Allianz Asset Management GmbH Purchases 422,259 Shares of Tapestry, Inc. $TPR

by · The Cerbat Gem

Allianz Asset Management GmbH increased its position in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 45.2% during the second quarter, HoldingsChannel.com reports. The fund owned 1,357,398 shares of the luxury accessories retailer’s stock after acquiring an additional 422,259 shares during the period. Allianz Asset Management GmbH’s holdings in Tapestry were worth $119,193,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TPR. 1858 Wealth Management LLC boosted its holdings in shares of Tapestry by 2.5% in the second quarter. 1858 Wealth Management LLC now owns 3,835 shares of the luxury accessories retailer’s stock worth $337,000 after buying an additional 95 shares during the last quarter. Private Trust Co. NA boosted its holdings in shares of Tapestry by 27.2% in the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 153 shares during the last quarter. Mather Group LLC. boosted its holdings in shares of Tapestry by 2.8% in the first quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer’s stock worth $424,000 after buying an additional 165 shares during the last quarter. Harbour Investments Inc. boosted its holdings in shares of Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares during the last quarter. Finally, MAI Capital Management boosted its holdings in shares of Tapestry by 51.7% in the first quarter. MAI Capital Management now owns 593 shares of the luxury accessories retailer’s stock worth $42,000 after buying an additional 202 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on TPR. UBS Group dropped their price objective on shares of Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a report on Friday, August 15th. Raymond James Financial restated an “outperform” rating and set a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research note on Tuesday, July 22nd. Evercore ISI decreased their target price on shares of Tapestry from $130.00 to $125.00 and set an “outperform” rating on the stock in a research note on Friday, August 15th. Sanford C. Bernstein restated an “outperform” rating and set a $112.00 target price on shares of Tapestry in a research note on Friday, August 15th. Finally, Bank of America cut shares of Tapestry from a “buy” rating to a “neutral” rating and raised their target price for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Eighteen research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.00.

View Our Latest Analysis on Tapestry

Insider Buying and Selling at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the business’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the sale, the director directly owned 8,153 shares of the company’s stock, valued at approximately $865,767.07. The trade was a 58.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Manesh Dadlani sold 7,882 shares of the business’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the sale, the vice president directly owned 21,098 shares of the company’s stock, valued at $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.32% of the stock is owned by insiders.

Tapestry Trading Up 0.4%

Shares of TPR opened at $116.69 on Thursday. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The company’s fifty day moving average is $107.90 and its 200 day moving average is $91.50. The stock has a market capitalization of $24.16 billion, a PE ratio of 185.22, a P/E/G ratio of 2.80 and a beta of 1.57. Tapestry, Inc. has a fifty-two week low of $43.07 and a fifty-two week high of $118.56.

Tapestry (NYSE:TPR – Get Free Report) last posted its quarterly earnings data on Thursday, August 14th. The luxury accessories retailer reported $1.04 EPS for the quarter, topping the consensus estimate of $1.02 by $0.02. The company had revenue of $1.72 billion during the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. Tapestry’s quarterly revenue was up 8.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.92 earnings per share. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Sell-side analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Shareholders of record on Friday, September 5th were paid a dividend of $0.40 per share. The ex-dividend date of this dividend was Friday, September 5th. This is a positive change from Tapestry’s previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.4%. Tapestry’s payout ratio is presently 253.97%.

Tapestry Profile

(Free Report)

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.

See Also

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