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

Bank of New York Mellon Corp reduced its position in Tapestry, Inc. (NYSE:TPR) by 15.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,334,508 shares of the luxury accessories retailer’s stock after selling 234,772 shares during the period. Bank of New York Mellon Corp’s holdings in Tapestry were worth $188,312,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Acumen Wealth Advisors LLC purchased a new stake in Tapestry during the 4th quarter valued at $28,000. Steph & Co. raised its stake in shares of Tapestry by 128.7% in the fourth quarter. Steph & Co. now owns 231 shares of the luxury accessories retailer’s stock worth $30,000 after purchasing an additional 130 shares during the last quarter. Flagship Harbor Advisors LLC purchased a new position in shares of Tapestry in the fourth quarter worth $31,000. Towarzystwo Funduszy Inwestycyjnych PZU SA bought a new position in shares of Tapestry during the fourth quarter valued at $32,000. Finally, Triumph Capital Management bought a new position in shares of Tapestry during the third quarter valued at $29,000. 90.77% of the stock is owned by institutional investors.

Insider Activity at Tapestry

In other Tapestry news, CEO Todd Kahn sold 19,557 shares of the company’s stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $140.02, for a total transaction of $2,738,371.14. Following the completion of the sale, the chief executive officer directly owned 123,258 shares of the company’s stock, valued at approximately $17,258,585.16. This represents a 13.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the company’s stock in a transaction that occurred on Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total transaction of $3,691,152.64. Following the sale, the chief executive officer directly owned 652,434 shares of the company’s stock, valued at approximately $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. 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. 1.32% of the stock is owned by corporate insiders.

Tapestry Stock Down 1.9%

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

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.36. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. Tapestry had a return on equity of 229.70% and a net margin of 8.44%.Tapestry’s revenue was up 21.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, sell-side analysts predict that Tapestry, Inc. will post 6.96 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 22nd. Stockholders of record on Friday, June 5th were paid a $0.40 dividend. 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 is 51.28%.

Analyst Upgrades and Downgrades

TPR has been the subject of several research analyst reports. Morgan Stanley reiterated an “overweight” rating and issued a $164.00 price objective on shares of Tapestry in a report on Monday, July 6th. JPMorgan Chase & Co. upped their target price on shares of Tapestry from $200.00 to $205.00 and gave the company an “overweight” rating in a research note on Friday, June 12th. Robert W. Baird raised their price target on shares of Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a report on Wednesday, April 29th. Evercore set a $175.00 price target on shares of Tapestry in a research note on Friday, May 8th. Finally, Raymond James Financial reissued an “outperform” rating and set a $165.00 price objective on shares of Tapestry in a report on Thursday, April 23rd. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.06.

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.