Tapestry, Inc. $TPR Shares Bought by AQR Capital Management LLC

Key Points

• AQR Capital Management LLC increased its holdings in Tapestry, Inc. by 47.4%, acquiring a total of 2,607,742 shares valued at approximately $177 million.
• Several analysts have recently adjusted their price targets for Tapestry's stock, with an average target price set at $105.47 and a consensus rating of "Moderate Buy."
• Tapestry has declared an increased quarterly dividend of $0.40 per share, up from the previous $0.35, with a current annual yield of 1.5%.

AQR Capital Management LLC lifted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 47.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,607,742 shares of the luxury accessories retailer's stock after buying an additional 838,057 shares during the quarter. AQR Capital Management LLC owned approximately 1.26% of Tapestry worth $177,405,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Southpoint Capital Advisors LP acquired a new position in shares of Tapestry during the 4th quarter worth $130,660,000. Point72 Asset Management L.P. acquired a new position in shares of Tapestry during the 4th quarter worth $101,433,000. Point72 Hong Kong Ltd acquired a new position in shares of Tapestry during the 4th quarter worth $65,751,000. WT Asset Management Ltd raised its stake in shares of Tapestry by 140.6% during the 1st quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock worth $110,870,000 after buying an additional 920,087 shares during the last quarter. Finally, Nuveen LLC acquired a new position in Tapestry in the 1st quarter valued at about $59,133,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Ratings Changes

Several brokerages recently weighed in on TPR. Evercore ISI cut their target price on shares of Tapestry from $130.00 to $125.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Wells Fargo & Company boosted their target price on shares of Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Cowen reissued a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. UBS Group cut their target price on shares of Tapestry from $112.00 to $105.00 and set a "neutral" rating for the company in a research note on Friday, August 15th. Finally, The Goldman Sachs Group boosted their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Seventeen analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $105.47.

Insiders Place Their Bets

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the completion of the transaction, the vice president owned 21,098 shares in the company, valued at $2,089,756.90. This represents a 27.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Tapestry Trading Down 1.6%

Shares of NYSE:TPR traded down $1.66 during trading on Friday, reaching $104.16. 2,489,416 shares of the stock were exchanged, compared to its average volume of 4,755,136. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. Tapestry, Inc. has a 12-month low of $40.08 and a 12-month high of $114.05. The firm has a market cap of $21.68 billion, a price-to-earnings ratio of 165.33, a price-to-earnings-growth ratio of 2.63 and a beta of 1.52. The firm's 50-day moving average price is $102.15 and its 200 day moving average price is $84.82.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.02. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The business had revenue of $1.72 billion during the quarter, compared to analysts' expectations of $1.67 billion. During the same quarter in the previous year, the business earned $0.92 EPS. The company's revenue for the quarter was up 8.3% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Shareholders of record on Friday, September 5th will be issued a $0.40 dividend. The ex-dividend date is Friday, September 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.5%. This is a boost from Tapestry's previous quarterly dividend of $0.35. Tapestry's dividend payout ratio (DPR) is currently 222.22%.

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.