Corebridge Financial Inc. Sells 8,410 Shares of Tapestry, Inc. $TPR

Key Points

• Corebridge Financial Inc. reduced its stake in Tapestry, Inc. by 14.2%, selling 8,410 shares during the first quarter, leaving them with 50,645 shares valued at approximately $3.57 million.
• Several institutional investors, including Ameriprise Financial Inc. and WT Asset Management Ltd, have recently increased their holdings in Tapestry, demonstrating ongoing interest in the company.
• Tapestry recently declared a quarterly dividend of $0.40 per share, signifying an increase from the previous dividend of $0.35, which reflects the company's positive adjustments in cash flow and earnings.

Corebridge Financial Inc. lowered its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 14.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 50,645 shares of the luxury accessories retailer's stock after selling 8,410 shares during the period. Corebridge Financial Inc.'s holdings in Tapestry were worth $3,566,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Harbour Investments Inc. grew its position in Tapestry by 120.1% in the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after acquiring an additional 197 shares in the last quarter. Greenline Partners LLC bought a new stake in shares of Tapestry in the 4th quarter worth approximately $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Tapestry during the 1st quarter valued at about $29,000. Opal Wealth Advisors LLC bought a new position in shares of Tapestry during the first quarter valued at $35,000. Finally, MorganRosel Wealth Management LLC bought a new stake in Tapestry in the 1st quarter worth approximately $35,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 7,882 shares of the company's stock in a transaction dated Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the transaction, the vice president directly owned 21,098 shares of the company's stock, valued at $2,089,756.90. This represents a 27.20% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

TPR has been the subject of several research analyst reports. Raymond James Financial reiterated an "outperform" rating and set a $115.00 target price (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. Cowen reaffirmed a "buy" rating on shares of Tapestry in a research report on Thursday, August 7th. Morgan Stanley boosted their price target on Tapestry from $90.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Bank of America lowered shares of Tapestry from a "buy" rating to a "neutral" rating and increased their target price for the stock from $95.00 to $115.00 in a research note on Tuesday, July 29th. Finally, Wells Fargo & Company increased their price objective on Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research note on Thursday, August 14th. Seventeen research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $105.47.

Tapestry Trading Up 0.4%

Shares of Tapestry stock traded up $0.43 during mid-day trading on Thursday, hitting $104.86. 1,364,921 shares of the stock were exchanged, compared to its average volume of 4,915,203. The company has a current ratio of 1.87, a quick ratio of 1.31 and a debt-to-equity ratio of 2.77. The stock has a market capitalization of $21.82 billion, a price-to-earnings ratio of 166.20, a price-to-earnings-growth ratio of 2.57 and a beta of 1.52. The company has a 50-day simple moving average of $101.42 and a 200 day simple moving average of $84.62. Tapestry, Inc. has a twelve month low of $40.08 and a twelve month high of $114.05.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 14th. The luxury accessories retailer reported $1.04 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.02. The business had revenue of $1.72 billion for the quarter, compared to analyst estimates of $1.67 billion. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The business's quarterly revenue was up 8.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.92 EPS. Tapestry has set its FY 2026 guidance at 5.300-5.450 EPS. Research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be paid a dividend of $0.40 per share. This is a boost from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Friday, September 5th. Tapestry's dividend payout ratio (DPR) is currently 222.22%.

Tapestry Profile

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 handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.