Legal & General Group Plc Makes New $118.99 Million Investment in Tapestry, Inc. $TPR

Legal & General Group Plc purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 812,909 shares of the luxury accessories retailer’s stock, valued at approximately $118,994,000.

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. World Investment Advisors increased its position in shares of Tapestry by 3.6% in the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock valued at $279,000 after buying an additional 69 shares in the last quarter. Horizon Bancorp Inc. IN raised its stake in Tapestry by 4.7% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock worth $222,000 after buying an additional 71 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Tapestry by 2.0% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock worth $477,000 after acquiring an additional 73 shares in the last quarter. Eastern Bank lifted its holdings in Tapestry by 24.4% during the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after acquiring an additional 77 shares in the last quarter. Finally, NewEdge Wealth LLC grew its stake in Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after acquiring an additional 85 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Performance

TPR opened at $123.14 on Friday. The company has a market capitalization of $24.55 billion, a price-to-earnings ratio of 16.89, a P/E/G ratio of 1.65 and a beta of 1.43. The business’s 50-day moving average price is $143.63 and its two-hundred day moving average price is $144.61. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80. 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 (NYSE:TPR) last posted its quarterly earnings data 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. The company had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.Tapestry’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities analysts expect that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, September 4th. This represents a $1.85 annualized dividend and a yield of 1.5%. Tapestry’s payout ratio is presently 21.95%.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Telsey Advisory Group increased their price target on Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a report on Thursday, August 6th. UBS Group lifted their price objective on Tapestry from $230.00 to $232.00 and gave the company a “buy” rating in a report on Friday, August 14th. Evercore set a $175.00 price objective on Tapestry in a research report on Friday, May 8th. BTIG Research lowered their target price on Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research note on Friday, August 14th. Finally, Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Two 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’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $175.12.

Insider Buying and Selling

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the SEC, 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 company insiders.

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.