Equitable Holdings Inc. Makes New $1.23 Million Investment in Tapestry, Inc. $TPR

Equitable Holdings Inc. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 8,433 shares of the luxury accessories retailer’s stock, valued at approximately $1,234,000.

Other institutional investors have also recently made changes to their positions in the company. Woodline Partners LP grew its holdings in Tapestry by 25.0% during the 1st 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 in the last quarter. Acadian Asset Management LLC bought a new stake in shares of Tapestry in the 1st quarter valued at about $493,000. Sivia Capital Partners LLC purchased a new stake in shares of Tapestry in the 2nd quarter worth approximately $602,000. Arrowstreet Capital Limited Partnership purchased a new stake in shares of Tapestry in the 2nd quarter worth approximately $6,307,000. Finally, Brown Advisory Inc. boosted its stake in shares of Tapestry by 13.8% during the second quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer’s stock valued at $319,000 after purchasing an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’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 completion of the transaction, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on TPR shares. Wells Fargo & Company cut their price objective on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Zacks Research cut Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Morgan Stanley dropped their target price on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. BTIG Research cut their price target on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Finally, Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Stock Up 2.0%

TPR stock opened at $125.75 on Friday. The stock has a market capitalization of $25.07 billion, a PE ratio of 17.25, a price-to-earnings-growth ratio of 1.56 and a beta of 1.43. Tapestry, Inc. has a 52 week low of $93.00 and a 52 week high of $164.80. 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 firm has a 50 day moving average of $143.26 and a 200 day moving average of $144.48.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion for 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%. Tapestry’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Sell-side analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.5%. 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. Tapestry’s payout ratio 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.