Tapestry, Inc. $TPR Stock Bought by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 416,968 shares of the luxury accessories retailer’s stock after buying an additional 8,686 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in Tapestry were worth $47,968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. World Investment Advisors lifted its stake in Tapestry by 3.6% in the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after acquiring an additional 69 shares during the period. Eastern Bank raised its holdings in shares of Tapestry by 24.4% during the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after acquiring an additional 77 shares during the period. NewEdge Wealth LLC increased its position in shares of Tapestry by 2.7% during the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after acquiring an additional 85 shares during the last quarter. Ashton Thomas Securities LLC boosted its stake in shares of Tapestry by 4.7% in the first quarter. Ashton Thomas Securities LLC now owns 2,002 shares of the luxury accessories retailer’s stock valued at $283,000 after purchasing an additional 90 shares during the period. Finally, CX Institutional increased its position in shares of Tapestry by 1.3% in the 3rd quarter. CX Institutional now owns 7,800 shares of the luxury accessories retailer’s stock valued at $897,000 after purchasing an additional 99 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling

In other Tapestry news, CEO Joanne Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer owned 666,149 shares of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Denise Kulikowsky sold 5,810 shares of Tapestry stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total transaction of $670,357.80. Following the completion of the transaction, the insider directly owned 21,136 shares in the company, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 1.28% of the company’s stock.

Tapestry Stock Up 3.5%

TPR stock opened at $125.30 on Thursday. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. The stock has a market capitalization of $24.98 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.53 and a beta of 1.44. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The business’s fifty day moving average price is $117.13 and its two-hundred day moving average price is $136.92.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the company posted $1.04 EPS. The company’s revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, equities analysts anticipate that Tapestry, Inc. will post 7.95 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Friday, September 4th were given a dividend of $0.4625 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.5%. Tapestry’s dividend payout ratio (DPR) is presently 25.38%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on TPR. Zacks Research cut Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Telsey Advisory Group raised their target price on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Weiss Ratings raised Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 16th. TD Cowen began coverage on Tapestry in a research report on Friday, October 30th. They issued a “strong-buy” rating on the stock. Finally, Sanford C. Bernstein reiterated a “market perform” rating and set a $185.00 price target (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Three analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $170.00.

About Tapestry

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.