In a recent 13F filing with the Securities and Exchange Commission (SEC), Buckley Wealth Management LLC disclosed its acquisition of a new stake in Tapestry, Inc. The investment firm purchased 5,151 shares of the luxury accessories retailer’s stock during the second quarter. This position has an estimated value of approximately $220,000.
Tapestry, Inc., known for its portfolio of well-established luxury brands such as Coach, Kate Spade New York, and Stuart Weitzman, continues to attract investor attention. The recent acquisition by Buckley Wealth Management LLC further demonstrates the growing interest in this prominent player within the fashion industry.
In addition to their stake acquisition news, Tapestry recently announced its quarterly dividend payment. Shareholders who were recorded on September 8th will receive a dividend payment of $0.35 per share on September 25th. This represents an increase from Tapestry’s previous quarterly dividend of $0.30 per share and brings the current annualized dividend to $1.40 per share. With a dividend yield of 4.61%, this payout is likely to appeal to income-seeking investors.
The decision to raise the dividend indicates Tapestry’s confidence in its financial performance and ability to generate consistent earnings in the future. Furthermore, it highlights management’s commitment to maximizing shareholder value by returning excess capital through dividends.
Investors took note of Tapestry’s improved quarterly dividend and responded positively to this development when the ex-dividend date was announced as September 7th.
With regards to its payout ratio, Tapestry currently stands at 36.08%. This figure represents the percentage of earnings allocated towards paying dividends and suggests that there is potential for further increases in future dividend payments without compromising overall financial stability.
Overall, Buckley Wealth Management LLC’s new stake acquisition combined with Tapestry’s increased dividend payout demonstrate positive momentum for this esteemed luxury accessories retailer. As always, investors are encouraged to conduct thorough research and analysis before making any investment decisions.
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Tapestry, Inc.: Changes in Shareholder Base and Analyst Reactions
Tapestry, Inc., a luxury accessories retailer, has been experiencing some notable changes in its shareholder base lately. According to reports, hedge funds and institutional investors have been modifying their holdings of the company, indicating potential shifts in investor sentiment and strategy.
Commerce Bank, for example, recently increased its position in Tapestry by 5.3% during the first quarter. As a result of this adjustment, Commerce Bank now owns 9,564 shares of the company’s stock worth approximately $412,000. This move by Commerce Bank follows its decision to purchase an additional 484 shares during the last quarter.
Similarly, LPL Financial LLC also raised its position in Tapestry by 8.1% during the first quarter. This financial institution now holds 87,494 shares of Tapestry’s stock valued at around $3.77 million after acquiring an additional 6,557 shares in the last quarter.
Moreover, Patton Fund Management Inc. acquired a new stake in Tapestry back in the fourth quarter of last year for an estimated value of $213 thousand. Cambria Investment Management L.P., on the other hand, grew its position in Tapestry by 10.8% during the first quarter and currently owns approximately 196,096 shares valued at around $8.45 million.
Lastly, Raymond James Trust N.A., which acquired a new position in Tapestry during the first quarter for about $214 thousand,serves as another example of institutional investors showing interest in this luxury accessories retailer.
Collectively, institutional investors and hedge funds currently hold a significant amount of Tapestry’s stock – accounting for approximately 92.12% of total ownership.
These changes among major shareholders have caught the attention of equities research analysts who have recently issued reports on TPR (Tapestry’s ticker symbol) shares. For instance,
Redburn Atlantic downgraded Tapestry from an “overweight” rating to a “neutral” rating, setting a target price of $33.00 for the company.
Jefferies Financial Group decreased their target price on Tapestry from $53.00 to $50.00.
OTR Global downgraded Tapestry to a “positive” rating.
JPMorgan Chase & Co., meanwhile, raised its price objective on Tapestry from $54.00 to $56.00, giving the company an “overweight” rating.
Raymond James also shared its views by lowering the target price on shares of Tapestry from $50.00 to $47.00 and assigning an “outperform” rating for the company.
With these various analyses in mind, Bloomberg.com reports that Tapestry currently holds a consensus rating of “Moderate Buy,” supporting the notion that investor sentiment towards the company is mixed at this time. It is worth noting that the consensus price target for TPR shares stands at around $48.40.
On Tuesday, September 19th, shares of TPR opened at $30.37, indicating potential volatility in response to recent news and market dynamics. The stock has been underperforming recently with a decline in value.
Tapestry’s market capitalization currently amounts to roughly $6.91 billion, and it maintains a low P/E ratio of 7.83.Despite some challenges in the market, such as fluctuations in consumer sentiment impacting luxury retail sales, Tapestry remains resilient due to its strong brand portfolio and global presence.
In terms of financials,Tapestry released its quarterly earnings data on Thursday,August 17th.The luxury accessories retailer reported earnings per share of $0.95 for the quarter but fell short of analysts’ consensus estimate of $0.97 by ($0.02). The company generated revenue amounting to approximately $1.62 billion during that period compared to analyst estimates of approximately $1.65 billion.However, Tapestry’s net margin remains healthy at 14.05% with a return on equity of 41.10%. It is also worth mentioning that the company’s quarterly revenue experienced a slight decline of 0.3% when compared to the same quarter in the previous year. In the comparable period last year, Tapestry earned $0.78 per share.
Research analysts predict that Tapestry, Inc. will post an EPS (Earnings Per Share) of 4.13 for the current fiscal year.
As Tapestry navigates through these changing dynamics and adjusts to evolving market conditions, both institutional investors and equity research analysts continue to monitor its performance and make strategic decisions based on their assessments of TPR’s future prospects.
