Proficio Capital Partners LLC Invests $750,000 in Tapestry, Inc. $TPR

Proficio Capital Partners LLC purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 5,126 shares of the luxury accessories retailer’s stock, valued at approximately $750,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in TPR. BlackRock Inc. purchased a new position in Tapestry in the second quarter valued at approximately $2,610,995,000. Bank of America Corp DE purchased a new position in Tapestry in the second quarter valued at about $771,309,000. Schroder Investment Management Group lifted its stake in shares of Tapestry by 92.8% during the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after purchasing an additional 4,500,850 shares in the last quarter. Norges Bank purchased a new stake in shares of Tapestry in the fourth quarter worth about $345,349,000. Finally, Wellington Management Group LLP lifted its position in shares of Tapestry by 632.3% during the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after purchasing an additional 2,043,353 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on TPR. Telsey Advisory Group increased their price target on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Robert W. Baird boosted their target price 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. Sanford C. Bernstein reaffirmed a “market perform” rating and set a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a report on Tuesday, August 4th. Finally, Wells Fargo & Company decreased their target price on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $175.12.

Tapestry Price Performance

TPR opened at $130.06 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44. The company’s 50-day moving average price is $144.05 and its 200 day moving average price is $144.81. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The firm has a market cap of $25.93 billion, a price-to-earnings ratio of 17.84, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, sell-side analysts expect that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost 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 presently 21.95%.

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.