Sumitomo Mitsui Trust Group Inc. Acquires 41,025 Shares of Tapestry, Inc. (NYSE:TPR)

Sumitomo Mitsui Trust Group Inc. increased its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 487.1% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 49,448 shares of the luxury accessories retailer's stock after acquiring an additional 41,025 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Tapestry were worth $3,482,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Greenline Partners LLC bought a new stake in shares of Tapestry during the fourth quarter worth $29,000. Coppell Advisory Solutions LLC boosted its position in Tapestry by 40.7% in the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after buying an additional 150 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Tapestry in the 1st quarter valued at $35,000. Canada Post Corp Registered Pension Plan bought a new position in Tapestry in the 4th quarter valued at $48,000. Finally, Golden State Wealth Management LLC boosted its position in Tapestry by 431.1% in the 1st quarter. Golden State Wealth Management LLC now owns 887 shares of the luxury accessories retailer's stock valued at $62,000 after buying an additional 720 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the sale, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Barclays raised their price target on Tapestry from $83.00 to $98.00 and gave the company an "overweight" rating in a report on Monday, May 12th. Argus raised their target price on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Telsey Advisory Group reaffirmed an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a research note on Friday, May 9th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a research note on Thursday, June 12th. Finally, Citigroup raised their price objective on shares of Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a research note on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Stock Performance

Shares of TPR opened at $90.73 on Friday. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The firm's 50 day moving average price is $80.62 and its two-hundred day moving average price is $75.05. The firm has a market cap of $18.84 billion, a P/E ratio of 23.88, a PEG ratio of 1.86 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm's revenue was up 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.81 EPS. On average, analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.54%. The ex-dividend date was Friday, June 6th. Tapestry's payout ratio is 36.84%.

Tapestry Company 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.

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