Tapestry, Inc. (NYSE:TPR) to Issue Dividend Increase – $0.46 Per Share

Tapestry, Inc. (NYSE:TPR) declared a quarterly dividend on Thursday, August 13th. Investors of record on Friday, September 4th will be given a dividend of 0.4625 per share by the luxury accessories retailer on Monday, September 21st. This represents a c) annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, September 4th. This is a 15.6% increase from Tapestry’s previous quarterly dividend of $0.40.

Tapestry has increased its dividend by an average of 0.1%annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Tapestry has a dividend payout ratio of 29.7% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Tapestry to earn $7.78 per share next year, which means the company should continue to be able to cover its $1.60 annual dividend with an expected future payout ratio of 20.6%.

Tapestry Stock Down 16.4%

NYSE TPR traded down $25.18 during trading hours on Thursday, hitting $128.56. 8,514,927 shares of the company were exchanged, compared to its average volume of 2,403,485. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. The firm has a market cap of $25.97 billion, a price-to-earnings ratio of 41.21, a PEG ratio of 1.46 and a beta of 1.43. The company has a 50 day moving average of $146.94 and a two-hundred day moving average of $144.75. Tapestry has a 52-week low of $92.62 and a 52-week high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data 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 return on equity of 229.70% and a net margin of 8.44%.The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the business posted $1.04 EPS. The business’s quarterly 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 research analysts anticipate that Tapestry will post 6.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 19,557 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the transaction, the chief executive officer directly owned 123,258 shares of the company’s stock, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.32% of the stock is currently owned by insiders.

Institutional Trading of Tapestry

Several institutional investors have recently modified their holdings of TPR. World Investment Advisors raised its position in shares of Tapestry by 3.6% during the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after buying an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN grew its position in Tapestry by 4.7% during the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock worth $222,000 after buying an additional 71 shares in the last quarter. Smartleaf Asset Management LLC grew its position in Tapestry by 2.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock worth $477,000 after buying an additional 73 shares in the last quarter. Eastern Bank increased its stake in Tapestry by 24.4% during the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock valued at $57,000 after acquiring an additional 77 shares during the period. Finally, NewEdge Wealth LLC increased its stake in Tapestry by 2.7% during the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after acquiring an additional 85 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

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.