Foster & Motley Inc. Acquires New Shares in Tapestry, Inc. $TPR

Foster & Motley Inc. bought a new position in Tapestry, Inc. (NYSE:TPR) in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 19,598 shares of the luxury accessories retailer’s stock, valued at approximately $2,869,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. BlackRock Inc. purchased a new stake in shares of Tapestry during the 2nd quarter valued at about $2,610,995,000. State Street Corp lifted its position in Tapestry by 3.8% during the fourth quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after purchasing an additional 348,334 shares during the period. Schroder Investment Management Group boosted its holdings in Tapestry by 92.8% in the fourth 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 last quarter. Geode Capital Management LLC grew its position in Tapestry by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after purchasing an additional 203,764 shares during the period. Finally, Bank of America Corp DE grew its position in Tapestry by 9.3% in the 1st quarter. Bank of America Corp DE now owns 5,041,935 shares of the luxury accessories retailer’s stock worth $711,467,000 after purchasing an additional 429,338 shares during the period. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 2.5%

NYSE TPR opened at $132.23 on Wednesday. The stock’s 50 day moving average is $145.97 and its 200 day moving average is $144.81. 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, Inc. has a 12 month low of $93.00 and a 12 month high of $164.80. The stock has a market cap of $26.37 billion, a PE ratio of 18.14, a P/E/G ratio of 1.15 and a beta of 1.43.

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 analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company’s revenue was up 8.9% on a year-over-year basis. During the same period last year, the firm posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts predict that Tapestry, Inc. will post 7.96 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, September 4th. This is an increase from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio is presently 21.95%.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the transaction, the chief executive officer owned 123,258 shares of the company’s stock, valued at $17,258,585.16. This represents a 13.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.32% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

TPR has been the topic of a number of research reports. Weiss Ratings upgraded Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday. Wells Fargo & Company lowered their target price on Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a research report on Thursday, August 13th. Telsey Advisory Group boosted their price target on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Citigroup upped their price target on Tapestry from $165.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. Finally, Morgan Stanley decreased their price objective on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $175.12.

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.