Corebridge Financial Inc. Raises Position in Tapestry, Inc. (NYSE:TPR)

Corebridge Financial Inc. increased its holdings in Tapestry, Inc. (NYSE:TPR) by 3.3% in the fourth quarter, Holdings Channel.com reports. The firm owned 59,055 shares of the luxury accessories retailer’s stock after purchasing an additional 1,902 shares during the period. Corebridge Financial Inc.’s holdings in Tapestry were worth $3,858,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Venturi Wealth Management LLC grew its holdings in Tapestry by 78.0% in the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock valued at $38,000 after buying an additional 252 shares during the period. UMB Bank n.a. boosted its position in shares of Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after acquiring an additional 496 shares during the last quarter. True Wealth Design LLC acquired a new stake in shares of Tapestry in the third quarter worth approximately $83,000. First Horizon Advisors Inc. grew its holdings in Tapestry by 21.9% in the fourth quarter. First Horizon Advisors Inc. now owns 1,598 shares of the luxury accessories retailer’s stock valued at $104,000 after purchasing an additional 287 shares during the period. Finally, Parkside Financial Bank & Trust increased its position in Tapestry by 13.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 1,586 shares of the luxury accessories retailer’s stock worth $104,000 after purchasing an additional 182 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Tuesday, February 18th. Jefferies Financial Group boosted their price target on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Robert W. Baird raised their price objective on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Telsey Advisory Group boosted their target price on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Finally, The Goldman Sachs Group increased their target price on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $78.53.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now directly owns 201,531 shares of the company’s stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the transaction, the chief financial officer now directly owns 146,587 shares in the company, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 over the last ninety days. Corporate insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $70.25 on Monday. The firm has a 50-day moving average of $77.65 and a two-hundred day moving average of $63.09. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The stock has a market cap of $14.54 billion, a P/E ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating 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 period in the prior year, the company earned $1.63 earnings per share. On average, research analysts expect that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.99%. The ex-dividend date was Thursday, March 6th. Tapestry’s payout ratio is currently 40.58%.

About Tapestry

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.