Truist Financial Corp Sells 12,239 Shares of Tapestry, Inc. (NYSE:TPR)

Truist Financial Corp lessened its stake in shares of Tapestry, Inc. (NYSE:TPR) by 16.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 63,475 shares of the luxury accessories retailer’s stock after selling 12,239 shares during the period. Truist Financial Corp’s holdings in Tapestry were worth $4,147,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. CIBC Asset Management Inc lifted its position in shares of Tapestry by 3.2% during the 4th quarter. CIBC Asset Management Inc now owns 33,374 shares of the luxury accessories retailer’s stock worth $2,180,000 after purchasing an additional 1,049 shares during the last quarter. Sanctuary Advisors LLC lifted its position in shares of Tapestry by 1.5% during the 4th quarter. Sanctuary Advisors LLC now owns 41,464 shares of the luxury accessories retailer’s stock worth $2,709,000 after purchasing an additional 625 shares during the last quarter. Principal Financial Group Inc. lifted its position in shares of Tapestry by 14.6% during the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after purchasing an additional 39,298 shares during the last quarter. Capital Performance Advisors LLP lifted its position in shares of Tapestry by 28.3% during the 4th quarter. Capital Performance Advisors LLP now owns 6,621 shares of the luxury accessories retailer’s stock worth $433,000 after purchasing an additional 1,461 shares during the last quarter. Finally, Principal Securities Inc. lifted its position in shares of Tapestry by 45.7% during the 4th quarter. Principal Securities Inc. now owns 1,633 shares of the luxury accessories retailer’s stock worth $107,000 after purchasing an additional 512 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 0.4 %

NYSE TPR opened at $84.29 on Tuesday. The firm has a market cap of $17.45 billion, a PE ratio of 24.43, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The stock’s 50 day simple moving average is $73.04 and its 200 day simple moving average is $57.08. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same quarter last year, the firm posted $1.63 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.66%. Tapestry’s payout ratio is 40.58%.

Analysts Set New Price Targets

TPR has been the subject of several research analyst reports. Guggenheim boosted their price objective on Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group boosted their price objective on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday. Evercore ISI upped their price target on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Finally, Raymond James reaffirmed an “outperform” rating and issued a $88.00 price target (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Insider Buying and Selling at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Todd Kahn sold 7,786 shares of the stock in a transaction on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. This trade represents a 3.72 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 45,430 shares of company stock worth $3,957,601. Insiders own 1.18% of the company’s stock.

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.