Renaissance Technologies LLC Reduces Position in Tapestry, Inc. $TPR

Renaissance Technologies LLC trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 8.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 476,494 shares of the luxury accessories retailer’s stock after selling 45,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Tapestry were worth $67,238,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Schroder Investment Management Group increased its position in Tapestry by 92.8% during the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after purchasing an additional 4,500,850 shares in the last quarter. Norges Bank acquired a new stake in shares of Tapestry during the 4th quarter worth about $345,349,000. Wellington Management Group LLP grew its holdings in shares of Tapestry by 632.3% during the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after buying an additional 2,043,353 shares in the last quarter. State Street Corp raised its position in shares of Tapestry by 19.3% in the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock valued at $1,044,995,000 after buying an additional 1,494,193 shares during the last quarter. Finally, Voloridge Investment Management LLC raised its position in shares of Tapestry by 160.5% in the third quarter. Voloridge Investment Management LLC now owns 1,886,518 shares of the luxury accessories retailer’s stock valued at $213,592,000 after buying an additional 1,162,442 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

Tapestry stock opened at $142.82 on Monday. Tapestry, Inc. has a 1 year low of $92.62 and a 1 year high of $161.97. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.27 and a current ratio of 1.84. The firm has a 50 day moving average price of $142.46 and a 200 day moving average price of $142.59. The company has a market cap of $28.86 billion, a price-to-earnings ratio of 45.78, a PEG ratio of 1.30 and a beta of 1.43.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same quarter last year, the business earned $1.03 EPS. Tapestry’s revenue for the quarter was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Sell-side analysts predict that Tapestry, Inc. will post 6.97 earnings per share for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were issued a $0.40 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.1%. Tapestry’s dividend payout ratio (DPR) is presently 51.28%.

Insider Transactions at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction dated Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer directly owned 652,434 shares of the company’s stock, valued at $86,701,954.26. The trade was a 4.08% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares of the company’s stock, valued at $17,258,585.16. The trade was a 13.69% decrease in their position. The SEC filing for this sale provides additional information. 1.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on the stock. UBS Group raised their target price on shares of Tapestry from $187.00 to $230.00 and gave the stock a “buy” rating in a research report on Tuesday, June 23rd. Morgan Stanley reiterated an “overweight” rating and issued a $164.00 price target on shares of Tapestry in a report on Monday, July 6th. Zacks Research lowered Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Raymond James Financial restated an “outperform” rating and set a $165.00 price objective on shares of Tapestry in a report on Thursday, April 23rd. Finally, Robert W. Baird upped their target price on Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a research note on Wednesday, April 29th. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $170.06.

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.