Freedom Investment Management Inc. Cuts Stock Holdings in Tapestry, Inc. $TPR

Freedom Investment Management Inc. trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 76.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 3,854 shares of the luxury accessories retailer’s stock after selling 12,791 shares during the period. Freedom Investment Management Inc.’s holdings in Tapestry were worth $338,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Ethic Inc. purchased a new stake in Tapestry during the second quarter valued at about $968,000. Parcion Private Wealth LLC purchased a new stake in Tapestry during the second quarter valued at about $249,000. Cookson Peirce & Co. Inc. boosted its position in Tapestry by 11.3% during the second quarter. Cookson Peirce & Co. Inc. now owns 13,888 shares of the luxury accessories retailer’s stock valued at $1,220,000 after buying an additional 1,410 shares during the period. Legacy Wealth Asset Management LLC boosted its position in Tapestry by 17.8% during the second quarter. Legacy Wealth Asset Management LLC now owns 7,797 shares of the luxury accessories retailer’s stock valued at $685,000 after buying an additional 1,176 shares during the period. Finally, IMG Wealth Management Inc. purchased a new stake in Tapestry during the second quarter valued at about $135,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on TPR. Raymond James Financial upped their price target on shares of Tapestry from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 21st. Bank of America lowered shares of Tapestry from a “buy” rating to a “neutral” rating and increased their target price for the stock from $95.00 to $115.00 in a report on Tuesday, July 29th. BTIG Research started coverage on shares of Tapestry in a report on Tuesday, October 14th. They set a “buy” rating and a $140.00 target price for the company. Barclays increased their target price on shares of Tapestry from $111.00 to $127.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Tapestry in a report on Friday. Eighteen equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $113.35.

Tapestry Price Performance

TPR stock opened at $114.71 on Monday. The firm has a 50 day moving average price of $109.19 and a 200-day moving average price of $94.28. Tapestry, Inc. has a 52-week low of $46.77 and a 52-week high of $118.56. The firm has a market capitalization of $23.75 billion, a price-to-earnings ratio of 182.08, a PEG ratio of 2.76 and a beta of 1.57. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87.

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

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 22nd. Investors of record on Friday, September 5th were given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. This is an increase from Tapestry’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend was Friday, September 5th. Tapestry’s payout ratio is 253.97%.

Insider Activity at Tapestry

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

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.