Meeder Asset Management Inc. Invests $10.56 Million in Tapestry, Inc. $TPR

Meeder Asset Management Inc. acquired a new stake in Tapestry, Inc. (NYSE:TPR) during the 2nd quarter, according to its most recent disclosure with the SEC. The fund acquired 72,168 shares of the luxury accessories retailer’s stock, valued at approximately $10,564,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Acumen Wealth Advisors LLC bought a new position in Tapestry during the 4th quarter worth about $28,000. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new stake in shares of Tapestry in the fourth quarter valued at about $32,000. Triumph Capital Management bought a new stake in shares of Tapestry in the third quarter valued at about $29,000. Cornerstone Planning Group LLC boosted its position in shares of Tapestry by 2,720.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 282 shares of the luxury accessories retailer’s stock worth $36,000 after buying an additional 272 shares during the period. Finally, DV Equities LLC acquired a new position in shares of Tapestry during the fourth quarter worth about $37,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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 transaction, the chief executive officer owned 123,258 shares in the company, valued at approximately $17,258,585.16. This represents a 13.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.32% of the company’s stock.

Tapestry Stock Down 0.4%

Tapestry stock opened at $128.44 on Tuesday. 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 company’s 50-day moving average is $146.23 and its 200-day moving average is $144.77. The firm has a market capitalization of $25.61 billion, a PE ratio of 17.62, a P/E/G ratio of 1.15 and a beta of 1.43. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80.

Tapestry (NYSE:TPR) last released its quarterly earnings data 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. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period last year, the firm posted $1.04 earnings per share. The business’s revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 7.88 earnings per share for the current year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend 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%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the company. Evercore set a $175.00 target price on Tapestry in a research report on Friday, May 8th. Citigroup upped their price target on Tapestry from $165.00 to $170.00 and gave the stock a “buy” rating in a research report on Wednesday, April 29th. BTIG Research decreased their price target on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research note on Friday. UBS Group lifted their price objective on shares of Tapestry from $230.00 to $232.00 and gave the company a “buy” rating in a report on Friday. Finally, Raymond James Financial reissued an “outperform” rating and issued a $165.00 price objective on shares of Tapestry in a research report on Thursday, April 23rd. One research analyst has 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. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $175.12.

Tapestry 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.