Vest Financial LLC Makes New Investment in Tapestry, Inc. $TPR

Vest Financial LLC bought a new stake in Tapestry, Inc. (NYSE:TPR) during the third quarter, Holdings Channel reports. The institutional investor bought 16,298 shares of the luxury accessories retailer’s stock, valued at approximately $1,875,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Tapestry during the 2nd quarter worth about $2,610,995,000. Bank of America Corp DE acquired a new stake in shares of Tapestry during the 2nd quarter valued at about $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Tapestry by 53.8% in the 2nd 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 valued at $317,586,000 after buying an additional 758,915 shares in the last quarter. Amundi grew its stake in shares of Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after buying an additional 866,969 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of Tapestry in the 2nd quarter valued at approximately $175,291,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

NYSE TPR opened at $110.34 on Friday. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The stock’s 50-day moving average is $119.18 and its two-hundred day moving average is $135.61. The firm has a market cap of $22.00 billion, a P/E ratio of 15.14, a price-to-earnings-growth ratio of 1.40 and a beta of 1.42. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.04. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were issued a $0.4625 dividend. This is an increase from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, September 4th. This represents a $1.85 annualized dividend and a yield of 1.7%. Tapestry’s dividend payout ratio is presently 25.38%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on TPR shares. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. BTIG Research reduced their target price on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Morgan Stanley decreased their target price on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. Zacks Research downgraded shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Finally, Barclays increased their price target on shares of Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research note 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 assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $171.56.

Insider Activity at Tapestry

In related news, insider Denise Kulikowsky sold 5,810 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value 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. The trade was a 21.56% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joanne Crevoiserat sold 27,761 shares of the company’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 sale, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by 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.