Congress Asset Management Co. Sells 20,565 Shares of Tapestry, Inc. $TPR

Congress Asset Management Co. decreased its position in Tapestry, Inc. (NYSE:TPR) by 3.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 629,789 shares of the luxury accessories retailer’s stock after selling 20,565 shares during the quarter. Congress Asset Management Co.’s holdings in Tapestry were worth $72,451,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of Tapestry in the second quarter valued at approximately $2,610,995,000. Bank of America Corp DE bought a new stake in shares of Tapestry in the second quarter worth $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Tapestry by 53.8% during the second 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 purchasing an additional 758,915 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Tapestry by 169.7% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,770,695 shares of the luxury accessories retailer’s stock worth $226,242,000 after purchasing an additional 1,114,082 shares during the last quarter. Finally, Amundi grew its position in Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after purchasing an additional 866,969 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Telsey Advisory Group lifted their price target on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Barclays upped their target price on Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. Morgan Stanley reduced their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. Finally, Wells Fargo & Company decreased their price target on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. 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 company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Insider Activity at Tapestry

In other news, insider Denise Kulikowsky sold 5,810 shares of Tapestry stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the transaction, the insider directly owned 21,136 shares in the company, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Joanne Crevoiserat sold 27,761 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.28% of the company’s stock.

Tapestry Stock Performance

Shares of Tapestry stock traded down $0.48 during trading on Tuesday, hitting $116.47. 2,516,895 shares of the stock were exchanged, compared to its average volume of 2,595,969. The stock has a market capitalization of $23.22 billion, a price-to-earnings ratio of 15.98, a price-to-earnings-growth ratio of 1.49 and a beta of 1.42. The company has a fifty day moving average price of $129.46 and a 200-day moving average price of $138.12. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR) last issued its 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. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period last year, the business posted $1.04 EPS. Tapestry’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. As a group, equities analysts predict 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 was paid on Monday, September 21st. Stockholders of record on Friday, September 4th were given a $0.4625 dividend. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.6%. Tapestry’s payout ratio is 25.38%.

Tapestry Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, Kate Spade New York, Stuart Weitzman, Versace, Jimmy Choo and Michael Kors, offering handbags, footwear, apparel, jewelry, watches, accessories, fragrances and related products.

Tapestry sells its products through company-operated stores, brand websites and other digital channels, as well as wholesale partners, department stores, specialty retailers and travel-retail locations.