Assenagon Asset Management S.A. Buys 495,072 Shares of Tapestry, Inc. $TPR

Key Points

• Assenagon Asset Management increased its Tapestry stake by 254.6% in the third quarter, purchasing 495,072 additional shares and bringing its holdings to 689,559 shares valued at approximately $79.3 million. Institutional investors collectively own 90.77% of Tapestry.
• Tapestry reported quarterly results above expectations, with earnings of $1.32 per share versus the $1.28 consensus estimate and revenue of $1.88 billion. Revenue rose 8.9% year over year, and the company increased its quarterly dividend from $0.40 to $0.4625 per share.
• Analyst sentiment remains favorable, with Tapestry carrying a consensus “Moderate Buy” rating and an average price target of $173.56, despite several recent price-target reductions. Shares recently traded near $119.97, while company insiders—including the CEO—reported stock sales.

Assenagon Asset Management S.A. boosted its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 254.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 689,559 shares of the luxury accessories retailer's stock after buying an additional 495,072 shares during the period. Assenagon Asset Management S.A. owned 0.35% of Tapestry worth $79,327,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in TPR. Mather Group LLC. lifted its stake in Tapestry by 23.4% during the 3rd quarter. Mather Group LLC. now owns 8,658 shares of the luxury accessories retailer's stock valued at $996,000 after acquiring an additional 1,639 shares during the period. Fortitude Family Office LLC grew its position in Tapestry by 41.4% during the third quarter. Fortitude Family Office LLC now owns 1,065 shares of the luxury accessories retailer's stock valued at $123,000 after buying an additional 312 shares during the period. Tempus Wealth Planning LLC bought a new stake in Tapestry during the third quarter valued at approximately $220,000. First Citizens Bank & Trust Co. grew its position in Tapestry by 22.3% during the third quarter. First Citizens Bank & Trust Co. now owns 2,246 shares of the luxury accessories retailer's stock valued at $258,000 after buying an additional 409 shares during the period. Finally, B. Riley Wealth Advisors Inc. purchased a new stake in Tapestry during the third quarter valued at approximately $411,000. Institutional investors own 90.77% of the company's stock.

Tapestry Trading Up 0.2%

Shares of TPR opened at $119.97 on Friday. The company has a 50-day moving average of $122.41 and a 200 day moving average of $136.53. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80. The firm has a market capitalization of $23.92 billion, a price-to-earnings ratio of 16.46, a PEG ratio of 1.52 and a beta of 1.42.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the previous year, the business earned $1.04 earnings per share. Tapestry's quarterly revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, research analysts expect that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 21st. Investors of record on Friday, September 4th were issued a dividend of $0.4625 per share. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.5%. Tapestry's dividend payout ratio is 25.38%.

Insider Buying and Selling

In related news, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the transaction, the insider owned 21,136 shares in the company, valued at $2,438,671.68. The trade was a 21.56% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. This trade represents a 4.00% 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. Insiders own 1.28% of the company's stock.

Analyst Upgrades and Downgrades

TPR has been the topic of several recent research reports. Wells Fargo & Company decreased their price target on shares of Tapestry from $165.00 to $160.00 and set an "overweight" rating on the stock in a research report on Thursday, August 13th. UBS Group reaffirmed a "buy" rating on shares of Tapestry in a report on Tuesday, September 8th. Daiwa Securities Group raised Tapestry from a "hold" rating to a "strong-buy" rating in a report on Monday, August 17th. Raymond James Financial lowered their price target on shares of Tapestry from $165.00 to $140.00 and set an "outperform" rating on the stock in a report on Friday. Finally, BTIG Research decreased their price target on Tapestry from $180.00 to $175.00 and set a "buy" rating on the stock in a report on Friday, August 14th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, Tapestry presently has a consensus rating of "Moderate Buy" and an average price target of $173.56.

About Tapestry

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company's portfolio includes Coach, Kate Spade New York, Stuart Weitzman, Versace, Jimmy Choo and Michael Kors, offering handbags, footwear, apparel, jewelry, watches, accessories, fragrances and related products.

Tapestry sells its products through company-operated stores, brand websites and other digital channels, as well as wholesale partners, department stores, specialty retailers and travel-retail locations.

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