Vise Technologies Inc. Makes New Investment in Tapestry, Inc. $TPR

Vise Technologies Inc. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, Holdings Channel.com reports. The firm purchased 17,914 shares of the luxury accessories retailer’s stock, valued at approximately $2,622,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Tapestry during the 2nd quarter worth approximately $2,610,995,000. State Street Corp lifted its holdings in shares of Tapestry by 3.8% in 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 in the last quarter. Schroder Investment Management Group lifted its holdings in shares of 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 valued at $1,194,678,000 after purchasing an additional 4,500,850 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Tapestry by 3.6% in the fourth quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after buying an additional 203,764 shares during the period. Finally, Bank of America Corp DE boosted its position in shares of Tapestry by 9.3% in the first quarter. Bank of America Corp DE now owns 5,041,935 shares of the luxury accessories retailer’s stock worth $711,467,000 after buying an additional 429,338 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity

In other news, CEO Todd Kahn sold 19,557 shares of Tapestry stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company’s stock, 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. 1.32% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TPR shares. Morgan Stanley dropped their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. BTIG Research decreased their price objective on Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Finally, Evercore set a $175.00 target price on Tapestry in a report on Friday, May 8th. Two investment 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 company. According to MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and a consensus price target of $175.12.

Tapestry Trading Up 0.6%

NYSE TPR opened at $130.66 on Friday. 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 1-year low of $93.00 and a 1-year high of $164.80. The firm’s fifty day simple moving average is $145.13 and its 200-day simple moving average is $144.76. The company has a market capitalization of $26.05 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 1.64 and a beta of 1.43.

Tapestry (NYSE:TPR) last released 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. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter last year, the firm earned $1.04 earnings per share. The business’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. As a group, sell-side analysts anticipate 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. Stockholders of record on Friday, September 4th will be paid a dividend of $0.4625 per share. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is 21.95%.

Tapestry Company 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.