Picton Mahoney Asset Management Reduces Holdings in Tapestry, Inc. $TPR

Picton Mahoney Asset Management lessened its position in shares of Tapestry, Inc. (NYSE:TPR) by 42.0% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 122,767 shares of the luxury accessories retailer’s stock after selling 88,729 shares during the quarter. Picton Mahoney Asset Management owned about 0.06% of Tapestry worth $13,898,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the business. Cloud Capital Management LLC acquired a new stake in Tapestry during the third quarter worth $26,000. Vestor Capital LLC purchased a new position in shares of Tapestry during the 2nd quarter worth $27,000. Johnson Financial Group Inc. purchased a new position in shares of Tapestry during the 2nd quarter worth $39,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Tapestry during the 2nd quarter worth about $45,000. Finally, CYBER HORNET ETFs LLC purchased a new stake in Tapestry in the 2nd quarter valued at about $52,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TPR has been the topic of a number of research reports. BTIG Research upped their price target on Tapestry from $140.00 to $175.00 and gave the stock a “buy” rating in a research note on Friday, February 6th. Jefferies Financial Group downgraded Tapestry from a “buy” rating to a “hold” rating and cut their price objective for the company from $142.00 to $138.00 in a report on Wednesday, January 14th. JPMorgan Chase & Co. raised their target price on Tapestry from $147.00 to $148.00 and gave the company an “overweight” rating in a report on Monday, November 17th. UBS Group reaffirmed a “neutral” rating and issued a $141.00 target price on shares of Tapestry in a research report on Monday, February 9th. Finally, Morgan Stanley increased their price target on shares of Tapestry from $124.00 to $126.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $147.00.

Insider Buying and Selling at Tapestry

In other Tapestry news, Director Anne Gates sold 6,498 shares of the firm’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $153.79, for a total value of $999,327.42. Following the sale, the director directly owned 22,698 shares in the company, valued at $3,490,725.42. This trade represents a 22.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Manesh Dadlani sold 2,147 shares of Tapestry stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $153.47, for a total value of $329,500.09. Following the sale, the vice president directly owned 18,475 shares of the company’s stock, valued at $2,835,358.25. This trade represents a 10.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 164,956 shares of company stock worth $25,297,262. 1.32% of the stock is currently owned by company insiders.

Tapestry Price Performance

TPR stock opened at $157.08 on Thursday. The company has a debt-to-equity ratio of 4.32, a current ratio of 1.63 and a quick ratio of 1.10. The firm has a market capitalization of $31.80 billion, a P/E ratio of 64.91, a P/E/G ratio of 1.85 and a beta of 1.55. The business’s 50-day moving average is $139.73 and its two-hundred day moving average is $120.83. Tapestry, Inc. has a 1 year low of $58.39 and a 1 year high of $161.97.

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

Tapestry Announces Dividend

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

Tapestry declared that its Board of Directors has initiated a share buyback plan on Thursday, November 6th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the luxury accessories retailer to repurchase up to 4.9% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

About Tapestry

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.