PDT Partners LLC Purchases Shares of 64,734 Tapestry, Inc. $TPR

PDT Partners LLC purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the second quarter, according to the company in its most recent filing with the SEC. The fund purchased 64,734 shares of the luxury accessories retailer’s stock, valued at approximately $9,476,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new position in shares of Tapestry in the second quarter valued at approximately $2,610,995,000. State Street Corp boosted its position in shares of Tapestry by 3.8% during the fourth quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after buying an additional 348,334 shares during the last quarter. Schroder Investment Management Group grew its holdings in Tapestry by 92.8% during 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. Geode Capital Management LLC grew its holdings in Tapestry by 3.6% during the fourth quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after buying an additional 203,764 shares in the last quarter. Finally, Bank of America Corp DE raised its position in Tapestry by 9.3% in the 1st quarter. Bank of America Corp DE now owns 5,041,935 shares of the luxury accessories retailer’s stock valued at $711,467,000 after buying an additional 429,338 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of Tapestry stock opened at $130.08 on Wednesday. The business’s fifty day simple moving average is $144.37 and its 200 day simple moving average is $144.90. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a 12 month low of $93.00 and a 12 month high of $164.80. The firm has a market capitalization of $25.94 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43.

Tapestry (NYSE:TPR) last announced 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 firm 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 company earned $1.04 EPS. The business’s revenue for the quarter 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, analysts anticipate that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, September 4th. This is an increase from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is currently 21.95%.

Insider Transactions at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the firm’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 sale, the chief executive officer owned 666,149 shares in the company, 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 filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have weighed in on TPR shares. Telsey Advisory Group raised their price objective on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a research note on Thursday, August 6th. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 4th. Citigroup increased their target price on shares of Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a report on Wednesday, April 29th. Evercore set a $175.00 price target on shares of Tapestry in a research report on Friday, May 8th. Finally, Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report 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.com, Tapestry has a consensus rating of “Moderate Buy” and an average target price 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.