M&G PLC Sells 73,069 Shares of Tapestry, Inc. $TPR

M&G PLC lowered its stake in Tapestry, Inc. (NYSE:TPR) by 40.5% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 107,531 shares of the luxury accessories retailer’s stock after selling 73,069 shares during the quarter. M&G PLC owned approximately 0.05% of Tapestry worth $9,463,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Harbour Investments Inc. raised its stake in shares of Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after purchasing an additional 197 shares in the last quarter. Flaharty Asset Management LLC acquired a new position in Tapestry during the first quarter worth $25,000. First PREMIER Bank bought a new stake in Tapestry during the second quarter worth $25,000. Caitong International Asset Management Co. Ltd acquired a new stake in Tapestry in the first quarter valued at $29,000. Finally, CVA Family Office LLC lifted its stake in Tapestry by 224.8% in the second quarter. CVA Family Office LLC now owns 380 shares of the luxury accessories retailer’s stock valued at $33,000 after acquiring an additional 263 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on TPR shares. Wells Fargo & Company dropped their target price on shares of Tapestry from $135.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, November 7th. Evercore ISI boosted their price target on Tapestry from $125.00 to $129.00 and gave the stock an “outperform” rating in a research report on Monday, November 3rd. Telsey Advisory Group restated an “outperform” rating and issued a $125.00 price objective on shares of Tapestry in a research note on Friday, November 7th. Sanford C. Bernstein lifted their target price on Tapestry from $112.00 to $115.00 and gave the stock an “outperform” rating in a research note on Friday, November 7th. Finally, Jefferies Financial Group increased their price target on Tapestry from $125.00 to $135.00 and gave the company a “buy” rating in a research note on Thursday, October 23rd. Eighteen research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average target price of $116.25.

Insider Activity

In related news, Director Alan Ka Ming Lau sold 11,320 shares of the stock in a transaction that occurred on Thursday, September 11th. The shares were sold at an average price of $106.19, for a total value of $1,202,070.80. Following the completion of the transaction, the director owned 8,153 shares of the company’s stock, valued at $865,767.07. This represents a 58.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Manesh Dadlani sold 7,882 shares of the business’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $99.05, for a total value of $780,712.10. Following the sale, the vice president owned 21,098 shares in the company, valued at $2,089,756.90. This represents a 27.20% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is currently owned by insiders.

Tapestry Price Performance

Shares of NYSE TPR opened at $103.78 on Thursday. The business has a fifty day moving average price of $111.01 and a two-hundred day moving average price of $98.16. The stock has a market capitalization of $21.24 billion, a PE ratio of 164.73, a P/E/G ratio of 2.72 and a beta of 1.71. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.87 and a quick ratio of 1.31. Tapestry, Inc. has a fifty-two week low of $51.15 and a fifty-two week high of $118.56.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 6th. The luxury accessories retailer reported $1.38 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.63 billion. During the same period in the previous year, the company earned $0.84 EPS. The business’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. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders 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 yield of 1.5%. The ex-dividend date is Friday, December 5th. Tapestry’s payout ratio is currently 142.86%.

Tapestry declared that its Board of Directors has approved a stock buyback program on Thursday, November 6th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the luxury accessories retailer to repurchase up to 4.9% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

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.