M&T Bank Corp Decreases Stake in Tapestry, Inc. (NYSE:TPR)

M&T Bank Corp lessened its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 9.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 34,351 shares of the luxury accessories retailer's stock after selling 3,674 shares during the quarter. M&T Bank Corp's holdings in Tapestry were worth $2,419,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Proficio Capital Partners LLC purchased a new position in shares of Tapestry in the 4th quarter valued at about $9,279,000. PNC Financial Services Group Inc. boosted its stake in shares of Tapestry by 3.0% in the 4th quarter. PNC Financial Services Group Inc. now owns 52,949 shares of the luxury accessories retailer's stock valued at $3,459,000 after buying an additional 1,560 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Tapestry by 18.8% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 59,608 shares of the luxury accessories retailer's stock worth $3,894,000 after purchasing an additional 9,433 shares during the last quarter. Daiwa Securities Group Inc. lifted its stake in Tapestry by 17.9% during the fourth quarter. Daiwa Securities Group Inc. now owns 12,515 shares of the luxury accessories retailer's stock worth $818,000 after purchasing an additional 1,896 shares during the last quarter. Finally, HighTower Advisors LLC lifted its stake in Tapestry by 0.9% during the fourth quarter. HighTower Advisors LLC now owns 51,278 shares of the luxury accessories retailer's stock worth $3,350,000 after purchasing an additional 481 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE:TPR traded up $0.86 during trading on Friday, reaching $98.50. The company had a trading volume of 3,107,982 shares, compared to its average volume of 4,381,423. The firm has a market capitalization of $20.46 billion, a price-to-earnings ratio of 25.92, a price-to-earnings-growth ratio of 2.02 and a beta of 1.47. The company has a debt-to-equity ratio of 1.59, a current ratio of 1.76 and a quick ratio of 1.22. The stock's fifty day moving average price is $83.08 and its 200 day moving average price is $76.13. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $98.65.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion for the quarter, compared to analyst estimates of $1.53 billion. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.81 earnings per share. As a group, equities research analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

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

Insider Buying and Selling

In other 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 value of $3,256,000.00. Following the transaction, the chief executive officer owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred 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 completion of the sale, the vice president owned 40,922 shares in the company, valued at approximately $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. Insiders own 1.18% of the company's stock.

Wall Street Analyst Weigh In

TPR has been the subject of several recent analyst reports. Wells Fargo & Company restated an "overweight" rating and set a $100.00 target price (up previously from $90.00) on shares of Tapestry in a research note on Wednesday, May 14th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Thursday, June 12th. Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Telsey Advisory Group restated an "outperform" rating and set a $92.00 target price on shares of Tapestry in a research note on Friday, May 9th. Finally, Barclays boosted their target price on Tapestry from $98.00 to $105.00 and gave the stock an "overweight" rating in a research note on Friday. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.17.

Tapestry Company 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.