Bank of New York Mellon Corp Sells 705,543 Shares of Tapestry, Inc. $TPR

Bank of New York Mellon Corp trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 31.0% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,569,280 shares of the luxury accessories retailer’s stock after selling 705,543 shares during the period. Bank of New York Mellon Corp’s holdings in Tapestry were worth $200,507,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Steph & Co. increased its holdings in shares of Tapestry by 128.7% during the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer’s stock valued at $30,000 after acquiring an additional 130 shares in the last quarter. Flagship Harbor Advisors LLC bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $31,000. Triumph Capital Management acquired a new position in shares of Tapestry during the third quarter valued at about $29,000. Cornerstone Planning Group LLC grew its holdings in shares of Tapestry by 2,720.0% during the fourth quarter. Cornerstone Planning Group LLC now owns 282 shares of the luxury accessories retailer’s stock valued at $36,000 after buying an additional 272 shares during the last quarter. Finally, Sound Income Strategies LLC raised its holdings in shares of Tapestry by 157.4% in the 4th quarter. Sound Income Strategies LLC now owns 314 shares of the luxury accessories retailer’s stock worth $41,000 after acquiring an additional 192 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the sale, the chief executive officer owned 123,258 shares in the company, valued at $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the stock in a transaction 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 owned 652,434 shares in the company, valued at approximately $86,701,954.26. This represents a 4.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. BNP Paribas Exane assumed coverage on shares of Tapestry in a report on Friday, February 13th. They issued an “outperform” rating and a $176.00 target price on the stock. UBS Group upgraded Tapestry from a “neutral” rating to a “buy” rating and upped their price target for the stock from $142.00 to $187.00 in a report on Friday, May 8th. Citigroup upped their price target on Tapestry from $165.00 to $170.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Wells Fargo & Company upped their price target on Tapestry from $142.00 to $165.00 and gave the stock an “overweight” rating in a report on Friday, February 6th. Finally, Barclays set a $179.00 price target on Tapestry and gave the stock an “overweight” rating in a report on Friday, February 6th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and a consensus price target of $161.22.

Tapestry Price Performance

Shares of NYSE TPR opened at $139.95 on Friday. The firm has a market cap of $28.28 billion, a price-to-earnings ratio of 44.86, a price-to-earnings-growth ratio of 1.43 and a beta of 1.42. Tapestry, Inc. has a 1-year low of $77.86 and a 1-year high of $161.97. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. The stock has a fifty day simple moving average of $141.90 and a two-hundred day simple moving average of $136.18.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating the consensus estimate of $1.30 by $0.36. The business had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The company’s revenue was up 21.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. Analysts anticipate that Tapestry, Inc. will post 6.95 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 22nd. Shareholders of record on Friday, June 5th will be issued a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, June 5th. This represents a $1.60 dividend on an annualized basis and a yield of 1.1%. Tapestry’s payout ratio 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.