NewEdge Advisors LLC Grows Stock Position in Tapestry, Inc. $TPR

NewEdge Advisors LLC boosted its holdings in Tapestry, Inc. (NYSE:TPR) by 15.8% during the second quarter, HoldingsChannel reports. The fund owned 80,827 shares of the luxury accessories retailer’s stock after buying an additional 11,010 shares during the period. NewEdge Advisors LLC’s holdings in Tapestry were worth $11,832,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. World Investment Advisors grew its holdings in shares of 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 purchasing an additional 69 shares during the period. Horizon Bancorp Inc. IN lifted its position 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 buying an additional 71 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Tapestry by 2.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock worth $477,000 after buying an additional 73 shares during the period. Eastern Bank increased 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 valued at $57,000 after acquiring an additional 77 shares during the last quarter. Finally, NewEdge Wealth LLC increased 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 valued at $450,000 after acquiring an additional 85 shares during the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, insider Denise Kulikowsky sold 5,810 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the sale, the insider directly owned 21,136 shares of the company’s stock, valued at approximately $2,438,671.68. This represents a 21.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’s stock in a transaction 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 sale, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by insiders.

Tapestry Trading Up 2.2%

NYSE:TPR opened at $118.39 on Friday. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The firm has a market cap of $23.61 billion, a PE ratio of 16.24, a price-to-earnings-growth ratio of 1.47 and a beta of 1.42. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. The stock has a fifty day moving average price of $137.94 and a 200 day moving average price of $142.10.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. The company 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%.Tapestry’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.6%. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, September 4th. Tapestry’s dividend payout ratio is 25.38%.

Analyst Ratings Changes

A number of research firms have commented on TPR. UBS Group restated a “buy” rating on shares of Tapestry in a research note on Tuesday. Barclays boosted their price objective on Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Zacks Research lowered Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Sanford C. Bernstein restated a “market perform” rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Finally, Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $175.12.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. Its portfolio includes Coach, known for handbags, leather goods, footwear, apparel, jewelry, watches, and fragrance; Kate Spade New York, which offers handbags, accessories, apparel, footwear, jewelry, home products, and fragrance; and Stuart Weitzman, a designer of women’s luxury footwear.

The company sells its products through directly operated stores, e-commerce platforms, wholesale partners, and specialty retailers.