Norges Bank Buys Shares of 2,702,899 Tapestry, Inc. $TPR

Norges Bank bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the 4th quarter, HoldingsChannel reports. The firm bought 2,702,899 shares of the luxury accessories retailer’s stock, valued at approximately $345,349,000.

Several other institutional investors and hedge funds also recently bought and sold shares of TPR. Woodline Partners LP grew its stake in Tapestry by 25.0% during the 1st quarter. Woodline Partners LP now owns 17,490 shares of the luxury accessories retailer’s stock valued at $1,231,000 after acquiring an additional 3,495 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Tapestry during the 1st quarter valued at about $493,000. Sivia Capital Partners LLC purchased a new position in Tapestry during the 2nd quarter valued at about $602,000. Arrowstreet Capital Limited Partnership purchased a new position in Tapestry during the 2nd quarter valued at about $6,307,000. Finally, Brown Advisory Inc. grew its stake in shares of Tapestry by 13.8% in the 2nd quarter. Brown Advisory Inc. now owns 3,630 shares of the luxury accessories retailer’s stock valued at $319,000 after buying an additional 439 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 4.6%

Shares of TPR stock opened at $138.76 on Tuesday. Tapestry, Inc. has a 12 month low of $76.92 and a 12 month high of $161.97. The firm has a market cap of $28.04 billion, a PE ratio of 44.48, a price-to-earnings-growth ratio of 1.48 and a beta of 1.45. The stock has a 50 day moving average of $142.23 and a 200-day moving average of $135.36. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48.

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

Tapestry Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts recently commented on TPR shares. TD Cowen reissued a “buy” rating on shares of Tapestry in a research note on Tuesday, February 10th. Barclays set a $179.00 price target on Tapestry and gave the company an “overweight” rating in a research note on Friday, February 6th. Argus set a $165.00 price target on Tapestry in a research note on Thursday, March 12th. Telsey Advisory Group boosted their price target on Tapestry to $150.00 and gave the company an “outperform” rating in a research note on Thursday, February 5th. Finally, Wells Fargo & Company boosted their price target on Tapestry from $142.00 to $165.00 and gave the company an “overweight” rating in a research note on Friday, February 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $160.67.

Insider Buying and Selling

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The stock was sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the completion of the transaction, the chief executive officer directly owned 652,434 shares in the company, valued at $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the transaction, the chief executive officer owned 123,258 shares of the company’s stock, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 1.32% of the stock is owned by insiders.

Tapestry Company 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.