Kendall Capital Management Takes Position in Tapestry, Inc. $TPR

Kendall Capital Management acquired a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, HoldingsChannel reports. The firm acquired 13,590 shares of the luxury accessories retailer’s stock, valued at approximately $1,989,000.

Several other institutional investors have also bought and sold shares of the stock. BlackRock Inc. bought a new position in Tapestry in the 2nd quarter valued at about $2,610,995,000. Schroder Investment Management Group raised its position in shares of Tapestry by 92.8% during the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after buying an additional 4,500,850 shares in the last quarter. Norges Bank bought a new stake in shares of Tapestry during the 4th quarter worth about $345,349,000. Wellington Management Group LLP lifted its stake in shares of Tapestry by 632.3% in the 4th quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after acquiring an additional 2,043,353 shares during the period. Finally, State Street Corp lifted its stake in shares of Tapestry by 19.3% in the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock worth $1,044,995,000 after acquiring an additional 1,494,193 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of TPR opened at $130.66 on Friday. 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 firm’s 50 day moving average is $145.13 and its 200-day moving average is $144.76. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The stock has a market capitalization of $26.05 billion, a P/E ratio of 17.92, a P/E/G ratio of 1.65 and a beta of 1.43.

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

Tapestry Increases Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TPR shares. Wells Fargo & Company dropped their target price on Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Citigroup increased their price target on Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Weiss Ratings raised Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday, August 14th. Telsey Advisory Group lifted their price target on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, BTIG Research dropped their price objective on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $175.12.

Insiders Place Their Bets

In related news, CEO Todd Kahn sold 19,557 shares of Tapestry stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the transaction, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by corporate insiders.

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.