Tapestry, Inc. $TPR Stock Sold by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC lowered its position in shares of Tapestry, Inc. (NYSE:TPR) by 35.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,473 shares of the luxury accessories retailer’s stock after selling 5,253 shares during the period. Verdence Capital Advisors LLC’s holdings in Tapestry were worth $1,090,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Westover Capital Advisors LLC acquired a new position in Tapestry in the third quarter valued at approximately $426,000. Viewpoint Investment Partners Corp purchased a new position in shares of Tapestry during the 3rd quarter worth $276,000. Apollon Wealth Management LLC grew its holdings in shares of Tapestry by 3.1% during the 3rd quarter. Apollon Wealth Management LLC now owns 5,249 shares of the luxury accessories retailer’s stock worth $604,000 after purchasing an additional 160 shares during the period. Valley National Advisers Inc. increased its position in shares of Tapestry by 19.2% during the 3rd quarter. Valley National Advisers Inc. now owns 1,438 shares of the luxury accessories retailer’s stock worth $165,000 after purchasing an additional 232 shares during the last quarter. Finally, Signaturefd LLC increased its position in shares of Tapestry by 19.7% during the 3rd quarter. Signaturefd LLC now owns 3,223 shares of the luxury accessories retailer’s stock worth $371,000 after purchasing an additional 530 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. Morgan Stanley lowered their target price on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research note on Friday, August 14th. Sanford C. Bernstein reiterated a “market perform” rating and set a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. UBS Group reduced their price target on shares of Tapestry from $232.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, October 20th. Finally, Wall Street Zen lowered shares of Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Two 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 stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $170.62.

Tapestry Price Performance

Tapestry stock opened at $111.18 on Thursday. The stock has a market cap of $22.17 billion, a P/E ratio of 15.25, a price-to-earnings-growth ratio of 1.40 and a beta of 1.42. The company has a fifty day simple moving average of $118.19 and a 200-day simple moving average of $137.26. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month 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 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm 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 firm posted $1.04 earnings per share. The company’s revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities analysts expect that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

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

Insider Buying and Selling at Tapestry

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the company’s stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value 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 represents a 21.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, 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 in the company, valued at approximately $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. Corporate insiders own 1.28% of the company’s stock.

Tapestry 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.