Assenagon Asset Management S.A. Takes $35.27 Million Position in Tapestry, Inc. $TPR

Assenagon Asset Management S.A. bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the 3rd quarter, HoldingsChannel reports. The firm bought 311,524 shares of the luxury accessories retailer’s stock, valued at approximately $35,271,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of TPR. Vanguard Group Inc. grew its position in Tapestry by 2.4% in the second quarter. Vanguard Group Inc. now owns 25,902,930 shares of the luxury accessories retailer’s stock valued at $2,274,536,000 after acquiring an additional 606,686 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Tapestry by 3.0% in the second quarter. Geode Capital Management LLC now owns 5,500,858 shares of the luxury accessories retailer’s stock valued at $482,125,000 after purchasing an additional 158,782 shares during the period. SRS Investment Management LLC boosted its stake in shares of Tapestry by 12.4% in the second quarter. SRS Investment Management LLC now owns 5,332,824 shares of the luxury accessories retailer’s stock valued at $468,275,000 after purchasing an additional 589,000 shares during the period. Schroder Investment Management Group grew its holdings in Tapestry by 1,661.6% during the 2nd quarter. Schroder Investment Management Group now owns 4,002,818 shares of the luxury accessories retailer’s stock valued at $351,487,000 after purchasing an additional 3,775,593 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Tapestry by 36.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,546,969 shares of the luxury accessories retailer’s stock worth $311,388,000 after buying an additional 939,227 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on TPR shares. JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $147.00 to $148.00 and gave the company an “overweight” rating in a research report on Monday, November 17th. BTIG Research initiated coverage on Tapestry in a research note on Tuesday, October 14th. They issued a “buy” rating and a $140.00 price target on the stock. Wall Street Zen downgraded Tapestry from a “strong-buy” rating to a “buy” rating in a report on Saturday, December 6th. Weiss Ratings restated a “hold (c)” rating on shares of Tapestry in a report on Wednesday, October 8th. Finally, Robert W. Baird set a $140.00 target price on Tapestry in a research note on Wednesday. Seventeen equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $122.00.

Insider Buying and Selling

In other Tapestry news, CFO Scott A. Roe sold 18,794 shares of the firm’s stock in a transaction dated 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 transaction, the chief financial officer owned 148,149 shares of the company’s stock, valued at $15,533,422.65. This trade represents a 11.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider David E. Howard sold 25,029 shares of Tapestry stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $102.50, for a total value of $2,565,472.50. Following the completion of the transaction, the insider owned 55,354 shares of the company’s stock, valued at approximately $5,673,785. The trade was a 31.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 115,485 shares of company stock worth $12,034,058. Company insiders own 1.32% of the company’s stock.

Tapestry Trading Up 2.7%

Shares of NYSE TPR opened at $125.45 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 5.95. The stock’s 50 day moving average price is $111.72 and its two-hundred day moving average price is $104.28. Tapestry, Inc. has a 52-week low of $58.39 and a 52-week high of $127.54. The stock has a market capitalization of $25.67 billion, a P/E ratio of 112.01, a PEG ratio of 2.51 and a beta of 1.65.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 116.42% and a net margin of 3.77%.The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.84 EPS. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 5th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Friday, December 5th. Tapestry’s dividend payout ratio is 142.86%.

Tapestry announced that its Board of Directors has authorized a share repurchase program on Thursday, November 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the luxury accessories retailer to purchase up to 4.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

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.