5 Stocks That Are Aggressively Buying Back Shares According To Goldman Sachs

2. Tapestry, Inc. (NYSE:TPR)

Share Price Returns From November 2, 2022 to January 30, 2023: 45.22%

Number of Hedge Fund Holders: 40

Net Buyback Yield: 20%

Tapestry, Inc. (NYSE:TPR) is a New York-based company that provides luxury accessories and branded lifestyle products worldwide. The company operates in three segments – Coach, Kate Spade, and Stuart Weitzman. On January 23, Barclays analyst Adrienne Yih downgraded Tapestry, Inc. (NYSE:TPR) to Equal Weight from Overweight with a $43 price target. The analyst’s report on promotions for handbags shows potential risk in the demand for accessories and handbags. The firm also noted that the effects of inflation are impacting higher income households.

According to Insider Monkey’s data, 40 hedge funds were long Tapestry, Inc. (NYSE:TPR) at the end of September 2022, compared to 36 funds in the prior quarter. Robert Pohly’s Samlyn Capital is a prominent stakeholder of the company, with 3.5 million shares worth $99.3 million. 

Here is what Ariel International & Ariel Global Fund has to say about Tapestry, Inc. (NYSE:TPR) in its Q3 2021 investor letter:

“Luxury accessory and lifestyle brand, Tapestry, Inc. was the top contributor to performance over the trailing one-year period. Revenue improvement across all three brands with a notable increase in consumer demand, particularly for the Coach business, triple-digit growth in e-commerce, and better than expected pricing, drove margins higher. Looking ahead, we expect Tapestry’s supply chain and SKU rationalization initiatives to continue to deliver margin expansion. Together, with early signs of improved receptivity for the Kate Spade brand, we believe a significant value creation opportunity lies ahead.”