Pallas Capital Advisors LLC Purchases New Stake in Tapestry, Inc. $TPR

Pallas Capital Advisors LLC acquired a new position in Tapestry, Inc. (NYSE:TPR) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 22,590 shares of the luxury accessories retailer’s stock, valued at approximately $3,307,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Eurizon Capital SGR S.p.A. acquired a new stake in Tapestry during the 4th quarter worth $8,109,000. Norges Bank acquired a new position in shares of Tapestry in the 4th quarter valued at $345,349,000. Keystone Investors PTE Ltd. lifted its stake in shares of 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 during the period. SEB Asset Management AB bought a new position in shares of Tapestry in the 1st quarter worth $59,525,000. Finally, North Dakota State Investment Board bought a new position in shares of Tapestry in the 4th quarter worth $2,417,000. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on TPR shares. Raymond James Financial reiterated an “outperform” rating and issued a $165.00 price objective on shares of Tapestry in a report on Thursday, April 23rd. JPMorgan Chase & Co. raised their target price on Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a report on Tuesday, August 4th. Telsey Advisory Group boosted their target price on Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday. Finally, Robert W. Baird lifted their price target on shares of Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer owned 123,258 shares of the company’s stock, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.32% of the stock is owned by company insiders.

Tapestry Trading Down 0.4%

NYSE TPR opened at $128.44 on Tuesday. Tapestry, Inc. has a one year low of $93.00 and a one 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 firm has a market cap of $25.61 billion, a P/E ratio of 17.62, a P/E/G ratio of 1.15 and a beta of 1.43. The stock’s 50-day moving average is $146.23 and its 200-day moving average is $144.77.

Tapestry (NYSE:TPR) last issued its quarterly earnings data 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. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the previous year, the firm earned $1.04 EPS. Tapestry’s quarterly 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. Sell-side analysts anticipate that Tapestry, Inc. will post 7.88 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio is currently 21.95%.

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.