30,205 Shares in Tapestry, Inc. $TPR Purchased by L2 Asset Management LLC

L2 Asset Management LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 30,205 shares of the luxury accessories retailer’s stock, valued at approximately $2,652,000.

A number of other hedge funds also recently made changes to their positions in TPR. 1858 Wealth Management LLC increased its holdings in shares of Tapestry by 2.5% during the 2nd quarter. 1858 Wealth Management LLC now owns 3,835 shares of the luxury accessories retailer’s stock worth $337,000 after acquiring an additional 95 shares during the last quarter. Convergence Financial LLC boosted its holdings in shares of Tapestry by 3.0% during the 2nd quarter. Convergence Financial LLC now owns 3,386 shares of the luxury accessories retailer’s stock worth $297,000 after buying an additional 98 shares during the period. Earned Wealth Advisors LLC grew its stake in Tapestry by 1.6% in the 2nd quarter. Earned Wealth Advisors LLC now owns 7,304 shares of the luxury accessories retailer’s stock valued at $641,000 after buying an additional 116 shares during the last quarter. Zions Bancorporation National Association UT raised its holdings in Tapestry by 9.3% in the 2nd quarter. Zions Bancorporation National Association UT now owns 2,029 shares of the luxury accessories retailer’s stock valued at $178,000 after acquiring an additional 172 shares during the period. Finally, Beacon Pointe Advisors LLC lifted its position in Tapestry by 4.3% during the second quarter. Beacon Pointe Advisors LLC now owns 4,636 shares of the luxury accessories retailer’s stock worth $407,000 after acquiring an additional 189 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen downgraded Tapestry from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Barclays upped their price objective on Tapestry from $111.00 to $127.00 and gave the company an “overweight” rating in a report on Thursday, September 11th. Evercore ISI increased their price objective on Tapestry from $125.00 to $129.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. JPMorgan Chase & Co. lifted their target price on Tapestry from $147.00 to $148.00 and gave the stock an “overweight” rating in a report on Monday, November 17th. Finally, Wells Fargo & Company decreased their price target 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. Eighteen investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.26.

Tapestry Trading Up 0.9%

Shares of Tapestry stock opened at $116.15 on Monday. The company has a market capitalization of $23.77 billion, a price-to-earnings ratio of 103.71, a PEG ratio of 2.39 and a beta of 1.65. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 5.95. Tapestry, Inc. has a 12-month low of $58.39 and a 12-month high of $118.56. The firm’s 50-day moving average price is $110.43 and its two-hundred day moving average price is $101.93.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, beating the consensus estimate of $1.25 by $0.13. The company had revenue of $1.70 billion during the quarter, compared to analysts’ expectations 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 company earned $0.84 EPS. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

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 given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, December 5th. Tapestry’s payout ratio is currently 142.86%.

Tapestry declared that its Board of Directors has initiated a stock repurchase program on Thursday, November 6th that authorizes the company to buyback $1.00 billion in 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 usually a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, CEO Todd Kahn sold 29,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $102.83, for a total transaction 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 represents a 25.06% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction that occurred 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 transaction, the director directly owned 8,153 shares of the company’s stock, valued at approximately $865,767.07. The trade was a 58.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 126,805 shares of company stock valued at $13,236,129. Corporate insiders own 1.32% of the company’s stock.

Tapestry Company Profile

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.