During the third quarter, E. Ohman J or Asset Management AB acquired 7,800 shares of Tapestry, representing a new position valued at approximately $883,000, according to its latest SEC filing. This marks the fund’s first disclosed investment in the luxury accessories retailer, highlighting growing institutional confidence in the company’s portfolio of brands, which includes Coach, Kate Spade New York and Stuart Weitzman.

Several prominent institutional investors also adjusted their holdings in Tapestry during the first half of the fiscal year. The Canada Pension Plan Investment Board initiated a stake valued at $5.943 million, while Magnetar Financial LLC purchased shares worth $1.961 million. Mubadala Investment Co PJSC established a position of $4.073 million, and DRW Securities LLC added $719,000 worth of stock. Evergreen Capital Management LLC modestly increased its existing stake by 3.2%, acquiring an additional 209 shares to bring its total to 6,808 shares valued at $479,000. Collectively, hedge funds and other institutions now hold over 90% of the company’s equity.

On November 6, the Board of Directors authorized a $1.00 billion share repurchase program, permitting open market repurchases of up to 4.9% of outstanding shares. This initiative underscores management’s view that the stock remains attractively valued. Concurrently, Tapestry declared a quarterly dividend of $0.40 per share, paid on December 22 to holders of record as of December 5, representing an annualized payout of $1.60 and a yield of approximately 1.2%. The current payout ratio stands at 142.9%, reflecting the company’s commitment to returning capital to shareholders.