CTC Alternative Strategies Ltd. Acquires New Position in Tapestry, Inc. $TPR

Key Points

• CTC Alternative Strategies Ltd. acquired a new position in Tapestry, buying 18,220 shares valued at approximately $1.28 million, constituting 1.6% of its holdings.
• Multiple institutional investors, including AQR Capital Management and Samlyn Capital LLC, significantly increased their stakes in Tapestry during the first quarter, indicating growing confidence in the company's prospects.
• Tapestry announced a quarterly dividend increase from $0.35 to $0.40, with a 1.5% yield, reflecting positive financial performance and shareholder value considerations.

CTC Alternative Strategies Ltd. bought a new position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 18,220 shares of the luxury accessories retailer's stock, valued at approximately $1,283,000. Tapestry accounts for 1.6% of CTC Alternative Strategies Ltd.'s holdings, making the stock its 17th biggest holding.

A number of other hedge funds and other institutional investors also recently modified their holdings of TPR. AQR Capital Management LLC increased its stake in shares of Tapestry by 47.4% during the 1st quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer's stock worth $177,405,000 after purchasing an additional 838,057 shares in the last quarter. Southpoint Capital Advisors LP increased its position in Tapestry by 25.0% during the first quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock worth $176,025,000 after buying an additional 500,000 shares in the last quarter. Samlyn Capital LLC raised its holdings in shares of Tapestry by 50.2% in the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock worth $138,865,000 after acquiring an additional 658,889 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Tapestry by 21.1% in the first quarter. Goldman Sachs Group Inc. now owns 1,651,892 shares of the luxury accessories retailer's stock valued at $116,310,000 after acquiring an additional 288,219 shares in the last quarter. Finally, WT Asset Management Ltd boosted its stake in shares of Tapestry by 140.6% during the first quarter. WT Asset Management Ltd now owns 1,574,634 shares of the luxury accessories retailer's stock valued at $110,870,000 after acquiring an additional 920,087 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TPR. Wells Fargo & Company lifted their price target on shares of Tapestry from $100.00 to $120.00 and gave the stock an "overweight" rating in a report on Thursday, August 14th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Thursday, June 12th. Cowen reiterated a "buy" rating on shares of Tapestry in a report on Thursday, August 7th. Wall Street Zen lowered Tapestry from a "strong-buy" rating to a "buy" rating in a research note on Saturday. Finally, UBS Group decreased their price objective on Tapestry from $112.00 to $105.00 and set a "neutral" rating on the stock in a report on Friday, August 15th. Seventeen investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $105.47.

Tapestry Price Performance

Shares of Tapestry stock opened at $104.16 on Monday. The business's fifty day moving average price is $102.15 and its 200 day moving average price is $84.81. Tapestry, Inc. has a twelve month low of $40.08 and a twelve month high of $114.05. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The stock has a market capitalization of $21.68 billion, a P/E ratio of 165.33, a PEG ratio of 2.63 and a beta of 1.52.

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

Tapestry Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a $0.40 dividend. The ex-dividend date is Friday, September 5th. This is a positive change from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.5%. Tapestry's payout ratio is 253.97%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction on Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the transaction, the vice president owned 21,098 shares in the company, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.18% of the stock is currently owned by company insiders.

Tapestry Company Profile

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.

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