Kingsview Wealth Management LLC Buys Shares of 10,452 Tapestry, Inc. $TPR

Kingsview Wealth Management LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 10,452 shares of the luxury accessories retailer’s stock, valued at approximately $1,530,000.

A number of other hedge funds have also made changes to their positions in the stock. Cetera Trust Company N.A acquired a new stake in Tapestry in the second quarter valued at $26,000. Acumen Wealth Advisors LLC acquired a new position in Tapestry during the 4th quarter worth $28,000. Triumph Capital Management bought a new stake in shares of Tapestry in the 3rd quarter worth about $29,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Tapestry in the 2nd quarter worth about $31,000. Finally, Virtus Advisers LLC acquired a new stake in shares of Tapestry in the 2nd quarter valued at about $32,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Buying and Selling

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’s stock in a transaction that occurred 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 in the company, 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 Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TPR shares. UBS Group lifted their price target on Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Morgan Stanley cut their price objective on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research note on Friday, August 14th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Wells Fargo & Company lowered their price target on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Finally, Telsey Advisory Group upped their price target on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Stock Performance

TPR stock opened at $125.75 on Friday. 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 stock has a market capitalization of $25.07 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.59 and a beta of 1.43. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. The stock’s fifty day moving average is $143.26 and its two-hundred day moving average is $144.48.

Tapestry (NYSE:TPR) last announced its quarterly 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 company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the previous year, the company posted $1.04 earnings per share. The company’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, research analysts predict that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a $0.4625 dividend. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. This represents a $1.85 annualized dividend and a yield of 1.5%. Tapestry’s payout ratio is currently 21.95%.

About Tapestry

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.