Mirae Asset Global Investments Co. Ltd. Makes New $8.83 Million Investment in Tapestry, Inc. $TPR

Mirae Asset Global Investments Co. Ltd. bought a new stake in Tapestry, Inc. (NYSE:TPR) during the 3rd quarter, HoldingsChannel reports. The fund bought 76,782 shares of the luxury accessories retailer’s stock, valued at approximately $8,833,000.

Other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Tapestry during the 2nd quarter worth about $2,610,995,000. Bank of America Corp DE purchased a new stake in Tapestry in the 2nd quarter worth about $771,309,000. Bank of New York Mellon Corp purchased a new stake in Tapestry in the 2nd quarter worth about $175,291,000. Amundi raised its position in Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after purchasing an additional 866,969 shares during the period. Finally, Legal & General Group Plc bought a new stake in Tapestry in the second quarter worth about $118,994,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Up 3.5%

Shares of NYSE TPR opened at $125.30 on Thursday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The firm has a market capitalization of $24.98 billion, a price-to-earnings ratio of 17.19, a PEG ratio of 1.53 and a beta of 1.44. The stock has a 50 day moving average price of $117.13 and a 200 day moving average price of $136.92. Tapestry, Inc. has a 52-week low of $93.00 and a 52-week high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.04. The company had revenue of $1.88 billion for 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 was up 8.9% compared to the same quarter last year. During the same quarter 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. Sell-side analysts expect that Tapestry, Inc. will post 7.95 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 21st. Stockholders of record on Friday, September 4th were given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio is currently 25.38%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on TPR shares. BTIG Research cut their target price on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Zacks Research lowered Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company dropped their price objective on Tapestry from $160.00 to $150.00 and set an “overweight” rating for the company in a report on Thursday, October 29th. JPMorgan Chase & Co. upped their price objective on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a research report on Tuesday, August 4th. Finally, Daiwa Securities Group upgraded Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.00.

Insiders Place Their Bets

In related news, insider Denise Kulikowsky sold 5,810 shares of Tapestry stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the sale, the insider directly owned 21,136 shares in the company, valued at $2,438,671.68. The trade was a 21.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.28% of the stock is currently owned by corporate insiders.

Tapestry Company Profile

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. The company’s portfolio includes Coach, known for handbags, leather goods, footwear, apparel and accessories; Kate Spade New York, which offers handbags, accessories, apparel, footwear, home products and related lifestyle merchandise; and Stuart Weitzman, a designer and manufacturer of women’s footwear.

Tapestry sells its products through company-operated stores, outlet locations, e-commerce websites, wholesale partners and select distributors.