Tapestry, Inc. $TPR Shares Sold by Picton Mahoney Asset Management

Picton Mahoney Asset Management decreased its stake in Tapestry, Inc. (NYSE:TPR) by 42.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 122,767 shares of the luxury accessories retailer’s stock after selling 88,729 shares during the period. Picton Mahoney Asset Management’s holdings in Tapestry were worth $13,898,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of TPR. Fisher Asset Management LLC increased its position in shares of Tapestry by 21.7% during the third quarter. Fisher Asset Management LLC now owns 608,266 shares of the luxury accessories retailer’s stock worth $68,868,000 after purchasing an additional 108,278 shares in the last quarter. DNB Asset Management AS boosted its position in shares of Tapestry by 1,331.4% in the 3rd quarter. DNB Asset Management AS now owns 39,478 shares of the luxury accessories retailer’s stock valued at $4,470,000 after purchasing an additional 36,720 shares during the period. Great Diamond Partners LLC purchased a new position in Tapestry during the 3rd quarter worth approximately $2,395,000. Three Seasons Wealth LLC acquired a new position in Tapestry during the third quarter worth approximately $1,882,000. Finally, Stevens Capital Partners purchased a new stake in Tapestry in the third quarter valued at approximately $8,880,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director Anne Gates sold 6,498 shares of the stock in a transaction dated Tuesday, February 10th. The shares were sold at an average price of $153.79, for a total value of $999,327.42. Following the completion of the transaction, the director owned 22,698 shares in the company, valued at $3,490,725.42. This trade represents a 22.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 48,795 shares of the firm’s stock in a transaction dated Wednesday, February 18th. The shares were sold at an average price of $154.87, for a total transaction of $7,556,881.65. Following the completion of the sale, the chief executive officer owned 671,193 shares of the company’s stock, valued at $103,947,659.91. This trade represents a 6.78% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 164,956 shares of company stock valued at $25,297,262 in the last quarter. Corporate insiders own 1.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPR. BNP Paribas Exane began coverage on Tapestry in a report on Friday, February 13th. They issued an “outperform” rating and a $176.00 price objective for the company. Evercore increased their price target on shares of Tapestry from $129.00 to $150.00 and gave the stock an “outperform” rating in a research note on Tuesday, February 3rd. Barclays set a $179.00 price objective on shares of Tapestry and gave the stock an “overweight” rating in a research report on Friday, February 6th. Zacks Research upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Argus raised Tapestry to a “strong-buy” rating in a report on Friday, January 16th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $147.00.

Tapestry Stock Up 1.7%

TPR stock opened at $157.08 on Thursday. Tapestry, Inc. has a one year low of $58.39 and a one year high of $161.97. The stock has a market capitalization of $31.80 billion, a PE ratio of 64.91, a price-to-earnings-growth ratio of 1.85 and a beta of 1.55. The company has a debt-to-equity ratio of 4.32, a quick ratio of 1.10 and a current ratio of 1.63. The company has a fifty day moving average of $139.73 and a 200-day moving average of $120.83.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 5th. The luxury accessories retailer reported $2.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.20 by $0.49. The business had revenue of $2.50 billion for the quarter, compared to analyst estimates of $2.29 billion. Tapestry had a net margin of 6.95% and a return on equity of 157.98%. The business’s revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.00 earnings per share. Tapestry has set its FY 2026 guidance at 6.400-6.450 EPS. As a group, analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry announced that its board has authorized a share repurchase program on Thursday, November 6th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the luxury accessories retailer to buy up to 4.9% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s board of directors believes its stock is undervalued.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 23rd. Shareholders of record on Friday, March 6th will be given a $0.40 dividend. The ex-dividend date is Friday, March 6th. This represents a $1.60 annualized dividend and a yield of 1.0%. Tapestry’s dividend payout ratio is presently 66.12%.

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.