Cibc World Market Inc. Takes $12.97 Million Position in Tapestry, Inc. $TPR

Cibc World Market Inc. bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, Holdings Channel reports. The institutional investor bought 88,586 shares of the luxury accessories retailer’s stock, valued at approximately $12,967,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. World Investment Advisors boosted its stake in Tapestry by 3.6% during the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after acquiring an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN increased its stake in Tapestry by 4.7% in the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock valued at $222,000 after purchasing an additional 71 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in Tapestry by 2.0% in 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 during the period. Eastern Bank boosted its position in shares of Tapestry by 24.4% during the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after purchasing an additional 77 shares in the last quarter. Finally, NewEdge Wealth LLC boosted its position in shares of Tapestry by 2.7% during the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock worth $450,000 after purchasing an additional 85 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Tapestry Price Performance

Shares of NYSE TPR opened at $132.16 on Tuesday. The firm has a market cap of $26.35 billion, a PE ratio of 18.13, a PEG ratio of 1.65 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 1-year low of $93.00 and a 1-year high of $164.80. The company has a fifty day moving average price of $144.75 and a 200 day moving average price of $144.91.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. The firm had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same quarter last year, the business posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts predict that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. Tapestry’s payout ratio is currently 21.95%.

Insider Buying and Selling at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 directly owned 666,149 shares of the company’s stock, valued at $88,244,758.03. This trade represents a 4.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on TPR shares. BTIG Research lowered their price objective on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Morgan Stanley reduced their target price on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. 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 research note on Friday, August 14th. Zacks Research downgraded Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Company 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.