Bank of Nova Scotia Buys 62,014 Shares of Tapestry, Inc. $TPR

Bank of Nova Scotia increased its stake in Tapestry, Inc. (NYSE:TPR) by 183.7% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 95,778 shares of the luxury accessories retailer’s stock after purchasing an additional 62,014 shares during the quarter. Bank of Nova Scotia’s holdings in Tapestry were worth $13,515,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of TPR. World Investment Advisors lifted its position in shares of Tapestry by 3.6% in the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after buying an additional 69 shares during the last quarter. Horizon Bancorp Inc. IN grew its stake in shares of Tapestry by 4.7% in the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock valued at $222,000 after acquiring an additional 71 shares in the last quarter. Smartleaf Asset Management LLC grew its position in shares of Tapestry by 2.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock worth $477,000 after purchasing an additional 73 shares in the last quarter. Northwest Wealth Management LLC increased its stake in Tapestry by 3.4% during the 4th quarter. Northwest Wealth Management LLC now owns 2,462 shares of the luxury accessories retailer’s stock worth $315,000 after acquiring an additional 82 shares during the period. Finally, NewEdge Wealth LLC increased its position in shares of Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock worth $450,000 after purchasing an additional 85 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Joanne C. Crevoiserat sold 27,776 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares in the company, valued at approximately $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the transaction, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. This represents a 13.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 1.32% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. BTIG Research restated a “buy” rating and set a $180.00 price objective on shares of Tapestry in a research report on Wednesday, June 10th. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. UBS Group upped their price target on Tapestry from $187.00 to $230.00 and gave the company a “buy” rating in a research report on Tuesday, June 23rd. Robert W. Baird upped their price objective on shares of Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $164.00 target price on shares of Tapestry in a research note on Monday, July 6th. One research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $170.06.

Tapestry Stock Performance

Shares of TPR opened at $142.82 on Friday. The firm has a market capitalization of $28.86 billion, a P/E ratio of 45.78, a P/E/G ratio of 1.30 and a beta of 1.43. The stock has a 50 day moving average price of $142.46 and a two-hundred day moving average price of $142.49. Tapestry, Inc. has a 52 week low of $92.62 and a 52 week high of $161.97. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.27 and a current ratio of 1.84.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, beating the consensus estimate of $1.30 by $0.36. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The business had revenue of $1.92 billion for the quarter, compared to analysts’ expectations of $1.79 billion. During the same period last year, the business earned $1.03 EPS. The business’s revenue was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Equities analysts forecast that Tapestry, Inc. will post 6.97 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Friday, June 5th. Tapestry’s dividend payout ratio (DPR) is 51.28%.

Tapestry 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.