Voya Investment Management LLC Reduces Stock Position in Tapestry, Inc. $TPR

Voya Investment Management LLC cut its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 46.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 421,191 shares of the luxury accessories retailer’s stock after selling 371,908 shares during the quarter. Voya Investment Management LLC owned approximately 0.20% of Tapestry worth $29,656,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Private Trust Co. NA increased its holdings in Tapestry by 27.2% during the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 153 shares during the last quarter. Mather Group LLC. increased its holdings in Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer’s stock worth $424,000 after purchasing an additional 165 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in Tapestry by 25.2% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer’s stock worth $68,000 after purchasing an additional 194 shares during the last quarter. Harbour Investments Inc. increased its holdings in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 197 shares during the last quarter. Finally, MAI Capital Management increased its holdings in shares of Tapestry by 51.7% in the 1st quarter. MAI Capital Management now owns 593 shares of the luxury accessories retailer’s stock valued at $42,000 after acquiring an additional 202 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the completion of the transaction, the vice president owned 21,098 shares of the company’s stock, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the transaction, the director directly owned 8,153 shares of the company’s stock, valued at approximately $865,767.07. The trade was a 58.13% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

Analyst Ratings Changes

TPR has been the subject of a number of research analyst reports. Wall Street Zen upgraded Tapestry from a “buy” rating to a “strong-buy” rating in a report on Sunday. Sanford C. Bernstein reiterated an “outperform” rating and issued a $112.00 price target on shares of Tapestry in a report on Friday, August 15th. JPMorgan Chase & Co. boosted their price target on Tapestry from $139.00 to $142.00 and gave the company an “overweight” rating in a report on Thursday. Bank of America downgraded Tapestry from a “buy” rating to a “neutral” rating and boosted their price target for the company from $95.00 to $115.00 in a report on Tuesday, July 29th. Finally, Evercore ISI lowered their price objective on Tapestry from $130.00 to $125.00 and set an “outperform” rating for the company in a research note on Friday, August 15th. Seventeen research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $106.47.

Tapestry Price Performance

Shares of TPR opened at $106.55 on Friday. Tapestry, Inc. has a 12 month low of $42.06 and a 12 month high of $114.05. The company has a market cap of $22.18 billion, a P/E ratio of 169.13, a PEG ratio of 2.68 and a beta of 1.52. The stock has a fifty day moving average price of $103.86 and a 200 day moving average price of $85.53. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion during the quarter, compared to analysts’ expectations of $1.67 billion. During the same quarter in the prior year, the business posted $0.92 earnings per share. The company’s revenue for the quarter was up 8.3% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be paid a $0.40 dividend. The ex-dividend date of this dividend is Friday, September 5th. This is a positive change from Tapestry’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. Tapestry’s dividend payout ratio (DPR) is currently 253.97%.

Tapestry Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.