Meritage Portfolio Management Trims Holdings in Tapestry, Inc. $TPR

Meritage Portfolio Management reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 2.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 117,566 shares of the luxury accessories retailer’s stock after selling 2,595 shares during the quarter. Meritage Portfolio Management owned 0.06% of Tapestry worth $10,323,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. First PREMIER Bank purchased a new position in shares of Tapestry during the 2nd quarter valued at approximately $25,000. Flaharty Asset Management LLC purchased a new position in shares of Tapestry during the 1st quarter valued at approximately $25,000. Harbour Investments Inc. boosted its stake in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock valued at $25,000 after buying an additional 197 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in shares of Tapestry during the 1st quarter valued at approximately $29,000. Finally, Ameritas Advisory Services LLC purchased a new position in shares of Tapestry during the 2nd quarter valued at approximately $37,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Sanford C. Bernstein reiterated an “outperform” rating and set a $112.00 target price on shares of Tapestry in a research note on Friday, August 15th. JPMorgan Chase & Co. upped their price target on Tapestry from $139.00 to $142.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Cowen reissued a “buy” rating on shares of Tapestry in a research report on Thursday, August 7th. Evercore ISI dropped their price target on Tapestry from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 15th. Finally, UBS Group dropped their price target on Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, August 15th. Seventeen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $108.42.

Tapestry Price Performance

Shares of NYSE TPR opened at $108.35 on Friday. Tapestry, Inc. has a 1-year low of $43.07 and a 1-year high of $117.77. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. The business’s fifty day moving average price is $107.67 and its two-hundred day moving average price is $90.72. The firm has a market capitalization of $22.43 billion, a PE ratio of 171.98, a P/E/G ratio of 2.61 and a beta of 1.57.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share 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 firm had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.67 billion. During the same period last year, the company earned $0.92 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were given a $0.40 dividend. This is a boost from Tapestry’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Friday, September 5th. Tapestry’s dividend payout ratio is 253.97%.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the firm’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares of the company’s stock, valued at approximately $2,089,756.90. This trade represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the firm’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the transaction, the director directly owned 8,153 shares in the company, valued at $865,767.07. This trade represents a 58.13% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.32% of the stock is owned by company insiders.

Tapestry Company 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.