Tapestry, Inc. (NYSE:TPR) Shares Bought by Corebridge Financial Inc.

Corebridge Financial Inc. grew its position in shares of Tapestry, Inc. (NYSE:TPR) by 3.3% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 59,055 shares of the luxury accessories retailer’s stock after purchasing an additional 1,902 shares during the quarter. Corebridge Financial Inc.’s holdings in Tapestry were worth $3,858,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Daiwa Securities Group Inc. grew its stake in Tapestry by 14.9% during the 3rd quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer’s stock worth $499,000 after buying an additional 1,380 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Tapestry by 0.4% during the third quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer’s stock worth $8,571,000 after acquiring an additional 711 shares during the last quarter. Townsquare Capital LLC increased its holdings in shares of Tapestry by 15.8% in the 3rd quarter. Townsquare Capital LLC now owns 11,162 shares of the luxury accessories retailer’s stock valued at $524,000 after acquiring an additional 1,526 shares during the period. Glenmede Trust Co. NA increased its holdings in shares of Tapestry by 55.8% in the 3rd quarter. Glenmede Trust Co. NA now owns 45,674 shares of the luxury accessories retailer’s stock valued at $2,146,000 after acquiring an additional 16,353 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in Tapestry by 206.0% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 4,847 shares of the luxury accessories retailer’s stock valued at $228,000 after purchasing an additional 3,263 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $87.59, for a total value of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the sale, the general counsel now owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,537 shares of company stock valued at $5,730,589. Insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on TPR. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 12th. Evercore ISI raised their price target on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. The Goldman Sachs Group upped their price objective on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Telsey Advisory Group increased their price objective on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research report on Monday, February 3rd. Finally, Guggenheim boosted their target price on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Price Performance

TPR stock opened at $70.25 on Monday. The firm has a 50 day moving average of $77.65 and a 200-day moving average of $63.09. The company has a market cap of $14.54 billion, a price-to-earnings ratio of 20.36, a PEG ratio of 2.01 and a beta of 1.57. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate 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 posted $1.63 earnings per share. As a group, equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.99%. Tapestry’s dividend payout ratio is presently 40.58%.

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.