Sumitomo Mitsui Trust Group Inc. Buys 41,025 Shares of Tapestry, Inc. (NYSE:TPR)

Sumitomo Mitsui Trust Group Inc. boosted its position in shares of Tapestry, Inc. (NYSE:TPR) by 487.1% during the 1st quarter, HoldingsChannel.com reports. The fund owned 49,448 shares of the luxury accessories retailer’s stock after buying an additional 41,025 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Tapestry were worth $3,482,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE raised its stake in Tapestry by 18.1% in the 4th quarter. US Bancorp DE now owns 17,440 shares of the luxury accessories retailer’s stock worth $1,139,000 after purchasing an additional 2,676 shares in the last quarter. State of Michigan Retirement System raised its position in shares of Tapestry by 0.8% in the fourth quarter. State of Michigan Retirement System now owns 63,199 shares of the luxury accessories retailer’s stock valued at $4,129,000 after buying an additional 500 shares in the last quarter. Keybank National Association OH raised its position in shares of Tapestry by 7.6% in the fourth quarter. Keybank National Association OH now owns 38,190 shares of the luxury accessories retailer’s stock valued at $2,495,000 after buying an additional 2,689 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Tapestry by 18.7% in the fourth quarter. Victory Capital Management Inc. now owns 515,095 shares of the luxury accessories retailer’s stock valued at $33,651,000 after buying an additional 81,270 shares in the last quarter. Finally, Assetmark Inc. raised its position in shares of Tapestry by 6.7% in the fourth quarter. Assetmark Inc. now owns 53,294 shares of the luxury accessories retailer’s stock valued at $3,482,000 after buying an additional 3,330 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TPR has been the subject of several analyst reports. Argus lifted their price objective on Tapestry from $78.00 to $92.00 and gave the company a “buy” rating in a report on Tuesday, June 17th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. TD Cowen raised Tapestry from a “hold” rating to a “buy” rating and set a $100.00 price target for the company in a research note on Thursday, June 12th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. Finally, Morgan Stanley upgraded shares of Tapestry from an “equal weight” rating to an “overweight” rating and set a $90.00 target price for the company in a research report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $88.78.

Tapestry Stock Up 4.9%

Shares of NYSE:TPR opened at $90.73 on Friday. The company has a fifty day moving average of $80.62 and a 200-day moving average of $75.05. The company has a market capitalization of $18.84 billion, a PE ratio of 23.88, a price-to-earnings-growth ratio of 1.86 and a beta of 1.47. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter in the prior year, the firm earned $0.81 EPS. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. On average, equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.54%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the sale, the chief executive officer directly owned 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the sale, the vice president owned 40,922 shares of the company’s stock, valued at $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 1.18% of the company’s stock.

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.