Freestone Grove Partners LP Buys Shares of 314,762 Tapestry, Inc. $TPR

Freestone Grove Partners LP purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 314,762 shares of the luxury accessories retailer’s stock, valued at approximately $46,075,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. BlackRock Inc. acquired a new stake in shares of Tapestry in the second quarter valued at $2,610,995,000. Schroder Investment Management Group lifted its stake in Tapestry by 92.8% during 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 acquiring an additional 4,500,850 shares in the last quarter. Norges Bank acquired a new position in Tapestry during the 4th quarter worth about $345,349,000. Wellington Management Group LLP boosted its holdings in 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 acquiring an additional 2,043,353 shares during the period. Finally, State Street Corp boosted its holdings in Tapestry by 19.3% during the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock valued at $1,044,995,000 after acquiring an additional 1,494,193 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Down 0.0%

Shares of Tapestry stock opened at $130.06 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80. The company has a market capitalization of $25.93 billion, a P/E ratio of 17.84, a P/E/G ratio of 1.65 and a beta of 1.43. The company has a 50 day moving average of $144.05 and a 200 day moving average of $144.81.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, beating 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 company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the firm posted $1.04 EPS. The company’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. As a group, research analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.4%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. Tapestry’s dividend payout ratio is currently 21.95%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on TPR. Wall Street Zen lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Evercore set a $175.00 price objective on shares of Tapestry in a report on Friday, May 8th. Sanford C. Bernstein reissued a “market perform” rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Morgan Stanley reduced 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, August 14th. Finally, 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. 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $175.12.

Insiders Place Their Bets

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The stock was 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 of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.

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.