Congress Asset Management Co. Takes Position in Tapestry, Inc. $TPR

Congress Asset Management Co. purchased a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 687,164 shares of the luxury accessories retailer’s stock, valued at approximately $77,801,000. Congress Asset Management Co. owned approximately 0.33% of Tapestry as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. Schroder Investment Management Group boosted its holdings in shares of Tapestry by 1,661.6% during the 2nd quarter. Schroder Investment Management Group now owns 4,002,818 shares of the luxury accessories retailer’s stock valued at $351,487,000 after buying an additional 3,775,593 shares in the last quarter. Norges Bank bought a new position in shares of Tapestry in the 2nd quarter worth about $227,248,000. AQR Capital Management LLC lifted its position in Tapestry by 36.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,546,969 shares of the luxury accessories retailer’s stock valued at $311,388,000 after acquiring an additional 939,227 shares during the period. Marshall Wace LLP boosted its stake in Tapestry by 2,547.4% during the second quarter. Marshall Wace LLP now owns 955,667 shares of the luxury accessories retailer’s stock worth $83,917,000 after acquiring an additional 919,569 shares in the last quarter. Finally, Aviva PLC bought a new stake in Tapestry during the second quarter worth about $67,612,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, CEO Joanne C. Crevoiserat sold 31,735 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $105.31, for a total value of $3,342,012.85. Following the transaction, the chief executive officer owned 667,233 shares in the company, valued at $70,266,307.23. This represents a 4.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Scott A. Roe sold 18,794 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $104.85, for a total transaction of $1,970,550.90. Following the completion of the transaction, the chief financial officer directly owned 148,149 shares in the company, valued at approximately $15,533,422.65. The trade was a 11.26% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 115,485 shares of company stock valued at $12,034,058 in the last 90 days. Insiders own 1.32% of the company’s stock.

Tapestry Stock Performance

Shares of TPR stock opened at $125.42 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.52 and a debt-to-equity ratio of 5.95. The company has a 50 day moving average price of $112.06 and a 200-day moving average price of $104.79. Tapestry, Inc. has a 52 week low of $58.39 and a 52 week high of $127.54. The firm has a market capitalization of $25.67 billion, a PE ratio of 111.98, a P/E/G ratio of 2.58 and a beta of 1.65.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.25 by $0.13. The company had revenue of $1.70 billion for the quarter, compared to analysts’ expectations of $1.63 billion. Tapestry had a net margin of 3.77% and a return on equity of 116.42%. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter last year, the company posted $0.84 earnings per share. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. As a group, equities research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry declared that its Board of Directors has authorized a stock buyback program on Thursday, November 6th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the luxury accessories retailer to reacquire up to 4.9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 5th will be issued a $0.40 dividend. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.3%. Tapestry’s dividend payout ratio is currently 142.86%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Jefferies Financial Group lifted their target price on shares of Tapestry from $135.00 to $142.00 and gave the company a “buy” rating in a report on Friday, December 12th. BTIG Research initiated coverage on Tapestry in a research report on Tuesday, October 14th. They set a “buy” rating and a $140.00 price objective for the company. Evercore ISI lifted their price objective on Tapestry from $125.00 to $129.00 and gave the company an “outperform” rating in a research note on Monday, November 3rd. Sanford C. Bernstein boosted their target price on Tapestry from $112.00 to $115.00 and gave the stock an “outperform” rating in a report on Friday, November 7th. Finally, The Goldman Sachs Group raised their price target on Tapestry from $116.00 to $130.00 and gave the company a “buy” rating in a report on Monday, October 6th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $122.00.

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.