Tapestry, Inc. $TPR Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR) by 19.8% during the second quarter, Holdings Channel reports. The firm owned 27,089 shares of the luxury accessories retailer’s stock after selling 6,692 shares during the period. HighTower Advisors LLC’s holdings in Tapestry were worth $3,965,000 as of its most recent filing with the Securities and Exchange Commission.

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

Tapestry Stock Up 2.2%

TPR stock opened at $118.39 on Friday. The firm has a market cap of $23.61 billion, a PE ratio of 16.24, a P/E/G ratio of 1.47 and a beta of 1.42. Tapestry, Inc. has a 12 month low of $93.00 and a 12 month 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 50 day simple moving average of $137.94 and a 200 day simple moving average of $142.10.

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, topping analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities research analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company 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 dividend of $0.4625 per share. This is an increase 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%. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio (DPR) is presently 25.38%.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Barclays boosted their target price on shares of Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Wall Street Zen cut Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. UBS Group reissued a “buy” rating on shares of Tapestry in a report on Tuesday. Finally, Morgan Stanley lowered their target price on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $175.12.

Insider Activity at Tapestry

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 21,136 shares in the company, valued at approximately $2,438,671.68. This trade represents a 21.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’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 transaction of $3,677,499.67. Following the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% 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. Its portfolio includes Coach, known for handbags, leather goods, footwear, apparel, jewelry, watches, and fragrance; Kate Spade New York, which offers handbags, accessories, apparel, footwear, jewelry, home products, and fragrance; and Stuart Weitzman, a designer of women’s luxury footwear.

The company sells its products through directly operated stores, e-commerce platforms, wholesale partners, and specialty retailers.