Assenagon Asset Management S.A. Increases Stake in Tapestry, Inc. $TPR

Key Points

• Assenagon Asset Management increased its Tapestry stake by 5.1% in the second quarter, bringing its holdings to 194,487 shares valued at approximately $28.5 million. Institutional investors collectively own 90.77% of Tapestry.
• Tapestry reported a strong latest quarter, with earnings of $1.66 per share and revenue of $1.92 billion, exceeding analyst estimates; revenue rose 21.2% year over year.
• Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and average price target of $175.44, although two CEOs recently sold shares under disclosed transactions.

Assenagon Asset Management S.A. raised its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 5.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 194,487 shares of the luxury accessories retailer's stock after purchasing an additional 9,433 shares during the period. Assenagon Asset Management S.A. owned 0.10% of Tapestry worth $28,469,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in TPR. Acumen Wealth Advisors LLC purchased a new position in Tapestry during the 4th quarter valued at approximately $28,000. Triumph Capital Management bought a new stake in Tapestry in the third quarter worth $29,000. Steph & Co. raised its stake in Tapestry by 128.7% during the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock valued at $30,000 after purchasing an additional 130 shares in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Tapestry in the 4th quarter valued at about $31,000. Finally, Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in Tapestry in the fourth quarter worth about $32,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Key Stories Impacting Tapestry

Here are the key news stories impacting Tapestry this week:

• Positive Sentiment: Higher analyst price target: Telsey Advisory Group raised its Tapestry price target from $160 to $175 and maintained an “outperform” rating, implying additional upside from current levels. Benzinga report
• Positive Sentiment: Positive earnings expectations: Zacks said Tapestry has factors that could support an earnings beat in next week’s quarterly release, while another analysis highlights the potential for continued earnings growth. Strong results could reinforce the stock’s recent momentum. Zacks earnings expectations
• Positive Sentiment: Long-term growth appeal: Zacks identifies TPR as a potential long-term growth stock, supported by its style-score framework and expectations for market-beating performance. Zacks long-term growth analysis
• Positive Sentiment: AI initiatives may improve execution: Reports describe Tapestry’s efforts to build internal support for AI experimentation. Applying AI across areas such as customer engagement, merchandising and operations could create longer-term efficiency and brand advantages. Wall Street Journal AI culture article
• Neutral Sentiment: Retail backdrop remains supportive: Telsey’s Dana Telsey favors Tapestry alongside Ralph Lauren and off-price retailers, citing resilient consumers and product “newness.” The view is supportive but reflects broader retail optimism rather than a new company-specific result. Barron's retail analysis
• Neutral Sentiment: Near-term catalyst and risk: Tapestry is expected to report earnings next Thursday. Investors will watch sales, margins and guidance to determine whether the optimistic forecasts are justified. Earnings announcement article

Insider Transactions at Tapestry

In other news, CEO Todd Kahn sold 19,557 shares of Tapestry stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total value of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares in the company, valued at $17,258,585.16. This trade represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 652,434 shares in the company, valued at $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company's stock.

Tapestry Trading Up 0.1%

NYSE:TPR opened at $162.46 on Monday. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. The stock has a market capitalization of $32.82 billion, a price-to-earnings ratio of 52.07, a PEG ratio of 1.47 and a beta of 1.43. The firm has a 50 day moving average of $145.71 and a 200 day moving average of $144.14. Tapestry, Inc. has a 52 week low of $92.62 and a 52 week high of $163.94.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.30 by $0.36. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The company had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.79 billion. During the same quarter last year, the business posted $1.03 EPS. The firm's quarterly revenue was up 21.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 6.98 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently weighed in on TPR shares. Citigroup increased their price target on Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Morgan Stanley reiterated an "overweight" rating and set a $164.00 price target on shares of Tapestry in a report on Monday, July 6th. Robert W. Baird increased their price objective on shares of Tapestry from $160.00 to $165.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Wall Street Zen downgraded Tapestry from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Finally, Weiss Ratings downgraded shares of Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $175.44.

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.

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