an average price of $135.04, for a total value of $1,518,389.76. Following the completion of the sale, the insider directly owned 15,721 shares in the company, valued at $2,122,963.84. This trade represents a 41.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 86,003 shares of company stock worth $11,420,259 over the last three months. 1.28% of the stock is owned by corporate insiders.

Key Tapestry News

Here are the key news stories impacting Tapestry this week:

• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, implying roughly 17% upside from the cited $135.70 price. Cantor Fitzgerald coverage
• Positive Sentiment: A growth-focused report highlights Coach’s pricing power, demand from Gen Z, international expansion, handbag sales and product innovation as potential supports for Tapestry’s growth. Coach growth report
• Negative Sentiment: Three company insiders sold a combined 52,432 shares for about $7.1 million. CEO Todd Kahn sold 30,000 shares, while Denise Kulikowsky and David Howard sold 11,244 and 11,188 shares, respectively. The sales reduced their individual holdings and could raise concerns about insider sentiment, although the filings do not establish the reason for the transactions. Kahn SEC filing Kulikowsky SEC filing Howard SEC filing

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Wells Fargo & Company raised their target price on Tapestry from $150.00 to $155.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. JPMorgan Chase & Co. increased their price objective on Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. UBS Group lowered their price objective on Tapestry from $232.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, October 20th. Cantor Fitzgerald began coverage on Tapestry in a research report on Tuesday. They set an “overweight” rating and a $159.00 price objective for the company. Finally, Wall Street Zen cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $167.26.

Tapestry Price Performance

Shares of NYSE TPR opened at $135.70 on Wednesday. Tapestry, Inc. has a fifty-two week low of $99.00 and a fifty-two week high of $164.80. The company has a 50 day simple moving average of $117.87 and a two-hundred day simple moving average of $137.00. The company has a market capitalization of $27.06 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 1.54 and a beta of 1.44. The company has a debt-to-equity ratio of 5.70, a quick ratio of 0.76 and a current ratio of 1.24.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.26. Tapestry had a return on equity of 274.20% and a net margin of 19.68%. The firm had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the previous year, the firm posted $1.38 EPS. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. Analysts expect that Tapestry, Inc. will post 8.30 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, December 4th will be paid a dividend of $0.4625 per share. The ex-dividend date is Friday, December 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. Tapestry’s payout ratio is presently 23.81%.

About Tapestry

Tapestry, Inc. is a global fashion company whose portfolio includes Coach and Kate Spade New York. The company designs and sells handbags, accessories, footwear, apparel, jewelry and other lifestyle products through retail stores, e-commerce and wholesale partners. Based in New York, Tapestry serves customers in North America and international markets, including Asia and Europe. Its brands reach consumers through company-operated stores and digital channels as well as select department stores and other retail partners.