Bank of New York Mellon Corp Has $155.26 Million Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Bank of New York Mellon Corp grew its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 0.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,205,027 shares of the luxury accessories retailer's stock after buying an additional 3,168 shares during the period. Bank of New York Mellon Corp owned 1.07% of Tapestry worth $155,256,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in TPR. Ameriprise Financial Inc. lifted its holdings in Tapestry by 4.8% during the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after acquiring an additional 370,784 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Tapestry by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock valued at $376,247,000 after purchasing an additional 176,717 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock valued at $270,304,000 after purchasing an additional 546,497 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock valued at $183,909,000 after purchasing an additional 83,222 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock valued at $143,198,000 after purchasing an additional 1,875,753 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, June 12th. Citigroup upped their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a report on Friday, May 9th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price on the stock in a report on Thursday, June 12th. Barclays upped their target price on Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Finally, The Goldman Sachs Group upped their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Stock Performance

Shares of Tapestry stock traded up $2.35 on Thursday, hitting $97.66. The stock had a trading volume of 4,330,270 shares, compared to its average volume of 4,381,079. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $98.22. The business's 50 day moving average is $82.57 and its two-hundred day moving average is $75.90. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The stock has a market cap of $20.28 billion, a price-to-earnings ratio of 25.70, a price-to-earnings-growth ratio of 1.97 and a beta of 1.47.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results 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. The firm had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's revenue was up 6.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.81 EPS. Analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current 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 given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.43%. Tapestry's dividend payout ratio is currently 36.84%.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.40, for a total value 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 approximately $9,447,446.80. This trade represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Manesh Dadlani sold 1,399 shares of the stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the completion of the transaction, the vice president owned 40,922 shares of the company's stock, valued at $3,350,693.36. This 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 owned by corporate 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.