Tapestry, Inc. $TPR Shares Sold by PNC Financial Services Group Inc.

Key Points

• PNC Financial Services reduced its Tapestry stake by 14.7% in the first quarter, selling 37,466 shares and leaving it with 216,579 shares valued at about $30.6 million.
• Insiders also sold shares: CEO Joanne C. Crevoiserat and CEO Todd Kahn both made notable stock sales in May, trimming their ownership positions.
• Wall Street remains bullish on Tapestry after a strong quarter: the company beat earnings and revenue estimates, and analysts currently rate the stock a Moderate Buy with an average target price of $170.06.

PNC Financial Services Group Inc. cut its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 14.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,579 shares of the luxury accessories retailer's stock after selling 37,466 shares during the quarter. PNC Financial Services Group Inc. owned 0.11% of Tapestry worth $30,561,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in TPR. Eurizon Capital SGR S.p.A. acquired a new position in Tapestry during the 4th quarter worth approximately $8,109,000. Norges Bank purchased a new position in shares of Tapestry in the 4th quarter valued at about $345,349,000. Keystone Investors PTE Ltd. raised its position in shares of Tapestry by 17.4% during the 4th quarter. Keystone Investors PTE Ltd. now owns 62,622 shares of the luxury accessories retailer's stock worth $8,001,000 after acquiring an additional 9,303 shares in the last quarter. Aberdeen Group plc raised its position in shares of Tapestry by 34.7% during the 4th quarter. Aberdeen Group plc now owns 47,573 shares of the luxury accessories retailer's stock worth $6,078,000 after acquiring an additional 12,251 shares in the last quarter. Finally, SEB Asset Management AB purchased a new stake in Tapestry during the first quarter worth approximately $59,525,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Tapestry

In other news, CEO Joanne C. Crevoiserat sold 27,776 shares of the stock in a transaction that occurred on Wednesday, May 13th. The shares were 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 in the company, valued at $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, 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 the 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 sale, the chief executive officer owned 123,258 shares in the company, valued at approximately $17,258,585.16. This trade represents a 13.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.32% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Barclays upped their target price on shares of Tapestry from $179.00 to $182.00 and gave the company an "overweight" rating in a report on Thursday, July 16th. Evercore set a $175.00 price objective on Tapestry in a report on Friday, May 8th. Sanford C. Bernstein reiterated an "outperform" rating and set a $180.00 target price on shares of Tapestry in a research report on Tuesday, June 2nd. Citigroup boosted their target price on Tapestry from $165.00 to $170.00 and gave the company a "buy" rating in a report on Wednesday, April 29th. Finally, UBS Group increased their price objective on Tapestry from $187.00 to $230.00 and gave the company a "buy" rating in a report on Tuesday, June 23rd. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $170.06.

Tapestry Trading Up 2.7%

Shares of Tapestry stock opened at $142.82 on Friday. The company has a quick ratio of 1.27, a current ratio of 1.84 and a debt-to-equity ratio of 3.48. Tapestry, Inc. has a 52-week low of $92.62 and a 52-week high of $161.97. The firm has a market cap of $28.86 billion, a price-to-earnings ratio of 45.78, a price-to-earnings-growth ratio of 1.27 and a beta of 1.43. The company's 50-day simple moving average is $142.46 and its 200-day simple moving average is $142.49.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, topping analysts' consensus estimates of $1.30 by $0.36. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.The firm had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.79 billion. During the same quarter in the prior year, the company posted $1.03 earnings per share. Tapestry's quarterly revenue was up 21.2% on a year-over-year basis. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, equities research analysts anticipate that Tapestry, Inc. will post 6.97 earnings per share for the current year.

Tapestry Announces Dividend

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

Tapestry Profile

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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