Truist Financial Corp Purchases 4,475 Shares of Tapestry, Inc. (NYSE:TPR)

Truist Financial Corp raised its position in shares of Tapestry, Inc. (NYSE:TPR) by 5.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 82,226 shares of the luxury accessories retailer’s stock after acquiring an additional 4,475 shares during the period. Truist Financial Corp’s holdings in Tapestry were worth $3,027,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Bell Investment Advisors Inc boosted its stake in Tapestry by 718.1% during the 3rd quarter. Bell Investment Advisors Inc now owns 949 shares of the luxury accessories retailer’s stock valued at $27,000 after purchasing an additional 833 shares during the period. Allworth Financial LP boosted its position in shares of Tapestry by 62.0% in the fourth quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock valued at $60,000 after acquiring an additional 620 shares during the period. AllSquare Wealth Management LLC grew its stake in shares of Tapestry by 35.1% in the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after acquiring an additional 423 shares during the last quarter. Parkside Financial Bank & Trust increased its position in Tapestry by 56.9% during the third quarter. Parkside Financial Bank & Trust now owns 1,843 shares of the luxury accessories retailer’s stock worth $53,000 after acquiring an additional 668 shares during the period. Finally, Wolverine Asset Management LLC acquired a new position in Tapestry during the 3rd quarter valued at $63,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TPR shares. The Goldman Sachs Group raised their price target on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $54.00 price target on shares of Tapestry in a report on Wednesday, March 27th. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Jefferies Financial Group lowered Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price for the company. in a research note on Thursday, February 29th. Finally, Raymond James lifted their price target on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Stock Performance

NYSE TPR opened at $38.99 on Wednesday. Tapestry, Inc. has a 1-year low of $25.99 and a 1-year high of $48.80. The company has a 50 day moving average of $43.95 and a 200-day moving average of $38.62. The company has a current ratio of 6.25, a quick ratio of 5.68 and a debt-to-equity ratio of 2.90. The firm has a market cap of $8.94 billion, a price-to-earnings ratio of 9.85, a PEG ratio of 0.81 and a beta of 1.61.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. The firm had revenue of $2.08 billion during the quarter, compared to analysts’ expectations of $2.05 billion. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The business’s revenue was up 2.5% on a year-over-year basis. During the same period last year, the firm posted $1.36 EPS. On average, equities analysts forecast that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 3.59%. The ex-dividend date was Thursday, March 7th. Tapestry’s dividend payout ratio is currently 35.35%.

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.