California Public Employees Retirement System Purchases 4,517 Shares of Tapestry, Inc. $TPR

California Public Employees Retirement System grew its position in Tapestry, Inc. (NYSE:TPR) by 1.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 404,043 shares of the luxury accessories retailer’s stock after buying an additional 4,517 shares during the quarter. California Public Employees Retirement System owned 0.19% of Tapestry worth $35,479,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TPR. Townsquare Capital LLC lifted its stake in Tapestry by 13.6% in the first quarter. Townsquare Capital LLC now owns 12,438 shares of the luxury accessories retailer’s stock worth $876,000 after acquiring an additional 1,488 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Tapestry in the 1st quarter valued at about $1,736,000. Nuveen LLC purchased a new stake in shares of Tapestry in the 1st quarter worth approximately $59,133,000. Independent Advisor Alliance bought a new position in shares of Tapestry during the first quarter valued at approximately $204,000. Finally, Resona Asset Management Co. Ltd. increased its holdings in Tapestry by 33.2% during the first quarter. Resona Asset Management Co. Ltd. now owns 1,922 shares of the luxury accessories retailer’s stock valued at $135,000 after buying an additional 479 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Down 0.5%

Shares of Tapestry stock opened at $117.67 on Thursday. The firm’s 50 day simple moving average is $110.73 and its two-hundred day simple moving average is $102.59. The firm has a market capitalization of $24.08 billion, a price-to-earnings ratio of 105.07, a PEG ratio of 2.43 and a beta of 1.65. Tapestry, Inc. has a 12-month low of $58.39 and a 12-month high of $118.92. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 5.95.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, topping the consensus estimate of $1.25 by $0.13. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Tapestry had a net margin of 3.77% and a return on equity of 116.42%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.84 earnings per share. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry announced that its Board of Directors has approved a stock repurchase plan on Thursday, November 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the luxury accessories retailer to purchase up to 4.9% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 5th will be paid a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, December 5th. Tapestry’s payout ratio is presently 142.86%.

Insiders Place Their Bets

In related news, insider Denise Kulikowsky sold 583 shares of Tapestry stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $115.17, for a total transaction of $67,144.11. Following the completion of the sale, the insider owned 19,285 shares of the company’s stock, valued at $2,221,053.45. The trade was a 2.93% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Scott A. Roe sold 18,794 shares of the company’s stock in a transaction that occurred on 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 disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 115,485 shares of company stock valued at $12,034,058. Insiders own 1.32% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the subject of a number of analyst reports. BTIG Research assumed coverage on Tapestry in a report on Tuesday, October 14th. They set a “buy” rating and a $140.00 target price for the company. Evercore ISI upped their price objective on Tapestry from $125.00 to $129.00 and gave the stock an “outperform” rating in a research note on Monday, November 3rd. The Goldman Sachs Group lifted their target price on Tapestry from $116.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, October 6th. UBS Group reduced their target price on shares of Tapestry from $112.00 to $105.00 and set a “neutral” rating for the company in a report on Friday, August 15th. Finally, Jefferies Financial Group raised their price target on shares of Tapestry from $125.00 to $135.00 and gave the company a “buy” rating in a report on Thursday, October 23rd. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.26.

About Tapestry

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.