California Public Employees Retirement System Has $61.59 Million Stake in Tapestry, Inc. $TPR

Key Points

• California Public Employees Retirement System increased its Tapestry stake by 8.9% in the first quarter, bringing its holdings to 436,432 shares worth about $61.6 million.
• Several other institutional investors also adjusted positions in Tapestry, and overall institutional ownership stands at 90.77% of the company’s stock.
• Insider selling was notable, with CEO Joanne C. Crevoiserat and CEO Todd Kahn both selling shares in May, while analysts remain broadly positive with a Moderate Buy consensus and a $170.06 price target.

California Public Employees Retirement System raised its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 8.9% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 436,432 shares of the luxury accessories retailer's stock after purchasing an additional 35,653 shares during the quarter. California Public Employees Retirement System owned 0.22% of Tapestry worth $61,585,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Eurizon Capital SGR S.p.A. acquired a new stake in shares of Tapestry during the 4th quarter worth approximately $8,109,000. Norges Bank bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $345,349,000. Keystone Investors PTE Ltd. raised its stake in shares of Tapestry by 17.4% in the fourth quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer's stock valued at $8,001,000 after purchasing an additional 9,303 shares in the last quarter. Aberdeen Group plc raised its stake in shares of Tapestry by 34.7% in the fourth quarter. Aberdeen Group plc now owns 47,573 shares of the luxury accessories retailer's stock valued at $6,078,000 after purchasing an additional 12,251 shares in the last quarter. Finally, SteelPeak Wealth LLC bought a new position in Tapestry in the fourth quarter worth $1,865,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity

In other Tapestry news, CEO Joanne C. Crevoiserat sold 27,776 shares of the company's stock in a transaction dated Wednesday, May 13th. The shares were 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 approximately $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the firm's stock in a transaction that occurred 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 sale, the chief executive officer directly owned 123,258 shares of the company's stock, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

TPR has been the topic of a number of recent research reports. Wall Street Zen upgraded shares of Tapestry from a "buy" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Evercore set a $175.00 price objective on shares of Tapestry in a report on Friday, May 8th. Sanford C. Bernstein reaffirmed an "outperform" rating and set a $180.00 price objective on shares of Tapestry in a report on Tuesday, June 2nd. Barclays lifted their target price on shares of Tapestry from $179.00 to $182.00 and gave the company an "overweight" rating in a research report on Thursday. Finally, Morgan Stanley reissued an "overweight" rating and issued a $164.00 target price on shares of Tapestry in a research note on Monday, July 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and a consensus price target of $170.06.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $141.43 on Monday. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. The business's fifty day moving average price is $141.43 and its two-hundred day moving average price is $142.12. Tapestry, Inc. has a fifty-two week low of $92.62 and a fifty-two week high of $161.97. The stock has a market capitalization of $28.57 billion, a price-to-earnings ratio of 45.33, a price-to-earnings-growth ratio of 1.30 and a beta of 1.43.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, beating 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 analysts' expectations of $1.79 billion. During the same period last year, the business earned $1.03 earnings per share. The business's revenue was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, analysts predict that Tapestry, Inc. will post 6.96 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

Tapestry 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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