Tapestry, Inc. $TPR Shares Sold by Primecap Management Co. CA

Primecap Management Co. CA cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 30.9% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 247,140 shares of the luxury accessories retailer’s stock after selling 110,355 shares during the quarter. Primecap Management Co. CA owned about 0.12% of Tapestry worth $21,701,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Traub Capital Management LLC purchased a new position in Tapestry in the second quarter valued at about $425,000. Vanguard Group Inc. increased its stake in Tapestry by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 25,902,930 shares of the luxury accessories retailer’s stock valued at $2,274,536,000 after purchasing an additional 606,686 shares in the last quarter. Empowered Funds LLC raised its holdings in Tapestry by 143.4% during the second quarter. Empowered Funds LLC now owns 396,349 shares of the luxury accessories retailer’s stock worth $34,803,000 after purchasing an additional 233,513 shares during the last quarter. Nomura Asset Management Co. Ltd. boosted its position in Tapestry by 8.4% during the second quarter. Nomura Asset Management Co. Ltd. now owns 5,195 shares of the luxury accessories retailer’s stock worth $456,000 after purchasing an additional 404 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH grew its holdings in Tapestry by 40.2% in the second quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 258,262 shares of the luxury accessories retailer’s stock valued at $22,678,000 after purchasing an additional 73,998 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on TPR shares. Wells Fargo & Company lowered their price objective on shares of Tapestry from $135.00 to $125.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Raymond James Financial increased their price target on shares of Tapestry from $115.00 to $130.00 and gave the company an “outperform” rating in a research report on Tuesday, October 21st. Barclays lifted their price objective on Tapestry from $111.00 to $127.00 and gave the stock an “overweight” rating in a research report on Thursday, September 11th. The Goldman Sachs Group increased their target price on Tapestry from $116.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. Finally, Morgan Stanley boosted their price target on Tapestry from $124.00 to $126.00 and gave the stock an “overweight” rating in a report on Friday, November 7th. Eighteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.26.

Tapestry Trading Down 2.1%

Shares of TPR opened at $102.23 on Friday. Tapestry, Inc. has a twelve month low of $54.98 and a twelve month high of $118.56. The firm has a market capitalization of $20.92 billion, a P/E ratio of 162.26, a price-to-earnings-growth ratio of 2.72 and a beta of 1.71. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The stock’s fifty day simple moving average is $110.64 and its 200 day simple moving average is $99.28.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. The firm 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 68.02% and a net margin of 2.61%.The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.84 earnings per share. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently disclosed 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 1.6%. The ex-dividend date is Friday, December 5th. Tapestry’s payout ratio is currently 142.86%.

Tapestry announced that its board has initiated a share repurchase plan on Thursday, November 6th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the luxury accessories retailer to buy up to 4.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Tapestry

In related news, Director Alan Ka Ming Lau sold 11,320 shares of the company’s stock in a transaction on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the sale, the director directly owned 8,153 shares of the company’s stock, valued at approximately $865,767.07. This represents a 58.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Todd Kahn sold 29,000 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $102.83, for a total value of $2,982,070.00. Following the completion of the transaction, the chief executive officer directly owned 86,736 shares in the company, valued at $8,919,062.88. This trade represents a 25.06% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 73,231 shares of company stock worth $7,530,325 over the last three months. 1.32% of the stock is currently owned by insiders.

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.