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

Bank of New York Mellon Corp raised its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 0.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. 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 about 1.07% of Tapestry worth $155,256,000 as of its most recent SEC filing.

A number of other institutional investors have also bought and sold shares of TPR. Greenline Partners LLC bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $29,000. Coppell Advisory Solutions LLC increased its holdings in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after acquiring an additional 150 shares in the last quarter. Opal Wealth Advisors LLC bought a new stake in shares of Tapestry during the first quarter valued at approximately $35,000. MorganRosel Wealth Management LLC bought a new stake in shares of Tapestry during the first quarter valued at approximately $35,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $48,000. Institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TPR shares. Argus raised their price target on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research report on Tuesday, June 17th. Raymond James Financial reaffirmed an "outperform" rating and issued a $85.00 price target (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research report on Thursday, June 12th. Wall Street Zen raised shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Tuesday, May 13th. Finally, Telsey Advisory Group reissued an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $89.17.

Tapestry Stock Performance

Shares of TPR stock traded up $0.86 during trading hours on Friday, hitting $98.50. 3,107,971 shares of the company were exchanged, compared to its average volume of 4,376,007. The firm has a fifty day simple moving average of $82.57 and a 200 day simple moving average of $75.90. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $98.66. The stock has a market capitalization of $20.46 billion, a price-to-earnings ratio of 25.92, a P/E/G ratio of 1.97 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The business had revenue of $1.58 billion during the quarter, compared to analyst estimates of $1.53 billion. During the same period in the previous year, the business earned $0.81 EPS. Tapestry's revenue was up 6.9% compared to the same quarter last year. Research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.42%. Tapestry's dividend payout ratio is 36.84%.

Insider Buying and Selling

In other news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction on Monday, May 12th. The shares were 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 directly owned 116,062 shares in the company, valued at $9,447,446.80. The trade was a 25.63% decrease in their position. The transaction was disclosed in a document filed 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 transaction of $114,550.12. Following the transaction, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is currently owned by insiders.

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.