SummitTX Capital L.P. Buys Shares of 28,535 Tapestry, Inc. $TPR

SummitTX Capital L.P. bought a new position in Tapestry, Inc. (NYSE:TPR) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 28,535 shares of the luxury accessories retailer’s stock, valued at approximately $4,027,000.

Other hedge funds have also recently modified their holdings of the company. Lazard Asset Management LLC purchased a new stake in shares of Tapestry during the first quarter valued at $1,840,000. Castleark Management LLC raised its position in Tapestry by 43.9% in the 1st quarter. Castleark Management LLC now owns 204,470 shares of the luxury accessories retailer’s stock worth $28,853,000 after buying an additional 62,386 shares during the last quarter. Family Manage LLC raised its position in Tapestry by 19.9% in the 1st quarter. Family Manage LLC now owns 3,332 shares of the luxury accessories retailer’s stock worth $470,000 after buying an additional 553 shares during the last quarter. Quadcap Wealth Management LLC bought a new position in Tapestry during the 1st quarter valued at about $411,000. Finally, OMERS ADMINISTRATION Corp lifted its stake in Tapestry by 31.4% during the 1st quarter. OMERS ADMINISTRATION Corp now owns 22,731 shares of the luxury accessories retailer’s stock valued at $3,208,000 after acquiring an additional 5,429 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Tapestry

In other news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer owned 123,258 shares of the company’s stock, valued at approximately $17,258,585.16. This represents a 13.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the stock in a transaction on 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 in the company, valued at $86,701,954.26. The trade was a 4.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the company. Sanford C. Bernstein reaffirmed an “outperform” rating and issued a $180.00 price objective on shares of Tapestry in a report on Tuesday, June 2nd. Weiss Ratings cut shares of Tapestry from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 20th. Evercore set a $175.00 price objective on shares of Tapestry in a research report on Friday, May 8th. Barclays lifted their price target on shares of Tapestry from $179.00 to $182.00 and gave the company an “overweight” rating in a report on Thursday, July 16th. Finally, BTIG Research reissued a “buy” rating and set a $180.00 price objective on shares of Tapestry in a research note on Wednesday, June 10th. One investment 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 stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $170.06.

Tapestry Price Performance

Tapestry stock opened at $147.52 on Tuesday. The stock has a market cap of $29.80 billion, a price-to-earnings ratio of 47.28, a price-to-earnings-growth ratio of 1.30 and a beta of 1.43. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. Tapestry, Inc. has a 1 year low of $92.62 and a 1 year high of $161.97. The firm has a 50-day moving average of $142.78 and a two-hundred day moving average of $142.69.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping 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 business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same period last year, the company posted $1.03 earnings per share. The company’s quarterly revenue was up 21.2% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, research analysts forecast that Tapestry, Inc. will post 6.97 earnings per share for the current year.

Tapestry Dividend Announcement

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

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.