Truist Financial Corp Raises Holdings in Tapestry, Inc. (NYSE:TPR)

Truist Financial Corp boosted its stake in Tapestry, Inc. (NYSE:TPR) by 5.8% during the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 82,226 shares of the luxury accessories retailer’s stock after buying an additional 4,475 shares during the quarter. Truist Financial Corp’s holdings in Tapestry were worth $3,027,000 as of its most recent filing with the SEC.

A number of other large investors have also recently bought and sold shares of the stock. Semanteon Capital Management LP purchased a new stake in shares of Tapestry in the fourth quarter valued at $803,000. Stevens Capital Management LP purchased a new position in Tapestry in the 4th quarter valued at about $2,032,000. Atria Wealth Solutions Inc. acquired a new stake in shares of Tapestry during the 4th quarter worth about $244,000. Alaska Permanent Fund Corp purchased a new stake in shares of Tapestry during the fourth quarter worth about $440,000. Finally, Watershed Asset Management L.L.C. acquired a new position in shares of Tapestry in the fourth quarter valued at approximately $321,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on TPR shares. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a research note on Wednesday, April 17th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and raised their price target for the stock from $30.00 to $50.00 in a research note on Monday, February 5th. Wells Fargo & Company upped their price objective on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. The Goldman Sachs Group boosted their target price on shares of Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Six research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $47.81.

Tapestry Stock Down 1.2 %

NYSE TPR opened at $38.99 on Wednesday. The stock has a market cap of $8.94 billion, a PE ratio of 9.85, a P/E/G ratio of 0.81 and a beta of 1.61. The business has a 50 day moving average price of $43.95 and a two-hundred day moving average price of $38.62. Tapestry, Inc. has a fifty-two week low of $25.99 and a fifty-two week high of $48.80. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period last year, the business earned $1.36 EPS. The business’s revenue was up 2.5% on a year-over-year basis. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.23 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.40 dividend on an annualized basis and a yield of 3.59%. Tapestry’s dividend payout ratio (DPR) is presently 35.35%.

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.