Norges Bank Makes New $345.35 Million Investment in Tapestry, Inc. $TPR

Norges Bank acquired a new position in Tapestry, Inc. (NYSE:TPR - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,702,899 shares of the luxury accessories retailer's stock, valued at approximately $345,349,000. Norges Bank owned 1.34% of Tapestry at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Fisher Asset Management LLC boosted its holdings in shares of Tapestry by 21.7% during the third quarter. Fisher Asset Management LLC now owns 608,266 shares of the luxury accessories retailer's stock valued at $68,868,000 after acquiring an additional 108,278 shares during the period. DNB Asset Management AS boosted its holdings in shares of Tapestry by 1,331.4% during the third quarter. DNB Asset Management AS now owns 39,478 shares of the luxury accessories retailer's stock valued at $4,470,000 after acquiring an additional 36,720 shares during the period. WCM Investment Management LLC boosted its holdings in shares of Tapestry by 45.5% during the third quarter. WCM Investment Management LLC now owns 815,037 shares of the luxury accessories retailer's stock valued at $90,844,000 after acquiring an additional 254,936 shares during the period. Russell Investments Group Ltd. boosted its holdings in shares of Tapestry by 23.6% during the third quarter. Russell Investments Group Ltd. now owns 217,408 shares of the luxury accessories retailer's stock valued at $24,615,000 after acquiring an additional 41,556 shares during the period. Finally, Advisory Research Inc. boosted its holdings in shares of Tapestry by 30.1% during the third quarter. Advisory Research Inc. now owns 228,107 shares of the luxury accessories retailer's stock valued at $25,826,000 after acquiring an additional 52,747 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

TPR stock opened at $138.76 on Tuesday. 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 company has a 50-day simple moving average of $142.23 and a 200 day simple moving average of $135.36. Tapestry, Inc. has a fifty-two week low of $76.92 and a fifty-two week high of $161.97. The company has a market capitalization of $28.04 billion, a P/E ratio of 44.48, a PEG ratio of 1.48 and a beta of 1.45.

Tapestry (NYSE:TPR - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping the consensus estimate of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The firm had revenue of $1.92 billion for the quarter, compared to analysts' expectations of $1.79 billion. During the same period in the previous year, the business earned $1.03 earnings per share. Tapestry's revenue for the quarter was up 21.2% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Sell-side analysts predict that Tapestry, Inc. will post 6.95 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 1.2%. The ex-dividend date is Friday, June 5th. Tapestry's payout ratio is presently 51.28%.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction dated 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the business's stock in a transaction dated 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 sale, the chief executive officer owned 652,434 shares in the company, valued at approximately $86,701,954.26. The trade was a 4.08% 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. 1.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TPR has been the subject of several analyst reports. BTIG Research reissued a "buy" rating and set a $180.00 price target on shares of Tapestry in a report on Friday, May 8th. Evercore set a $175.00 price target on shares of Tapestry in a report on Friday, May 8th. Wells Fargo & Company boosted their price target on shares of Tapestry from $142.00 to $165.00 and gave the company an "overweight" rating in a report on Friday, February 6th. UBS Group raised shares of Tapestry from a "neutral" rating to a "buy" rating and boosted their price target for the company from $142.00 to $187.00 in a report on Friday, May 8th. Finally, Citigroup boosted their price target on shares of Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus target price of $160.67.

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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