Bank of New York Mellon Corp Buys Shares of 1,197,510 Tapestry, Inc. $TPR

Key Points

• Bank of New York Mellon acquired 1,197,510 Tapestry shares worth approximately $175.3 million, giving it a 0.59% stake. Institutional investors collectively own 90.77% of Tapestry.
• Tapestry reported quarterly earnings of $1.32 per share, exceeding estimates by $0.04, while revenue rose 8.9% year over year to $1.88 billion. Analysts maintain a “Moderate Buy” consensus with an average price target of $175.12.
• Tapestry increased its quarterly dividend from $0.40 to $0.4625 per share, equivalent to an annualized dividend of $1.85 and a 1.4% yield. Two CEOs also disclosed stock sales, including a $3.7 million sale by Joanne Crevoiserat.

Bank of New York Mellon Corp acquired a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,197,510 shares of the luxury accessories retailer's stock, valued at approximately $175,291,000. Bank of New York Mellon Corp owned 0.59% of Tapestry as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Acumen Wealth Advisors LLC acquired a new position in Tapestry during the fourth quarter worth $28,000. Towarzystwo Funduszy Inwestycyjnych PZU SA purchased a new position in shares of Tapestry in the fourth quarter valued at $32,000. Triumph Capital Management purchased a new position in shares of Tapestry in the third quarter valued at $29,000. Cornerstone Planning Group LLC boosted its position in shares of Tapestry by 2,720.0% in the 4th quarter. Cornerstone Planning Group LLC now owns 282 shares of the luxury accessories retailer's stock worth $36,000 after buying an additional 272 shares in the last quarter. Finally, DV Equities LLC purchased a new stake in shares of Tapestry in the 4th quarter worth about $37,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the company's 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 sale, the chief executive officer owned 666,149 shares in the company, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Todd Kahn sold 19,557 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the transaction, the chief executive officer directly owned 123,258 shares in the company, valued at $17,258,585.16. The trade was a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research firms have weighed in on TPR. BTIG Research dropped their target price on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 14th. Wall Street Zen lowered shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Sunday, August 16th. JPMorgan Chase & Co. raised their price objective on shares of Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Weiss Ratings raised Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday, August 14th. Finally, Evercore set a $175.00 price objective on Tapestry in a research report on Friday, May 8th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $175.12.

Tapestry Trading Up 0.6%

Shares of TPR opened at $130.66 on Friday. 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 12 month low of $93.00 and a 12 month high of $164.80. The stock has a market cap of $26.05 billion, a PE ratio of 17.92, a P/E/G ratio of 1.65 and a beta of 1.43. The stock's 50-day moving average is $145.13 and its two-hundred day moving average is $144.76.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same period last year, the business earned $1.04 EPS. The business's revenue was up 8.9% on a year-over-year basis. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities analysts forecast that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be paid a dividend of $0.4625 per share. This is a positive change from Tapestry's previous quarterly dividend of $0.40. The ex-dividend date is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. Tapestry's payout ratio is currently 21.95%.

Tapestry Company Profile

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.

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