Formula Growth Ltd. Makes New $1.82 Million Investment in Tapestry, Inc. $TPR

Formula Growth Ltd. purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 2nd quarter, HoldingsChannel.com reports. The fund purchased 20,718 shares of the luxury accessories retailer’s stock, valued at approximately $1,819,000.

Other hedge funds have also recently modified their holdings of the company. Jump Financial LLC raised its position in Tapestry by 1,025.9% in the first quarter. Jump Financial LLC now owns 79,702 shares of the luxury accessories retailer’s stock valued at $5,612,000 after purchasing an additional 72,623 shares during the period. Nuveen LLC purchased a new position in shares of Tapestry during the 1st quarter worth $59,133,000. Czech National Bank increased its position in shares of Tapestry by 6.8% during the 2nd quarter. Czech National Bank now owns 50,781 shares of the luxury accessories retailer’s stock worth $4,459,000 after purchasing an additional 3,233 shares during the last quarter. Hsbc Holdings PLC raised its holdings in Tapestry by 50.6% in the 1st quarter. Hsbc Holdings PLC now owns 351,793 shares of the luxury accessories retailer’s stock valued at $24,596,000 after buying an additional 118,200 shares during the period. Finally, Range Financial Group LLC raised its holdings in Tapestry by 20.5% in the 2nd quarter. Range Financial Group LLC now owns 38,447 shares of the luxury accessories retailer’s stock valued at $3,376,000 after buying an additional 6,535 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on TPR shares. Morgan Stanley lifted their price target on shares of Tapestry from $124.00 to $126.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. BTIG Research assumed coverage on shares of Tapestry in a report on Tuesday, October 14th. They issued a “buy” rating and a $140.00 target price for the company. Wall Street Zen lowered Tapestry from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Weiss Ratings restated a “hold (c)” rating on shares of Tapestry in a research report on Wednesday, October 8th. Finally, UBS Group dropped their price objective on Tapestry from $112.00 to $105.00 and set a “neutral” rating for the company in a research note on Friday, August 15th. Eighteen research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and a consensus price target of $119.26.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Joanne C. Crevoiserat sold 31,735 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $105.31, for a total value of $3,342,012.85. Following the sale, the chief executive officer directly owned 667,233 shares in the company, valued at $70,266,307.23. This trade represents a 4.54% 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, insider David E. Howard sold 25,029 shares of the company’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $102.50, for a total value of $2,565,472.50. Following the transaction, the insider directly owned 55,354 shares of the company’s stock, valued at approximately $5,673,785. This represents a 31.14% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 126,805 shares of company stock worth $13,236,129. 1.32% of the stock is currently owned by company insiders.

Tapestry Price Performance

TPR stock opened at $116.15 on Friday. The business’s 50-day moving average is $110.43 and its two-hundred day moving average is $101.77. The company has a debt-to-equity ratio of 5.95, a current ratio of 1.52 and a quick ratio of 0.93. The firm has a market capitalization of $23.77 billion, a P/E ratio of 103.71, a P/E/G ratio of 2.37 and a beta of 1.65. Tapestry, Inc. has a 1 year low of $58.39 and a 1 year high of $118.56.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.25 by $0.13. The business had revenue of $1.70 billion during the quarter, compared to the consensus estimate of $1.63 billion. Tapestry had a return on equity of 116.42% and a net margin of 3.77%.The business’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.84 earnings per share. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Friday, December 5th will be issued a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, December 5th. Tapestry’s dividend payout ratio (DPR) is presently 142.86%.

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

About Tapestry

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.