AIA Group Ltd Makes New $1.74 Million Investment in Tapestry, Inc. $TPR

Key Points

• AIA Group established a new Tapestry position in the third quarter, buying 15,089 shares valued at approximately $1.74 million.
• Tapestry beat quarterly expectations, reporting EPS of $1.32 versus $1.28 forecast and revenue of $1.88 billion, up 8.9% year over year. The company also raised its quarterly dividend from $0.40 to $0.4625 per share.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $170; 17 analysts rate the stock Buy or Strong Buy, while four rate it Hold.

AIA Group Ltd bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 15,089 shares of the luxury accessories retailer's stock, valued at approximately $1,736,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Provenance Wealth Advisors LLC boosted its position in shares of Tapestry by 47,250.0% during the 3rd quarter. Provenance Wealth Advisors LLC now owns 4,735 shares of the luxury accessories retailer's stock valued at $545,000 after acquiring an additional 4,725 shares during the last quarter. Aware Super Pty Ltd as trustee of Aware Super lifted its position in Tapestry by 11.5% during the 3rd quarter. Aware Super Pty Ltd as trustee of Aware Super now owns 280,578 shares of the luxury accessories retailer's stock worth $32,278,000 after acquiring an additional 28,831 shares during the period. Gerber Kawasaki Wealth & Investment Management purchased a new stake in shares of Tapestry in the third quarter worth about $263,000. Signature Equity Partners LLC raised its holdings in Tapestry by 1,516.7% in the 3rd quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 273 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its stake in Tapestry by 2.1% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 416,968 shares of the luxury accessories retailer's stock worth $47,968,000 after buying an additional 8,686 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

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

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Wall Street Zen downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. JPMorgan Chase & Co. lifted their price objective on Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Weiss Ratings raised Tapestry from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 16th. Barclays upped their target price on Tapestry from $182.00 to $185.00 and gave the company an "overweight" rating in a report on Friday, August 14th. Finally, Zacks Research downgraded Tapestry from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, July 22nd. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $170.00.

Tapestry Price Performance

Shares of TPR 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 firm has a 50-day simple moving average of $117.13 and a two-hundred day simple moving average of $136.92. Tapestry, Inc. has a 1-year low of $93.00 and a 1-year high of $164.80. The stock has a market cap of $24.98 billion, a PE ratio of 17.19, a P/E/G ratio of 1.53 and a beta of 1.44.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.04. The firm had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. Tapestry's revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, analysts forecast that Tapestry, Inc. will post 7.95 EPS for the current year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 21st. Shareholders of record on Friday, September 4th were issued a dividend of $0.4625 per share. This is a boost 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 yield of 1.5%. Tapestry's dividend payout ratio (DPR) is currently 25.38%.

Tapestry Company Profile

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.

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