Bank of New York Mellon Corp Has $200.51 Million Position in Tapestry, Inc. $TPR

Key Points

• Bank of New York Mellon cut its Tapestry stake by 31% in the fourth quarter, leaving it with 1.57 million shares worth about $200.5 million at the end of the period.
• Tapestry reported strong fiscal Q results, with EPS of $1.66 beating estimates and revenue of $1.92 billion topping expectations, while revenue rose 21.2% year over year.
• Insiders have been selling shares, including CEO Todd Kahn and CEO Joanne C. Crevoiserat, even as analysts remain mostly bullish with a Moderate Buy consensus and a target price around $161.22.

Bank of New York Mellon Corp reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 31.0% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,569,280 shares of the luxury accessories retailer's stock after selling 705,543 shares during the period. Bank of New York Mellon Corp owned about 0.78% of Tapestry worth $200,507,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in TPR. State Street Corp increased its position in shares of Tapestry by 19.3% during the 3rd quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer's stock worth $1,044,995,000 after purchasing an additional 1,494,193 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Tapestry by 3.6% during the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer's stock worth $753,482,000 after purchasing an additional 203,764 shares in the last quarter. Schroder Investment Management Group increased its position in shares of Tapestry by 21.1% during the 3rd quarter. Schroder Investment Management Group now owns 4,849,371 shares of the luxury accessories retailer's stock worth $549,046,000 after purchasing an additional 846,553 shares in the last quarter. AQR Capital Management LLC grew its position in Tapestry by 21.4% during the 3rd quarter. AQR Capital Management LLC now owns 4,307,615 shares of the luxury accessories retailer's stock worth $487,708,000 after acquiring an additional 760,646 shares during the last quarter. Finally, Northern Trust Corp grew its position in Tapestry by 7.6% during the 3rd quarter. Northern Trust Corp now owns 2,870,821 shares of the luxury accessories retailer's stock worth $325,034,000 after acquiring an additional 203,520 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 19,557 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following the completion of the transaction, the chief executive officer owned 123,258 shares of the company's stock, valued at $17,258,585.16. The trade was a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of Tapestry stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the completion of the transaction, the chief executive officer directly owned 652,434 shares in the company, valued at $86,701,954.26. This trade represents a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is owned by insiders.

Tapestry Stock Performance

Shares of NYSE TPR opened at $139.95 on Friday. The company has a market capitalization of $28.28 billion, a P/E ratio of 44.86, a P/E/G ratio of 1.43 and a beta of 1.42. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The stock has a 50 day moving average of $141.90 and a 200-day moving average of $136.18. Tapestry, Inc. has a 12 month low of $77.86 and a 12 month high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, topping the consensus estimate of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The business had revenue of $1.92 billion during the quarter, compared to the consensus estimate of $1.79 billion. During the same quarter in the previous year, the firm posted $1.03 EPS. Tapestry's revenue was up 21.2% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, equities research analysts predict that Tapestry, Inc. will post 6.95 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 22nd. Investors of record on Friday, June 5th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Friday, June 5th. Tapestry's payout ratio is 51.28%.

Analyst Ratings Changes

A number of research firms recently commented on TPR. Robert W. Baird increased their price target on Tapestry from $160.00 to $165.00 and gave the stock an "outperform" rating in a research report on Wednesday, April 29th. Zacks Research upgraded shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research report on Monday, February 9th. BTIG Research reiterated a "buy" rating and set a $180.00 price target on shares of Tapestry in a research report on Friday, May 8th. UBS Group upgraded shares of Tapestry from a "neutral" rating to a "buy" rating and upped their price target for the stock from $142.00 to $187.00 in a research report on Friday, May 8th. Finally, Wells Fargo & Company upped their price target on shares of Tapestry from $142.00 to $165.00 and gave the stock an "overweight" rating in a research report on Friday, February 6th. Two analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, Tapestry has a consensus rating of "Moderate Buy" and a consensus target price of $161.22.

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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