Truist Financial Corp raised its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 8.9% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 54,574 shares of the luxury accessories retailer’s stock after acquiring an additional 4,464 shares during the period. Truist Financial Corp’s holdings in Tapestry were worth $1,551,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Asset Management Inc. boosted its stake in Tapestry by 7.5% in the second quarter. TD Asset Management Inc. now owns 143,179 shares of the luxury accessories retailer’s stock valued at $4,370,000 after acquiring an additional 9,953 shares during the period. Absher Wealth Management LLC grew its holdings in Tapestry by 1.6% in the 3rd quarter. Absher Wealth Management LLC now owns 54,936 shares of the luxury accessories retailer’s stock worth $1,562,000 after buying an additional 852 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Tapestry by 43.9% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 4,657 shares of the luxury accessories retailer’s stock worth $142,000 after buying an additional 1,421 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in Tapestry by 399.2% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 652,949 shares of the luxury accessories retailer’s stock worth $19,928,000 after buying an additional 522,138 shares in the last quarter. Finally, Aspire Private Capital LLC grew its holdings in Tapestry by 70.7% in the 2nd quarter. Aspire Private Capital LLC now owns 14,399 shares of the luxury accessories retailer’s stock worth $439,000 after buying an additional 5,964 shares in the last quarter. 92.84% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Manesh Dadlani sold 1,582 shares of the stock in a transaction on Friday, December 2nd. The stock was sold at an average price of $38.53, for a total value of $60,954.46. Following the completion of the sale, the vice president now owns 39,375 shares in the company, valued at $1,517,118.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.81% of the company’s stock.
Tapestry Price Performance
Tapestry (NYSE:TPR – Get Rating) last released its earnings results on Thursday, November 10th. The luxury accessories retailer reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. The company had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.51 billion. Tapestry had a return on equity of 35.86% and a net margin of 12.29%. As a group, equities analysts anticipate that Tapestry, Inc. will post 3.63 EPS for the current fiscal year.
Tapestry Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 27th. Stockholders of record on Friday, December 9th were issued a $0.30 dividend. The ex-dividend date was Thursday, December 8th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Tapestry’s payout ratio is currently 38.10%.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on TPR. The Goldman Sachs Group raised Tapestry from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $37.00 to $44.00 in a report on Monday, December 12th. Barclays decreased their price objective on Tapestry to $38.00 in a report on Wednesday, November 16th. Sanford C. Bernstein downgraded Tapestry from an “outperform” rating to a “market perform” rating in a research report on Thursday, January 5th. JPMorgan Chase & Co. upped their target price on Tapestry from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 29th. Finally, Morgan Stanley upped their target price on Tapestry from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 17th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $44.88.
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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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