Commerce Bank Buys Shares of 104,633 Tapestry, Inc. $TPR

Commerce Bank bought a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 104,633 shares of the luxury accessories retailer’s stock, valued at approximately $15,316,000.

A number of other large investors also recently modified their holdings of TPR. BlackRock Inc. bought a new stake in shares of Tapestry during the 2nd quarter valued at about $2,610,995,000. Schroder Investment Management Group boosted its stake in 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 during the period. Norges Bank acquired a new position in Tapestry in the fourth quarter valued at approximately $345,349,000. Wellington Management Group LLP grew its holdings in shares of Tapestry by 632.3% during the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock valued at $302,368,000 after purchasing an additional 2,043,353 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Tapestry by 19.3% during the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock valued at $1,044,995,000 after purchasing an additional 1,494,193 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tapestry

In related news, CEO Todd Kahn sold 19,557 shares of the company’s 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 completion of the sale, the chief executive officer owned 123,258 shares of the company’s stock, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the company’s 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 of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. 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. Corporate insiders own 1.32% of the company’s stock.

Analyst Upgrades and Downgrades

TPR has been the topic of several recent research reports. Robert W. Baird raised their price target on Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. UBS Group upped their price objective on Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Weiss Ratings raised Tapestry from a “hold (c)” rating to a “buy (b-)” 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. Finally, Telsey Advisory Group boosted their price target on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Stock Performance

TPR opened at $130.66 on Friday. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. The business’s 50 day moving average is $145.13 and its 200-day moving average is $144.76. The stock has a market cap of $26.05 billion, a PE ratio of 17.92, a price-to-earnings-growth ratio of 1.65 and a beta of 1.43. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period in the prior year, the company posted $1.04 EPS. The business’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, analysts predict that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is currently 21.95%.

Tapestry Company Profile

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.