Aviva PLC Takes $67.61 Million Position in Tapestry, Inc. $TPR

Aviva PLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 769,981 shares of the luxury accessories retailer’s stock, valued at approximately $67,612,000. Aviva PLC owned approximately 0.37% of Tapestry as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Prospera Financial Services Inc raised its position in shares of Tapestry by 137.7% in the second quarter. Prospera Financial Services Inc now owns 29,742 shares of the luxury accessories retailer’s stock worth $2,612,000 after acquiring an additional 17,228 shares during the period. AE Wealth Management LLC raised its holdings in Tapestry by 3.8% in the 2nd quarter. AE Wealth Management LLC now owns 153,288 shares of the luxury accessories retailer’s stock worth $13,460,000 after purchasing an additional 5,544 shares during the period. Wedbush Securities Inc. boosted its position in Tapestry by 3.4% during the second quarter. Wedbush Securities Inc. now owns 10,152 shares of the luxury accessories retailer’s stock worth $891,000 after purchasing an additional 334 shares in the last quarter. Sterling Capital Management LLC grew its holdings in Tapestry by 5.3% in the second quarter. Sterling Capital Management LLC now owns 105,416 shares of the luxury accessories retailer’s stock valued at $9,257,000 after purchasing an additional 5,278 shares during the period. Finally, Savant Capital LLC increased its position in shares of Tapestry by 46.5% in the second quarter. Savant Capital LLC now owns 29,391 shares of the luxury accessories retailer’s stock valued at $2,581,000 after buying an additional 9,326 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 4.9%

Shares of Tapestry stock opened at $103.67 on Friday. The stock has a market cap of $21.46 billion, a P/E ratio of 164.55, a P/E/G ratio of 2.72 and a beta of 1.71. The stock’s 50 day simple moving average is $110.95 and its 200-day simple moving average is $97.40. Tapestry, Inc. has a 1-year low of $49.84 and a 1-year high of $118.56. 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 (NYSE:TPR) last posted its quarterly earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, beating the consensus estimate of $1.25 by $0.13. Tapestry had a return on equity of 68.02% and a net margin of 2.61%.The firm had revenue of $1.70 billion during the quarter, compared to analysts’ expectations of $1.63 billion. During the same quarter last year, the firm earned $0.84 earnings per share. The business’s revenue for the quarter was up 13.1% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. Analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Friday, December 5th will be given a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, December 5th. This represents a $1.60 annualized dividend and a dividend yield of 1.5%. Tapestry’s payout ratio is presently 142.86%.

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. UBS Group decreased their target price on Tapestry from $112.00 to $105.00 and set a “neutral” rating on the stock in a research report on Friday, August 15th. Sanford C. Bernstein lifted their target price on shares of Tapestry from $112.00 to $115.00 and gave the company an “outperform” rating in a research report on Friday. The Goldman Sachs Group boosted their target price on shares of Tapestry from $116.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, October 6th. Cowen reaffirmed a “buy” rating on shares of Tapestry in a research note on Thursday, August 7th. Finally, Barclays lifted their price objective on Tapestry from $111.00 to $127.00 and gave the stock an “overweight” rating in a report on Thursday, September 11th. Eighteen research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $116.25.

Insider Transactions at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the sale, the director owned 8,153 shares of the company’s stock, valued at $865,767.07. This represents a 58.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Manesh Dadlani sold 7,882 shares of Tapestry stock in a transaction that occurred 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 sale, the vice president directly 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 SEC filing for this sale provides additional information. Corporate insiders own 1.32% of the company’s stock.

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.