The Manufacturers Life Insurance Company Makes New $14.76 Million Investment in Tapestry, Inc. $TPR

The Manufacturers Life Insurance Company bought a new position in Tapestry, Inc. (NYSE:TPR) during the second quarter, Holdings Channel.com reports. The firm bought 100,802 shares of the luxury accessories retailer’s stock, valued at approximately $14,755,000.

Several other institutional investors also recently modified their holdings of the business. Manning & Napier Advisors LLC purchased a new stake in shares of Tapestry during the second quarter valued at approximately $335,000. L2 Asset Management LLC bought a new stake in Tapestry during the second quarter worth $8,682,000. Vega Investment Solutions purchased a new position in Tapestry in the second quarter worth $10,322,000. Cetera Trust Company N.A purchased a new position in Tapestry in the second quarter worth $26,000. Finally, Cibc World Market Inc. bought a new position in Tapestry in the 2nd quarter valued at $12,967,000. 90.77% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of Tapestry stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the transaction, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their target price on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. BTIG Research cut their price target on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Morgan Stanley reduced their price target on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. Zacks Research downgraded shares of Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday, July 22nd. Finally, UBS Group lifted their price objective on shares of Tapestry from $230.00 to $232.00 and gave the stock a “buy” rating in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $175.12.

Tapestry Stock Performance

Shares of TPR opened at $125.75 on Friday. The firm has a market cap of $25.07 billion, a PE ratio of 17.25, a PEG ratio of 1.56 and a beta of 1.43. The stock’s fifty day moving average price is $143.26 and its two-hundred day moving average price is $144.48. The company has a debt-to-equity ratio of 3.44, a current ratio of 1.75 and a quick ratio of 1.25. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company had revenue of $1.88 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same quarter in the prior year, the company earned $1.04 EPS. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be given a dividend of $0.4625 per share. This is a boost from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio (DPR) is 21.95%.

About Tapestry

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.