Tapestry, Inc. $TPR Stake Boosted by Goldman Sachs Group Inc.

Key Points

• Goldman Sachs Group Inc. increased its stake in Tapestry, Inc. by 21.1% during the first quarter, owning 1,651,892 shares valued at $116.31 million.
• Several institutional investors also grew their holdings, with AQR Capital Management increasing theirs by 47.4%, now holding 2,607,742 shares valued at $177.41 million.
• Tapestry recently announced a quarterly dividend increase from $0.35 to $0.40 per share, reflecting a dividend yield of 1.5%.

Goldman Sachs Group Inc. grew its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 21.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,651,892 shares of the luxury accessories retailer's stock after acquiring an additional 288,219 shares during the period. Goldman Sachs Group Inc. owned 0.80% of Tapestry worth $116,310,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. AQR Capital Management LLC grew its holdings 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 valued at $177,405,000 after acquiring an additional 838,057 shares in the last quarter. Southpoint Capital Advisors LP grew its holdings in shares of Tapestry by 25.0% during the 1st quarter. Southpoint Capital Advisors LP now owns 2,500,000 shares of the luxury accessories retailer's stock valued at $176,025,000 after acquiring an additional 500,000 shares in the last quarter. Samlyn Capital LLC grew its holdings in shares of Tapestry by 50.2% during the 1st quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer's stock valued at $138,865,000 after acquiring an additional 658,889 shares in the last quarter. WT Asset Management Ltd grew its holdings in shares of Tapestry by 140.6% during the 1st 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 in the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in Tapestry in the fourth quarter worth $101,433,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TPR. Argus upped their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $139.00 to $142.00 and gave the stock an "overweight" rating in a report on Thursday. Wall Street Zen cut shares of Tapestry from a "strong-buy" rating to a "buy" rating in a report on Saturday, September 6th. Bank of America cut shares of Tapestry from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $95.00 to $115.00 in a report on Tuesday, July 29th. Finally, Morgan Stanley upped their price objective on shares of Tapestry from $90.00 to $115.00 and gave the stock an "overweight" rating in a report on Friday, August 1st. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and an average target price of $106.47.

Tapestry Stock Up 1.6%

Tapestry stock opened at $107.01 on Friday. The firm has a market cap of $22.27 billion, a price-to-earnings ratio of 169.85, a P/E/G ratio of 2.65 and a beta of 1.52. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. Tapestry, Inc. has a fifty-two week low of $41.38 and a fifty-two week high of $114.05. The firm has a fifty day moving average price of $103.55 and a two-hundred day moving average price of $85.38.

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

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Stockholders of record on Friday, September 5th will be given a dividend of $0.40 per share. This is an increase from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Friday, September 5th. Tapestry's dividend payout ratio (DPR) is currently 253.97%.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the completion of the transaction, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.18% of the company's stock.

Tapestry 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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