265,749 Shares in Tapestry, Inc. $TPR Bought by Castleark Management LLC

Castleark Management LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 265,749 shares of the luxury accessories retailer’s stock, valued at approximately $38,900,000. Tapestry accounts for 1.0% of Castleark Management LLC’s portfolio, making the stock its 23rd largest position. Castleark Management LLC owned about 0.13% of Tapestry at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Cetera Trust Company N.A acquired a new stake in shares of Tapestry in the second quarter valued at about $26,000. Acumen Wealth Advisors LLC acquired a new position in shares of Tapestry during the 4th quarter worth about $28,000. Triumph Capital Management acquired a new position in shares of Tapestry during the 3rd quarter worth about $29,000. Keating Financial Advisory Services Inc. purchased a new position in Tapestry in the 2nd quarter valued at about $31,000. Finally, Virtus Advisers LLC purchased a new position in Tapestry in the 2nd quarter valued at about $32,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the 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 completion of the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of several research reports. Zacks Research lowered Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Barclays lifted their price target on Tapestry from $182.00 to $185.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. UBS Group boosted their price target on Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Finally, Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. 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. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Stock Performance

TPR opened at $130.08 on Wednesday. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The firm has a market capitalization of $25.94 billion, a PE ratio of 17.84, a PEG ratio of 1.67 and a beta of 1.43. 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 firm’s 50-day moving average price is $144.37 and its 200 day moving average price is $144.90.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS 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 company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the firm earned $1.04 EPS. Tapestry’s quarterly revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, sell-side analysts expect that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. 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.