Bank of New York Mellon Corp Sells 234,772 Shares of Tapestry, Inc. $TPR

Key Points

• Bank of New York Mellon cut its Tapestry stake by 15% in the first quarter, selling 234,772 shares and ending with 1,334,508 shares valued at about $188.3 million.
• Tapestry reported a strong quarter, with EPS of $1.66 versus the $1.30 consensus and revenue of $1.92 billion, up 21.2% year over year. The company also maintained FY 2026 EPS guidance of 6.95.
• Analysts remain mostly positive: the stock has a Moderate Buy consensus rating with an average price target of $170.06, while UBS recently raised its target to $230. Meanwhile, CEO stock sales and a quarterly dividend of $0.40 per share were also noted.

Bank of New York Mellon Corp lessened its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 15.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,334,508 shares of the luxury accessories retailer's stock after selling 234,772 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.66% of Tapestry worth $188,312,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. World Investment Advisors boosted its holdings in shares of Tapestry by 3.6% during the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock worth $279,000 after purchasing an additional 69 shares during the period. Horizon Bancorp Inc. IN increased its holdings in Tapestry by 4.7% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer's stock valued at $222,000 after purchasing an additional 71 shares during the period. Smartleaf Asset Management LLC increased its holdings in Tapestry by 2.0% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer's stock valued at $477,000 after purchasing an additional 73 shares during the period. Northwest Wealth Management LLC raised its position in Tapestry by 3.4% during the 4th quarter. Northwest Wealth Management LLC now owns 2,462 shares of the luxury accessories retailer's stock valued at $315,000 after purchasing an additional 82 shares during the last quarter. Finally, Fulton Bank N.A. raised its position in Tapestry by 2.8% during the 4th quarter. Fulton Bank N.A. now owns 3,166 shares of the luxury accessories retailer's stock valued at $405,000 after purchasing an additional 87 shares during the last quarter. Institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BTIG Research reiterated a "buy" rating and issued a $180.00 price objective on shares of Tapestry in a research report on Wednesday, June 10th. Morgan Stanley restated an "overweight" rating and set a $164.00 target price on shares of Tapestry in a report on Monday, July 6th. Sanford C. Bernstein reaffirmed an "outperform" rating and issued a $180.00 price target on shares of Tapestry in a research note on Tuesday, June 2nd. Raymond James Financial reiterated an "outperform" rating and issued a $165.00 price target on shares of Tapestry in a report on Thursday, April 23rd. Finally, UBS Group boosted their price objective on shares of Tapestry from $187.00 to $230.00 and gave the company a "buy" rating in a research report on Tuesday, June 23rd. Two equities research 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. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $170.06.

Insider Buying and Selling

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

Tapestry Stock Down 1.9%

Shares of Tapestry stock opened at $141.43 on Friday. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. The company has a 50-day moving average of $141.43 and a 200 day moving average of $142.04. The firm has a market cap of $28.57 billion, a price-to-earnings ratio of 45.33, a PEG ratio of 1.30 and a beta of 1.43. Tapestry, Inc. has a 1 year low of $92.62 and a 1 year high of $161.97.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.79 billion. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. Tapestry's quarterly revenue was up 21.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 6.96 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a dividend yield of 1.1%. The ex-dividend date was Friday, June 5th. Tapestry's dividend payout ratio (DPR) is presently 51.28%.

About Tapestry

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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