Legal & General Group Plc Sells 5,592 Shares of Tapestry, Inc. $TPR

Legal & General Group Plc decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 1.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 502,417 shares of the luxury accessories retailer’s stock after selling 5,592 shares during the quarter. Legal & General Group Plc owned 0.24% of Tapestry worth $44,117,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Nuveen LLC purchased a new position in shares of Tapestry during the 1st quarter worth $59,133,000. AQR Capital Management LLC raised its holdings in Tapestry by 47.4% in the 1st quarter. AQR Capital Management LLC now owns 2,607,742 shares of the luxury accessories retailer’s stock worth $177,405,000 after purchasing an additional 838,057 shares during the period. Aviva PLC purchased a new position in Tapestry during the second quarter valued at $67,612,000. Samlyn Capital LLC lifted its position in Tapestry by 50.2% during the first quarter. Samlyn Capital LLC now owns 1,972,241 shares of the luxury accessories retailer’s stock valued at $138,865,000 after purchasing an additional 658,889 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in Tapestry by 2.4% during the second quarter. Vanguard Group Inc. now owns 25,902,930 shares of the luxury accessories retailer’s stock valued at $2,274,536,000 after purchasing an additional 606,686 shares during the period. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Tapestry

In other news, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction that occurred on Thursday, September 11th. The stock was sold at an average price of $106.19, for a total transaction of $1,202,070.80. Following the completion of the transaction, the director directly owned 8,153 shares in the company, valued at approximately $865,767.07. This represents a 58.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider David E. Howard sold 25,029 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $102.50, for a total transaction of $2,565,472.50. Following the completion of the transaction, the insider directly owned 55,354 shares of the company’s stock, valued at approximately $5,673,785. This trade represents a 31.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 126,222 shares of company stock valued at $13,168,985 in the last 90 days. 1.32% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TPR has been the topic of several recent research reports. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $125.00 price objective on shares of Tapestry in a research note on Friday, November 7th. Barclays raised their target price on shares of Tapestry from $111.00 to $127.00 and gave the stock an “overweight” rating in a research note on Thursday, September 11th. Evercore ISI upped their price target on shares of Tapestry from $125.00 to $129.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. The Goldman Sachs Group raised their price objective on shares of Tapestry from $116.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, October 6th. Finally, Raymond James Financial upped their target price on shares of Tapestry from $115.00 to $130.00 and gave the stock an “outperform” rating in a report on Tuesday, October 21st. Eighteen investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.26.

Tapestry Price Performance

TPR stock opened at $110.78 on Thursday. The company has a debt-to-equity ratio of 2.77, a quick ratio of 1.31 and a current ratio of 1.87. The company’s fifty day moving average price is $110.51 and its 200-day moving average price is $100.35. Tapestry, Inc. has a one year low of $58.39 and a one year high of $118.56. The company has a market capitalization of $22.67 billion, a PE ratio of 175.84, a price-to-earnings-growth ratio of 2.72 and a beta of 1.71.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.25 by $0.13. Tapestry had a net margin of 2.61% and a return on equity of 68.02%. The company had revenue of $1.70 billion for the quarter, compared to the consensus estimate of $1.63 billion. During the same period in the previous year, the firm posted $0.84 EPS. Tapestry’s revenue for the quarter was up 13.1% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 5.450-5.600 EPS. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry declared that its board has approved a stock buyback plan on Thursday, November 6th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the luxury accessories retailer to reacquire up to 4.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Friday, December 5th will be given a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, December 5th. Tapestry’s payout ratio is currently 142.86%.

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.