Canada Pension Plan Investment Board Purchases Shares of 188,600 Tapestry, Inc. $TPR

Canada Pension Plan Investment Board purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 188,600 shares of the luxury accessories retailer’s stock, valued at approximately $27,607,000. Canada Pension Plan Investment Board owned about 0.09% of Tapestry as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. BlackRock Inc. purchased a new position 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 worth $1,194,678,000 after buying an additional 4,500,850 shares in the last quarter. Norges Bank purchased a new stake in Tapestry in the fourth quarter worth approximately $345,349,000. Wellington Management Group LLP grew its position in 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 acquiring an additional 2,043,353 shares during the last quarter. Finally, State Street Corp raised its stake 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 worth $1,044,995,000 after acquiring an additional 1,494,193 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Barclays upped their price objective on shares of Tapestry from $182.00 to $185.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. Telsey Advisory Group lifted their target price on shares of Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Wells Fargo & Company lowered their price target on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. BTIG Research cut their price target on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research report on Friday, August 14th. Finally, UBS Group raised their price objective on Tapestry from $230.00 to $232.00 and gave the company a “buy” rating in a research note on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Stock Up 2.0%

Shares of Tapestry stock opened at $125.75 on Friday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80. The stock has a market capitalization of $25.07 billion, a price-to-earnings ratio of 17.25, a P/E/G ratio of 1.56 and a beta of 1.43. The company’s 50 day moving average price is $143.26 and its 200-day moving average price is $144.48.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 EPS for the quarter, topping the consensus estimate of $1.28 by $0.04. The company had revenue of $1.88 billion for the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities research analysts forecast 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 $0.4625 dividend. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.5%. Tapestry’s dividend payout ratio is presently 21.95%.

About Tapestry

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.