Silvant Capital Management LLC Acquires Shares of 47,947 Tapestry, Inc. $TPR

Silvant Capital Management LLC bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, HoldingsChannel reports. The fund bought 47,947 shares of the luxury accessories retailer’s stock, valued at approximately $7,018,000.

A number of other hedge funds also recently made changes to their positions in the business. Woodline Partners LP raised its position in Tapestry by 25.0% in the first quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer’s stock worth $1,231,000 after acquiring an additional 3,495 shares during the period. Acadian Asset Management LLC bought a new position in shares of Tapestry during the 1st quarter valued at approximately $493,000. Sivia Capital Partners LLC bought a new position in shares of Tapestry during the 2nd quarter valued at approximately $602,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Tapestry during the 2nd quarter worth approximately $6,307,000. Finally, Brown Advisory Inc. increased its stake in shares of Tapestry by 13.8% during 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 during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer directly owned 123,258 shares of the company’s stock, valued at approximately $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Joanne C. 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 transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by company insiders.

Tapestry Trading Down 1.8%

Shares of TPR stock opened at $129.38 on Friday. The stock has a market capitalization of $25.80 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 1.67 and a beta of 1.43. The company’s fifty day simple moving average is $145.46 and its two-hundred day simple moving average is $144.86. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year 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 posted its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period last year, the company earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

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

Analysts Set New Price Targets

Several analysts have issued reports on the company. Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a research note on Sunday, August 16th. Daiwa Securities Group upgraded Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday. Raymond James Financial reissued an “outperform” rating and issued a $165.00 price objective on shares of Tapestry in a report on Thursday, April 23rd. Telsey Advisory Group boosted their price objective on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. Finally, Barclays upped their price objective on shares of Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.