Tapestry, Inc. $TPR Stock: Stevens Capital Partners Boosts Position

Stevens Capital Partners lifted its stake in Tapestry, Inc. (NYSE:TPR) by 16.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,914 shares of the luxury accessories retailer’s stock after acquiring an additional 12,733 shares during the period. Tapestry makes up about 1.8% of Stevens Capital Partners’ holdings, making the stock its 15th largest holding. Stevens Capital Partners’ holdings in Tapestry were worth $10,459,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. BlackRock Inc. bought a new position in shares of Tapestry in the second 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 valued at $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Tapestry by 53.8% in 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 period. Amundi raised its position in shares of Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after buying an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Tapestry in the second quarter worth $175,291,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on TPR shares. Sanford C. Bernstein reaffirmed a “market perform” rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Wells Fargo & Company lowered their price objective on shares of Tapestry from $160.00 to $150.00 and set an “overweight” rating on the stock in a research report on Thursday. Barclays increased their target price on Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. TD Cowen assumed coverage on Tapestry in a research report on Friday. They set a “strong-buy” rating on the stock. Finally, Zacks Research lowered Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $170.00.

Tapestry Trading Down 1.5%

Shares of NYSE TPR opened at $116.09 on Friday. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80. The company has a market cap of $23.15 billion, a PE ratio of 15.92, a P/E/G ratio of 1.47 and a beta of 1.42. The firm’s 50 day moving average price is $117.65 and its 200-day moving average price is $137.09. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping 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 company 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 company earned $1.04 EPS. Tapestry’s revenue for the quarter was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, equities research analysts expect that Tapestry, Inc. will post 7.97 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 1.6%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, September 4th. Tapestry’s dividend payout ratio (DPR) is currently 25.38%.

Insider Transactions at Tapestry

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of the 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 owned 21,136 shares in the company, valued at $2,438,671.68. This trade represents a 21.56% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.28% of the stock is currently owned by corporate insiders.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.