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PNC Financial Services Group Inc. Acquires 6,607 Shares of Tapestry, Inc. (NYSE:TPR)

Tapestry logo with Retail/Wholesale background

Key Points

  • PNC Financial Services Group Inc. increased its stake in Tapestry, Inc. by 12.5%, owning a total of 59,556 shares worth approximately $4.19 million after acquiring an additional 6,607 shares in Q1.
  • Insider trading activity included VP Manesh Dadlani selling 1,399 shares for $114,550, and CEO Todd Kahn selling 40,000 shares for $3.26 million, resulting in ownership decreases of 3.31% and 25.63%, respectively.
  • Tapestry, Inc. reported Q1 earnings of $1.03 per share, exceeding estimates, with revenues of $1.58 billion, reflecting a 6.9% year-over-year increase.
  • Want stock alerts on Tapestry? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

PNC Financial Services Group Inc. grew its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 12.5% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 59,556 shares of the luxury accessories retailer's stock after buying an additional 6,607 shares during the period. PNC Financial Services Group Inc.'s holdings in Tapestry were worth $4,193,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Coppell Advisory Solutions LLC grew its holdings in Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after purchasing an additional 150 shares during the period. Private Trust Co. NA boosted its position in shares of Tapestry by 27.2% during the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock worth $50,000 after purchasing an additional 153 shares in the last quarter. Mather Group LLC. grew its stake in shares of Tapestry by 2.8% in the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock valued at $424,000 after buying an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB increased its position in Tapestry by 25.2% in the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock valued at $68,000 after buying an additional 194 shares in the last quarter. Finally, Harbour Investments Inc. raised its stake in Tapestry by 120.1% during the 1st quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer's stock worth $25,000 after buying an additional 197 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 1,399 shares of Tapestry 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 sale, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% 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 corporate insiders.

Tapestry Stock Performance

Shares of TPR opened at $108.35 on Friday. The stock has a 50 day moving average of $93.55 and a 200 day moving average of $81.32. The company has a market capitalization of $22.50 billion, a price-to-earnings ratio of 28.51, a PEG ratio of 2.26 and a beta of 1.51. Tapestry, Inc. has a 12 month low of $36.69 and a 12 month high of $113.08. 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 (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.89 by $0.14. The firm had revenue of $1.58 billion during 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 business's revenue was up 6.9% compared to the same quarter last year. During the same period last year, the firm posted $0.81 EPS. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Cowen reissued a "buy" rating on shares of Tapestry in a research note on Thursday. Raymond James Financial reissued an "outperform" rating and issued a $115.00 price target (up previously from $85.00) on shares of Tapestry in a research report on Tuesday, July 22nd. The Goldman Sachs Group upped their price objective on shares of Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a report on Friday, May 9th. Barclays reaffirmed an "overweight" rating and issued a $105.00 price objective (up from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Finally, Wall Street Zen lowered shares of Tapestry from a "strong-buy" rating to a "buy" rating in a report on Friday, July 18th. Four analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $99.72.

Read Our Latest Report on TPR

About Tapestry

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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