Assenagon Asset Management S.A. Sells 166,182 Shares of Tapestry, Inc. $TPR

Key Points

• Assenagon Asset Management reduced its Tapestry stake by 47.3% in the first quarter, selling 166,182 shares and leaving it with 185,054 shares valued at about $26.1 million.
• Insider selling continued, with CEO Joanne C. Crevoiserat and CEO Todd Kahn both selling shares in May through pre-arranged trading plans. Insiders now own 1.32% of Tapestry stock.
• Tapestry reported strong quarterly results, beating earnings and revenue estimates, and the company also paid a $0.40 quarterly dividend. Analysts remain broadly positive, with a consensus Moderate Buy rating and an average target price of $167.65.

Assenagon Asset Management S.A. cut its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 47.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 185,054 shares of the luxury accessories retailer's stock after selling 166,182 shares during the period. Assenagon Asset Management S.A. owned about 0.09% of Tapestry worth $26,113,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Acumen Wealth Advisors LLC acquired a new stake in Tapestry during the 4th quarter valued at approximately $28,000. Steph & Co. lifted its position in shares of Tapestry by 128.7% in the 4th quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer's stock worth $30,000 after purchasing an additional 130 shares during the period. Flagship Harbor Advisors LLC bought a new stake in shares of Tapestry in the 4th quarter valued at $31,000. Towarzystwo Funduszy Inwestycyjnych PZU SA acquired a new position in Tapestry in the fourth quarter valued at $32,000. Finally, Triumph Capital Management bought a new stake in Tapestry during the third quarter valued at $29,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insiders Place Their Bets

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the company's stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the sale, the chief executive officer directly owned 652,434 shares of the company's stock, valued at $86,701,954.26. This represents a 4.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, 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 value of $2,738,371.14. Following the completion of the sale, the chief executive officer owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The disclosure for this sale is available in the SEC filing. 1.32% of the stock is currently owned by company insiders.

Tapestry Stock Up 0.2%

TPR opened at $146.24 on Friday. Tapestry, Inc. has a twelve month low of $84.39 and a twelve month high of $161.97. The company's 50-day moving average price is $142.32 and its two-hundred day moving average price is $140.17. The stock has a market cap of $29.55 billion, a price-to-earnings ratio of 46.87, a PEG ratio of 1.48 and a beta of 1.42. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, topping the consensus estimate 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 the consensus estimate of $1.79 billion. During the same quarter in the prior year, the company earned $1.03 EPS. The firm'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. As a group, equities analysts expect that Tapestry, Inc. will post 6.95 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Friday, June 5th. Tapestry's dividend payout ratio is currently 51.28%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TPR shares. Raymond James Financial reaffirmed an "outperform" rating and set a $165.00 target price on shares of Tapestry in a research note on Thursday, April 23rd. BTIG Research reaffirmed a "buy" rating and set a $180.00 price objective on shares of Tapestry in a research report on Wednesday, June 10th. Wall Street Zen upgraded shares of Tapestry from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Evercore set a $175.00 target price on shares of Tapestry in a research note on Friday, May 8th. Finally, Citigroup lifted their price target on shares of Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $167.65.

Tapestry Company Profile

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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