Tapestry, Inc. $TPR Shares Sold by MetLife Investment Management LLC

Key Points

• MetLife Investment Management LLC decreased its stake in Tapestry, Inc. by 12.1%, selling 7,445 shares to hold 54,220 shares valued at approximately $3.8 million.
• Tapestry's quarterly earnings surpassed expectations with $1.04 EPS on revenue of $1.72 billion, marking an 8.3% increase compared to the previous year.
• The company plans to increase its quarterly dividend from $0.35 to $0.40 per share, resulting in an annualized yield of 1.6%.

MetLife Investment Management LLC reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 12.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 54,220 shares of the luxury accessories retailer's stock after selling 7,445 shares during the quarter. MetLife Investment Management LLC's holdings in Tapestry were worth $3,818,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of TPR. Harbour Investments Inc. grew its position in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after purchasing an additional 197 shares during the last quarter. Greenline Partners LLC purchased a new position in Tapestry during the 4th quarter worth $29,000. Caitong International Asset Management Co. Ltd purchased a new position in Tapestry during the 1st quarter worth $29,000. Opal Wealth Advisors LLC purchased a new position in Tapestry during the 1st quarter worth $35,000. Finally, MorganRosel Wealth Management LLC purchased a new position in Tapestry during the 1st quarter worth $35,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on TPR. Argus raised their price objective on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. Cowen reissued a "buy" rating on shares of Tapestry in a research report on Thursday, August 7th. Barclays reissued an "overweight" rating and set a $105.00 price objective (up from $98.00) on shares of Tapestry in a research report on Friday, July 11th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Thursday, June 12th. Finally, JPMorgan Chase & Co. increased their price target on shares of Tapestry from $104.00 to $145.00 and gave the stock an "overweight" rating in a report on Monday, July 28th. Seventeen investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $105.47.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 7,882 shares of the business's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $99.05, for a total transaction of $780,712.10. Following the sale, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. The trade was a 27.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.18% of the company's stock.

Tapestry Trading Down 0.9%

NYSE TPR opened at $101.73 on Friday. The stock has a market capitalization of $21.17 billion, a P/E ratio of 161.48, a P/E/G ratio of 2.57 and a beta of 1.51. Tapestry, Inc. has a 52-week low of $40.08 and a 52-week high of $114.05. The firm has a 50-day moving average price of $100.42 and a 200 day moving average price of $84.28. The company has a quick ratio of 1.31, a current ratio of 1.87 and a debt-to-equity ratio of 2.77.

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

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 22nd. Investors of record on Friday, September 5th will be issued a dividend of $0.40 per share. This is an increase from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, September 5th. Tapestry's payout ratio is presently 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.

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