Tapestry, Inc. $TPR Stock: Verdence Capital Advisors LLC Trims Position

Verdence Capital Advisors LLC lowered its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 35.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,473 shares of the luxury accessories retailer’s stock after selling 5,253 shares during the period. Verdence Capital Advisors LLC’s holdings in Tapestry were worth $1,090,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in shares of Tapestry during the second quarter worth about $2,610,995,000. Bank of America Corp DE acquired a new position in Tapestry in the 2nd quarter valued at about $771,309,000. Bank of New York Mellon Corp acquired a new position in Tapestry in the 2nd quarter valued at about $175,291,000. Amundi raised its stake in Tapestry by 96.0% during the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock valued at $249,751,000 after acquiring an additional 866,969 shares during the last quarter. Finally, Legal & General Group Plc purchased a new stake in Tapestry during the 2nd quarter valued at approximately $118,994,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

NYSE:TPR opened at $111.18 on Thursday. The firm’s fifty day simple moving average is $118.19 and its 200-day simple moving average is $137.26. 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 stock has a market cap of $22.17 billion, a PE ratio of 15.25, a price-to-earnings-growth ratio of 1.40 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.

Tapestry (NYSE:TPR) last announced its quarterly earnings data 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 firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter last year, the business earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Analysts expect that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.7%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend was Friday, September 4th. Tapestry’s dividend payout ratio is 25.38%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TPR shares. Barclays increased their price objective on Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Daiwa Securities Group upgraded Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Raymond James Financial decreased their price target on Tapestry from $165.00 to $140.00 and set an “outperform” rating for the company in a report on Friday, October 16th. Telsey Advisory Group lifted their price objective on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research report on Thursday, August 6th. Finally, Robert W. Baird dropped their price objective on shares of Tapestry from $165.00 to $150.00 and set an “outperform” rating on the stock in a research note on Tuesday. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $170.62.

Insider Buying and Selling

In other news, insider Denise Kulikowsky sold 5,810 shares of Tapestry stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the sale, the insider directly owned 21,136 shares in the company, valued at approximately $2,438,671.68. This trade represents a 21.56% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joanne Crevoiserat sold 27,761 shares of the business’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 SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by company insiders.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.