6,462 Shares in Tapestry, Inc. $TPR Acquired by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,462 shares of the luxury accessories retailer’s stock, valued at approximately $946,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Woodline Partners LP lifted its position in shares of Tapestry by 25.0% during the 1st quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer’s stock valued at $1,231,000 after acquiring an additional 3,495 shares during the last quarter. Acadian Asset Management LLC acquired a new stake in shares of Tapestry during the first quarter worth $493,000. Sivia Capital Partners LLC purchased a new stake in shares of Tapestry during the second quarter valued at $602,000. Arrowstreet Capital Limited Partnership acquired a new position in shares of Tapestry in the 2nd quarter valued at $6,307,000. Finally, Brown Advisory Inc. increased its stake in Tapestry by 13.8% in the 2nd quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer’s stock worth $319,000 after purchasing an additional 439 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on TPR shares. Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Robert W. Baird lifted their price objective on shares of Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 29th. Wells Fargo & Company reduced their target price on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a report on Thursday, August 13th. Sanford C. Bernstein reiterated a “market perform” rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Finally, Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. 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 stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $175.12.

Tapestry Trading Up 1.5%

Tapestry stock opened at $132.16 on Tuesday. Tapestry, Inc. has a one year low of $93.00 and a one year high of $164.80. The company’s fifty day moving average price is $144.75 and its two-hundred day moving average price is $144.91. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The company has a market capitalization of $26.35 billion, a price-to-earnings ratio of 18.13, a PEG ratio of 1.65 and a beta of 1.43.

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, topping the consensus estimate of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the company posted $1.04 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. Tapestry’s dividend payout ratio is presently 21.95%.

Insider Transactions at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares in the company, 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 SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company’s stock.

Tapestry 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.