Caisse de depot et placement du Quebec Takes $74.20 Million Position in Tapestry, Inc. $TPR

Caisse de depot et placement du Quebec bought a new position in shares of Tapestry, Inc. (NYSE:TPR) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 506,895 shares of the luxury accessories retailer’s stock, valued at approximately $74,199,000. Caisse de depot et placement du Quebec owned 0.25% of Tapestry at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. purchased a new position in Tapestry during the 2nd quarter valued at $2,610,995,000. Schroder Investment Management Group lifted its position in shares of Tapestry by 92.8% in the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after purchasing an additional 4,500,850 shares during the period. Norges Bank purchased a new stake in shares of Tapestry in the 4th quarter worth about $345,349,000. Wellington Management Group LLP boosted its stake in shares of Tapestry by 632.3% during the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock valued at $302,368,000 after purchasing an additional 2,043,353 shares in the last quarter. Finally, State Street Corp increased its position in shares of Tapestry by 19.3% during the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock valued at $1,044,995,000 after buying an additional 1,494,193 shares during the period. Hedge funds and other institutional investors 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 dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Tapestry Stock Performance

Tapestry stock opened at $123.14 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The company has a market capitalization of $24.55 billion, a P/E ratio of 16.89, a PEG ratio of 1.65 and a beta of 1.43. The stock’s 50 day moving average is $143.63 and its 200 day moving average is $144.61. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $1.87 billion. During the same quarter last year, the company earned $1.04 EPS. The firm’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 predict 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. Investors of record on Friday, September 4th will be paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio (DPR) is presently 21.95%.

Analyst Upgrades and Downgrades

Several brokerages have commented on TPR. Barclays raised their price objective on shares of Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a report on Friday, August 14th. UBS Group increased their target price on Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. BTIG Research lowered their target price on Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 14th. JPMorgan Chase & Co. lifted their price target on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, Weiss Ratings raised Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Profile

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.