The Manufacturers Life Insurance Company Makes New $14.76 Million Investment in Tapestry, Inc. $TPR

Key Points

• The Manufacturers Life Insurance Company acquired 100,802 Tapestry shares in the second quarter, valued at approximately $14.76 million. Institutional investors and hedge funds collectively own 90.77% of Tapestry.
• Tapestry reported quarterly EPS of $1.32, exceeding estimates by $0.04, while revenue rose 8.9% year over year to $1.88 billion. The company also increased its quarterly dividend from $0.40 to $0.4625 per share.
• Analysts maintain a generally positive outlook, with Tapestry carrying a “Moderate Buy” consensus rating and an average price target of $175.12, compared with shares opening at $125.75.

The Manufacturers Life Insurance Company acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 100,802 shares of the luxury accessories retailer's stock, valued at approximately $14,755,000.

A number of other institutional investors also recently modified their holdings of TPR. World Investment Advisors grew its holdings in Tapestry by 3.6% in the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock worth $279,000 after purchasing an additional 69 shares during the period. Horizon Bancorp Inc. IN raised its holdings in shares of Tapestry by 4.7% during the first quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer's stock valued at $222,000 after purchasing an additional 71 shares during the period. Smartleaf Asset Management LLC boosted its position in shares of Tapestry by 2.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer's stock worth $477,000 after purchasing an additional 73 shares in the last quarter. Eastern Bank boosted its position in shares of Tapestry by 24.4% during the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer's stock worth $57,000 after purchasing an additional 77 shares in the last quarter. Finally, NewEdge Wealth LLC grew its stake in shares of Tapestry by 2.7% in the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer's stock valued at $450,000 after buying an additional 85 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Transactions at Tapestry

In related news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company's stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

Tapestry Price Performance

Shares of NYSE TPR opened at $125.75 on Friday. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The stock has a market cap of $25.07 billion, a price-to-earnings ratio of 17.25, a PEG ratio of 1.56 and a beta of 1.43. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The firm's 50-day simple moving average is $143.26 and its 200 day simple moving average is $144.48.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company's quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.04 EPS. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, research analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 1.5%. This is an increase from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. Tapestry's dividend payout ratio is currently 21.95%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on TPR shares. Barclays upped their price target on Tapestry from $182.00 to $185.00 and gave the stock an "overweight" rating in a research note on Friday, August 14th. UBS Group raised their price objective on Tapestry from $230.00 to $232.00 and gave the company a "buy" rating in a research note on Friday, August 14th. Wall Street Zen downgraded Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. JPMorgan Chase & Co. upped their target price on Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 4th. Finally, Evercore set a $175.00 target price on Tapestry in a report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $175.12.

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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