Tapestry, Inc. $TPR Stock Holdings Increased by Truist Financial Corp

Key Points

• Truist Financial Corp significantly increased its stake in Tapestry, Inc. by 1,004.0%, owning 427,031 shares valued at approximately $37.5 million after purchasing an additional 388,350 shares in the second quarter.
• Tapestry's quarterly earnings report revealed an EPS of $1.04, beating estimates, with revenue of $1.72 billion, marking an 8.3% increase from the previous year.
• The company recently raised its quarterly dividend from $0.35 to $0.40, reflecting its ongoing commitment to returning value to shareholders.

Truist Financial Corp boosted its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 1,004.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 427,031 shares of the luxury accessories retailer's stock after purchasing an additional 388,350 shares during the period. Truist Financial Corp owned about 0.21% of Tapestry worth $37,498,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Harbour Investments Inc. boosted its stake in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock valued at $25,000 after buying an additional 197 shares during the period. Flaharty Asset Management LLC acquired a new position in shares of Tapestry in the first quarter worth $25,000. First PREMIER Bank purchased a new stake in shares of Tapestry during the second quarter worth $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in Tapestry during the first quarter valued at $29,000. Finally, Opal Wealth Advisors LLC purchased a new position in Tapestry in the first quarter valued at about $35,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 7,882 shares of the company'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 completion of the transaction, the vice president owned 21,098 shares of the company's stock, valued at approximately $2,089,756.90. This represents a 27.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction dated Thursday, September 11th. The shares were sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the sale, the director owned 8,153 shares of the company's stock, valued at approximately $865,767.07. The trade was a 58.13% decrease in their position. The disclosure for this sale can be found here. Insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

TPR has been the subject of a number of recent research reports. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a report on Thursday, June 12th. Wells Fargo & Company raised their price objective on shares of Tapestry from $100.00 to $120.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. Bank of America downgraded shares of Tapestry from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $95.00 to $115.00 in a research report on Tuesday, July 29th. JPMorgan Chase & Co. raised their price target on shares of Tapestry from $139.00 to $142.00 and gave the company an "overweight" rating in a report on Thursday, September 11th. Finally, Cowen reaffirmed a "buy" rating on shares of Tapestry in a research note on Thursday, August 7th. Seventeen equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $106.47.

Tapestry Stock Up 1.7%

TPR stock opened at $115.73 on Friday. The stock has a market capitalization of $23.96 billion, a price-to-earnings ratio of 183.70, a price-to-earnings-growth ratio of 2.74 and a beta of 1.57. The company has a 50-day moving average of $106.96 and a two-hundred day moving average of $88.92. Tapestry, Inc. has a 52-week low of $43.07 and a 52-week high of $117.00. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31.

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

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 22nd. Stockholders of record on Friday, September 5th were given a $0.40 dividend. This is a positive change from Tapestry's previous quarterly dividend of $0.35. This represents a $1.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend was Friday, September 5th. Tapestry's dividend payout ratio (DPR) is currently 253.97%.

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.

Want to see what other hedge funds are holding TPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Tapestry, Inc. (NYSE:TPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.