Primecap Management Co. CA Takes $2.83 Million Position in Tapestry, Inc. $TPR

Primecap Management Co. CA bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, Holdings Channel.com reports. The firm bought 19,300 shares of the luxury accessories retailer’s stock, valued at approximately $2,825,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Cetera Trust Company N.A bought a new stake in Tapestry in the second quarter valued at approximately $26,000. Acumen Wealth Advisors LLC bought a new position in shares of Tapestry in the fourth quarter worth approximately $28,000. Triumph Capital Management purchased a new position in shares of Tapestry in the third quarter worth $29,000. Keating Financial Advisory Services Inc. purchased a new position in shares of Tapestry in the second quarter worth $31,000. Finally, Virtus Advisers LLC bought a new stake in Tapestry during the 2nd quarter valued at $32,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Trading Down 0.0%

NYSE:TPR opened at $130.06 on Thursday. The company has a 50-day moving average price of $144.05 and a 200-day moving average price of $144.81. Tapestry, Inc. has a 12 month low of $93.00 and a 12 month high of $164.80. 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 stock has a market cap of $25.93 billion, a price-to-earnings ratio of 17.84, a P/E/G ratio of 1.65 and a beta of 1.43.

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

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 1.4%. 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 presently 21.95%.

Insiders Place Their Bets

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company’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 transaction of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares in the company, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 1.32% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on TPR. Barclays increased their price target on shares of Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. UBS Group boosted their price objective on shares of Tapestry from $230.00 to $232.00 and gave the company a “buy” rating in a research report on Friday, August 14th. BTIG Research lowered their price objective on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Robert W. Baird increased their target price on shares of Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a report on Wednesday, April 29th. Finally, Evercore set a $175.00 target price on Tapestry in a research note on Friday, May 8th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $175.12.

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.