The Vanguard Group, Inc. recently announced the acquisition of new stake in Tapestry Inc (NYSE:TPR). The institutional investor has increased its shareholding in the Consumer Cyclical company by 0.54% to 30.74 million shares with purchase of 0.17 million shares. This fresh investment now brings its stake to 13.41% valued currently at $1.13 billion. In addition, Fidelity Management & Research Co raised its holdings by 0.16 million to 12.07 million shares. And BlackRock Fund Advisors has lifted its position by 1.63% or 0.19 million shares – to 11.54 million shares.
Currently, there are 229.19M common shares owned by the public and among those 228.34M shares have been available to trade.
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Insiders at the company have transacted a total of 48 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 20 of these insider trades were purchases, accounting for 329,318 shares. Insider sales of the common stock occurred on 28 occasions, with total insider shares sold totaling 121,817 shares.
The top 3 mutual fund holders in Tapestry Inc are Vanguard Total Stock Market ETF, Vanguard Small Cap Index Fund, and Vanguard 500 Index Fund. Vanguard Total Stock Market ETF owns 7.11 million shares of the company’s stock, all valued at over $261.78 million. The company bought an additional 5539.0 shares recently to bring their total holdings to about 3.10% of the shares outstanding. Vanguard Small Cap Index Fund sold 52643.0 shares to see its total holdings shrink to 5.84 million shares valued at over $214.84 million and representing 2.55% of the shares outstanding. Vanguard 500 Index Fund sold 59171.0 shares to bring its total holdings to over 5.6 million shares at a value of $206.0 million. Vanguard 500 Index Fund now owns shares totaling to 2.44% of the shares outstanding.
The company’s stock has a 5-day price change of 3.26% and 33.93% over the past three months. TPR shares are trading 2.31% year to date (YTD), with the 12-month market performance down to -13.84% lower. It has a 12-month low price of $25.99 and touched a high of $47.48 over the same period. TPR has an average intraday trading volume of 3.69 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.51%, 10.45%, and 3.74% respectively.
Institutional ownership of Tapestry Inc (NYSE: TPR) shares accounts for 93.00% of the company’s 229.19M shares outstanding. Mutual fund holders own 36.03%, while other institutional holders and individual stakeholders account for 58.08% and 1.11% respectively.
It has a market capitalization of $8.63B and a beta (3y monthly) value of 1.53. The stock’s trailing 12-month PE ratio is 9.59, while the earnings-per-share (ttm) stands at $3.93. The company has a PEG of 0.87 and a Quick Ratio of 1.23 with the debt-to-equity ratio at 1.34. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.37% over the week and 2.33% over the month.
Analysts forecast that Tapestry Inc (TPR) will achieve an EPS of $1.46 for the current quarter, $0.77 for the next quarter and $4.45 for 2025. The lowest estimate earnings-per-share for the quarter is $1.44 while analysts give the company a high EPS estimate of $1.51. Comparatively, EPS for the current quarter was $1.36 a year ago. Earnings per share for the fiscal year are expected to increase by 6.39%, and 8.27% over the next financial year. EPS should shrink at an annualized rate of 11.00% over the next five years, compared to 23.01% over the past 5-year period.
Looking at the support for the TPR, a number of firms have released research notes about the stock. Morgan Stanley stated their Equal-Weight rating for the stock in a research note on December 12, 2023, with the firm’s price target at $38.
