Bank of New York Mellon Corp Increases Holdings in Tapestry, Inc. (NYSE:TPR)

Bank of New York Mellon Corp boosted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 0.1% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,205,027 shares of the luxury accessories retailer's stock after acquiring an additional 3,168 shares during the quarter. Bank of New York Mellon Corp owned 1.07% of Tapestry worth $155,256,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Southpoint Capital Advisors LP purchased a new stake in shares of Tapestry in the 4th quarter worth $130,660,000. Price T Rowe Associates Inc. MD increased its stake in shares of Tapestry by 593.3% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after purchasing an additional 1,875,753 shares in the last quarter. Norges Bank purchased a new stake in Tapestry in the fourth quarter worth about $114,199,000. Point72 Asset Management L.P. purchased a new stake in Tapestry in the fourth quarter worth about $101,433,000. Finally, Candlestick Capital Management LP purchased a new stake in Tapestry in the fourth quarter worth about $66,902,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Insider Transactions at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the transaction, the chief executive officer owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on TPR shares. Wells Fargo & Company reissued an "overweight" rating and issued a $100.00 target price (up from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price objective for the company in a research note on Thursday, May 8th. Raymond James Financial reissued an "outperform" rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Finally, Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Trading Down 0.2%

TPR opened at $92.26 on Wednesday. The firm has a market cap of $19.16 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.91 and a beta of 1.47. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $93.48. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The stock has a 50-day moving average of $81.53 and a 200 day moving average of $75.54.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts' consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's quarterly revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.81 EPS. As a group, research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.52%. Tapestry's dividend payout ratio is presently 36.84%.

About Tapestry

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.

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