Tapestry, Inc. $TPR Shares Sold by The Manufacturers Life Insurance Company

Key Points

• The Manufacturers Life Insurance Company reduced its Tapestry stake by 8.2% in the first quarter, selling 9,508 shares and retaining 107,050 shares worth approximately $15.1 million. Institutional investors and hedge funds collectively own 90.77% of Tapestry.
• Analyst sentiment remains positive, with an average “Moderate Buy” rating and a consensus price target of $173.50. UBS raised its target to $230, while BTIG maintained a $180 target and a buy rating.
• Tapestry reported quarterly earnings of $1.66 per share, beating estimates of $1.30, while revenue rose 21.2% year over year to $1.92 billion. The company also pays a quarterly dividend of $0.40 per share, equivalent to a 1.0% annual yield.

The Manufacturers Life Insurance Company lowered its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 8.2% during the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 107,050 shares of the luxury accessories retailer's stock after selling 9,508 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.05% of Tapestry worth $15,106,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Quantinno Capital Management LP raised its holdings in shares of Tapestry by 32.7% in the first quarter. Quantinno Capital Management LP now owns 633,973 shares of the luxury accessories retailer's stock worth $89,460,000 after acquiring an additional 156,357 shares during the last quarter. SummitTX Capital L.P. acquired a new stake in shares of Tapestry during the first quarter valued at $4,027,000. Lazard Asset Management LLC purchased a new stake in Tapestry during the 1st quarter worth about $1,840,000. Castleark Management LLC increased its position in Tapestry by 43.9% during the 1st quarter. Castleark Management LLC now owns 204,470 shares of the luxury accessories retailer's stock worth $28,853,000 after purchasing an additional 62,386 shares in the last quarter. Finally, Family Manage LLC raised its stake in Tapestry by 19.9% in the 1st quarter. Family Manage LLC now owns 3,332 shares of the luxury accessories retailer's stock valued at $470,000 after purchasing an additional 553 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. BTIG Research reaffirmed a "buy" rating and set a $180.00 price target on shares of Tapestry in a research note on Wednesday, June 10th. Weiss Ratings lowered shares of Tapestry from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 20th. UBS Group upped their price objective on shares of Tapestry from $187.00 to $230.00 and gave the company a "buy" rating in a research note on Tuesday, June 23rd. Wall Street Zen upgraded shares of Tapestry from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 9th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $165.00 target price on shares of Tapestry in a research note on Thursday, April 23rd. One research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus target price of $173.50.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer owned 123,258 shares of the company's stock, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction dated Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the completion of the transaction, the chief executive officer directly owned 652,434 shares in the company, valued at $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by insiders.

Tapestry Price Performance

Tapestry stock opened at $152.57 on Monday. Tapestry, Inc. has a 1 year low of $92.62 and a 1 year high of $161.97. The company has a debt-to-equity ratio of 3.48, a quick ratio of 1.27 and a current ratio of 1.84. The firm has a 50 day moving average price of $143.99 and a 200 day moving average price of $143.21. The company has a market cap of $30.83 billion, a price-to-earnings ratio of 48.90, a PEG ratio of 1.38 and a beta of 1.43.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter last year, the firm posted $1.03 earnings per share. Tapestry's revenue was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Sell-side analysts predict that Tapestry, Inc. will post 6.97 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Investors of record on Friday, June 5th were issued a $0.40 dividend. The ex-dividend date was Friday, June 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.0%. Tapestry's dividend payout ratio (DPR) is presently 51.28%.

Tapestry Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry's operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.

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