Wellington Management Group LLP Lowers Holdings in Tapestry, Inc. $TPR

Wellington Management Group LLP reduced its position in Tapestry, Inc. (NYSE:TPR) by 56.7% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 955,417 shares of the luxury accessories retailer’s stock after selling 1,251,156 shares during the quarter. Wellington Management Group LLP’s holdings in Tapestry were worth $139,854,000 as of its most recent filing with the SEC.

Other large investors also recently bought and sold shares of the company. World Investment Advisors boosted its holdings in shares of Tapestry by 3.6% in the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after acquiring an additional 69 shares in the last quarter. Horizon Bancorp Inc. IN raised its holdings 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 purchasing an additional 71 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings 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 purchasing an additional 73 shares in the last quarter. Eastern Bank lifted its position in Tapestry by 24.4% in the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock valued at $57,000 after purchasing an additional 77 shares during the period. Finally, NewEdge Wealth LLC lifted its position in Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after purchasing an additional 85 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $123.33 on Tuesday. The firm has a 50 day moving average of $142.75 and a 200-day moving average of $144.20. The company has a market cap of $24.59 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 1.59 and a beta of 1.43. 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.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping 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 business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the firm posted $1.04 EPS. The company’s 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, equities analysts expect that Tapestry, Inc. will post 7.94 EPS 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 given a $0.4625 dividend. This is an increase from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio (DPR) is 21.95%.

Insider Buying and Selling at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on 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 transaction, the chief executive officer 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. Evercore set a $175.00 target price on Tapestry in a research report on Friday, May 8th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Weiss Ratings upgraded Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research report on Friday, August 14th. Finally, Sanford C. Bernstein reissued a “market perform” rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Two equities research 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average 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.