Steward Partners Investment Advisory LLC Sells 2,340 Shares of Tapestry, Inc. $TPR

Steward Partners Investment Advisory LLC trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 2.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 94,925 shares of the luxury accessories retailer’s stock after selling 2,340 shares during the period. Steward Partners Investment Advisory LLC’s holdings in Tapestry were worth $8,335,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Harbour Investments Inc. grew its stake in Tapestry by 120.1% in the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares in the last quarter. Flaharty Asset Management LLC bought a new stake in shares of Tapestry during the 1st quarter worth $25,000. First PREMIER Bank purchased a new position in Tapestry in the second quarter worth $25,000. Vestor Capital LLC purchased a new position in Tapestry in the second quarter worth $27,000. Finally, Caitong International Asset Management Co. Ltd bought a new position in Tapestry in the first quarter valued at $29,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of Tapestry stock opened at $107.70 on Wednesday. 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 50 day simple moving average is $110.49 and its two-hundred day simple moving average is $100.27. The stock has a market capitalization of $22.04 billion, a P/E ratio of 170.95, a price-to-earnings-growth ratio of 2.72 and a beta of 1.71. Tapestry, Inc. has a one year low of $58.39 and a one year high of $118.56.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The firm had revenue of $1.70 billion during the quarter, compared to analyst estimates of $1.63 billion. During the same quarter in the prior year, the firm posted $0.84 earnings per share. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 5th will be given a $0.40 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. Tapestry’s payout ratio is presently 142.86%.

Tapestry declared that its board has initiated a stock buyback plan on Thursday, November 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the luxury accessories retailer to repurchase up to 4.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Cowen reaffirmed a “buy” rating on shares of Tapestry in a research note on Thursday, August 7th. Jefferies Financial Group raised their price objective on Tapestry from $125.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. JPMorgan Chase & Co. boosted their target price on Tapestry from $147.00 to $148.00 and gave the stock an “overweight” rating in a research report on Monday, November 17th. Wall Street Zen raised Tapestry from a “buy” rating to a “strong-buy” rating in a research note on Monday, November 10th. Finally, Evercore ISI lifted their price target on shares of Tapestry from $125.00 to $129.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. Eighteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $119.26.

Insider Activity

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction dated 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 directly owned 8,153 shares in the company, valued at approximately $865,767.07. This represents a 58.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider David E. Howard sold 25,029 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $102.50, for a total value of $2,565,472.50. Following the completion of the sale, the insider directly owned 55,354 shares in the company, valued at $5,673,785. The trade was a 31.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 126,222 shares of company stock valued at $13,168,985. 1.32% of the stock is owned by corporate insiders.

About Tapestry

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.