Vega Investment Solutions Takes Position in Tapestry, Inc. $TPR

Vega Investment Solutions acquired a new stake in Tapestry, Inc. (NYSE:TPR) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 71,186 shares of the luxury accessories retailer’s stock, valued at approximately $10,322,000. Tapestry makes up approximately 1.5% of Vega Investment Solutions’ holdings, making the stock its 18th largest position.

Several other hedge funds have also added to or reduced their stakes in TPR. BlackRock Inc. bought a new position in Tapestry during the second quarter worth about $2,610,995,000. Schroder Investment Management Group increased its holdings in shares of Tapestry by 92.8% in the fourth 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 in the last quarter. Norges Bank acquired a new stake in shares of Tapestry during the fourth quarter worth about $345,349,000. Wellington Management Group LLP raised its position in shares of Tapestry by 632.3% during the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after purchasing an additional 2,043,353 shares during the period. Finally, State Street Corp lifted its holdings in shares of Tapestry by 19.3% during the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock valued at $1,044,995,000 after purchasing an additional 1,494,193 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Up 1.5%

NYSE:TPR opened at $132.16 on Tuesday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The company 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. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80. The stock has a 50-day simple moving average of $144.75 and a 200 day simple moving average of $144.91.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.87 billion. During the same quarter last year, the firm earned $1.04 EPS. Tapestry’s revenue for the quarter was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts expect that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently disclosed 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 dividend on an annualized basis 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 21.95%.

Insider Activity at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TPR. Evercore set a $175.00 price objective on Tapestry in a research report on Friday, May 8th. Weiss Ratings upgraded shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a report on Friday, August 14th. Zacks Research lowered shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company reduced their price target on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, UBS Group increased their price objective on shares of Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $175.12.

Tapestry Company 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.