Saudi Central Bank Purchases 6,618 Shares of Tapestry, Inc. $TPR

Saudi Central Bank increased its position in shares of Tapestry, Inc. (NYSE:TPR) by 87.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,172 shares of the luxury accessories retailer’s stock after purchasing an additional 6,618 shares during the period. Saudi Central Bank’s holdings in Tapestry were worth $2,074,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Tapestry during the second quarter worth $2,610,995,000. State Street Corp grew its stake in shares of Tapestry by 3.8% in the fourth quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after acquiring an additional 348,334 shares in the last quarter. Schroder Investment Management Group grew its stake in shares of Tapestry by 92.8% in the fourth quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock valued at $1,194,678,000 after acquiring an additional 4,500,850 shares in the last quarter. Geode Capital Management LLC increased its position in Tapestry by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after acquiring an additional 203,764 shares during the period. Finally, Bank of America Corp DE bought a new position in Tapestry during the second quarter worth about $771,309,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Performance

Shares of Tapestry stock opened at $122.01 on Tuesday. The company’s 50 day moving average price is $140.21 and its two-hundred day moving average price is $143.09. The firm has a market capitalization of $24.33 billion, a P/E ratio of 16.74, a P/E/G ratio of 1.55 and a beta of 1.42. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25.

Tapestry (NYSE:TPR) last announced 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 net margin of 19.09% and a return on equity of 254.95%. The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the prior year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, equities analysts forecast 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. Shareholders of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 4th. This is a boost from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is currently 25.38%.

Insider Transactions at Tapestry

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. UBS Group boosted their price objective on shares of Tapestry from $230.00 to $232.00 and gave the company a “buy” rating in a report on Friday, August 14th. BTIG Research lowered their target price on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Zacks Research downgraded shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Wells Fargo & Company cut their price target on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Finally, Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Two equities research 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 company’s stock. According to data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

About Tapestry

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.