State of Alaska Department of Revenue cut its stake in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 3.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 23,326 shares of the luxury accessories retailer’s stock after selling 925 shares during the period. State of Alaska Department of Revenue’s holdings in Tapestry were worth $2,048,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Kathmere Capital Management LLC purchased a new position in Tapestry during the second quarter valued at $551,000. Signet Financial Management LLC lifted its position in Tapestry by 3.4% during the second quarter. Signet Financial Management LLC now owns 19,491 shares of the luxury accessories retailer’s stock valued at $1,712,000 after purchasing an additional 638 shares in the last quarter. Mather Group LLC. lifted its position in Tapestry by 11.5% during the second quarter. Mather Group LLC. now owns 6,709 shares of the luxury accessories retailer’s stock valued at $589,000 after purchasing an additional 691 shares in the last quarter. Ballentine Partners LLC lifted its position in Tapestry by 16.4% during the second quarter. Ballentine Partners LLC now owns 3,595 shares of the luxury accessories retailer’s stock valued at $316,000 after purchasing an additional 507 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC purchased a new position in Tapestry during the second quarter valued at $409,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on TPR shares. Sanford C. Bernstein restated an “outperform” rating and issued a $112.00 price objective on shares of Tapestry in a research report on Friday, August 15th. JPMorgan Chase & Co. boosted their price objective on Tapestry from $139.00 to $142.00 and gave the company an “overweight” rating in a research report on Thursday, September 11th. Cowen restated a “buy” rating on shares of Tapestry in a research report on Thursday, August 7th. Bank of America downgraded Tapestry from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $95.00 to $115.00 in a research report on Tuesday, July 29th. Finally, Evercore ISI lowered their price objective on Tapestry from $130.00 to $125.00 and set an “outperform” rating on the stock in a research report on Friday, August 15th. Seventeen equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $106.47.
Insider Activity at Tapestry
In other Tapestry news, Director Alan Ka Ming Lau sold 11,320 shares of the business’s stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the sale, the director directly owned 8,153 shares of the company’s stock, valued at $865,767.07. The trade was a 58.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Manesh Dadlani sold 7,882 shares of the business’s stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the sale, the vice president directly owned 21,098 shares in the company, valued at $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company’s stock.
Tapestry Price Performance
NYSE:TPR opened at $115.73 on Friday. The business’s 50-day moving average is $106.96 and its 200 day moving average is $88.92. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. Tapestry, Inc. has a 12 month low of $43.07 and a 12 month high of $117.00. The company has a market capitalization of $23.96 billion, a P/E ratio of 183.70, a P/E/G ratio of 2.74 and a beta of 1.57.
Tapestry (NYSE:TPR – Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The company had revenue of $1.72 billion for the quarter, compared to analysts’ expectations of $1.67 billion. During the same period in the previous year, the firm posted $0.92 earnings per share. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.
Tapestry Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, September 5th. This is an increase from Tapestry’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.4%. Tapestry’s payout ratio is presently 253.97%.
Tapestry Profile
Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.
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