Summit Global Investments Sells 4,060 Shares of Tapestry, Inc. $TPR

Summit Global Investments decreased its position in shares of Tapestry, Inc. (NYSE:TPR) by 53.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,557 shares of the luxury accessories retailer’s stock after selling 4,060 shares during the period. Summit Global Investments’ holdings in Tapestry were worth $312,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Jump Financial LLC grew its holdings in shares of Tapestry by 1,025.9% in the first quarter. Jump Financial LLC now owns 79,702 shares of the luxury accessories retailer’s stock valued at $5,612,000 after purchasing an additional 72,623 shares in the last quarter. Nuveen LLC purchased a new position in shares of Tapestry in the 1st quarter worth $59,133,000. Czech National Bank increased its holdings in shares of Tapestry by 6.8% in the 2nd quarter. Czech National Bank now owns 50,781 shares of the luxury accessories retailer’s stock worth $4,459,000 after buying an additional 3,233 shares during the last quarter. Range Financial Group LLC increased its holdings in shares of Tapestry by 20.5% in the 2nd quarter. Range Financial Group LLC now owns 38,447 shares of the luxury accessories retailer’s stock worth $3,376,000 after buying an additional 6,535 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Tapestry by 50.6% during the 1st quarter. Hsbc Holdings PLC now owns 351,793 shares of the luxury accessories retailer’s stock valued at $24,596,000 after buying an additional 118,200 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Tapestry news, CFO Scott A. Roe sold 18,794 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $104.85, for a total value of $1,970,550.90. Following the completion of the sale, the chief financial officer owned 148,149 shares in the company, valued at approximately $15,533,422.65. This represents a 11.26% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David E. Howard sold 25,029 shares of the business’s stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $102.50, for a total value of $2,565,472.50. Following the transaction, the insider owned 55,354 shares in the company, valued at approximately $5,673,785. This represents a 31.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 126,222 shares of company stock valued at $13,168,985. 1.32% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPR. Wall Street Zen raised Tapestry from a “buy” rating to a “strong-buy” rating in a research report on Monday, November 10th. Sanford C. Bernstein lifted their price target on shares of Tapestry from $112.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Cowen reissued a “buy” rating on shares of Tapestry in a research report on Thursday, August 7th. Wells Fargo & Company decreased their price objective on shares of Tapestry from $135.00 to $125.00 and set an “overweight” rating for the company in a research note on Friday, November 7th. Finally, Telsey Advisory Group restated an “outperform” rating and set a $125.00 target price on shares of Tapestry in a research report on Friday, November 7th. Eighteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus target price of $119.26.

Tapestry Stock Up 2.9%

NYSE:TPR opened at $110.78 on Thursday. The company’s 50-day simple moving average is $110.51 and its 200-day simple moving average is $100.35. The stock has a market capitalization of $22.67 billion, a P/E ratio of 175.84, a P/E/G ratio of 2.72 and a beta of 1.71. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. Tapestry, Inc. has a fifty-two week low of $58.39 and a fifty-two week high of $118.56.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.13. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. Tapestry’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period last year, the business earned $0.84 EPS. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry announced that its Board of Directors has initiated a share buyback plan on Thursday, November 6th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the luxury accessories retailer to buy up to 4.9% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Friday, December 5th will be given a $0.40 dividend. The ex-dividend date is Friday, December 5th. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is 142.86%.

Tapestry Company Profile

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.