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

Renaissance Technologies LLC cut its position in Tapestry, Inc. (NYSE:TPR) by 8.6% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 476,494 shares of the luxury accessories retailer’s stock after selling 45,000 shares during the period. Renaissance Technologies LLC owned 0.24% of Tapestry worth $67,238,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also modified their holdings of TPR. Eurizon Capital SGR S.p.A. acquired a new stake in Tapestry during the 4th quarter worth approximately $8,109,000. Norges Bank acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $345,349,000. Keystone Investors PTE Ltd. raised its stake in shares of Tapestry by 17.4% during the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer’s stock worth $8,001,000 after purchasing an additional 9,303 shares during the last quarter. SEB Asset Management AB purchased a new stake in shares of Tapestry during the first quarter worth approximately $59,525,000. Finally, Aberdeen Group plc lifted its holdings in shares of Tapestry by 34.7% during the fourth quarter. Aberdeen Group plc now owns 47,573 shares of the luxury accessories retailer’s stock worth $6,078,000 after purchasing an additional 12,251 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on TPR shares. Evercore set a $175.00 price objective on shares of Tapestry in a research note on Friday, May 8th. 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 note on Tuesday, June 23rd. Wall Street Zen raised shares of Tapestry from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Citigroup increased their price target on shares of Tapestry from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Finally, Robert W. Baird raised their price objective on shares of Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have issued a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $170.06.

Insider Buying and Selling at Tapestry

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

Tapestry Stock Up 0.2%

TPR stock opened at $142.82 on Monday. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The company’s 50-day moving average price is $142.46 and its 200 day moving average price is $142.59. Tapestry, Inc. has a 52 week low of $92.62 and a 52 week high of $161.97. The company has a market cap of $28.86 billion, a P/E ratio of 45.78, a P/E/G ratio of 1.30 and a beta of 1.43.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.36. The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.79 billion. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The firm’s quarterly revenue was up 21.2% compared to the same quarter last year. During the same period last year, the company posted $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, research analysts expect that Tapestry, Inc. will post 6.97 earnings per share for the current fiscal year.

Tapestry Announces Dividend

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

Tapestry Company 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.