Tapestry, Inc. (NYSE:TPR) Holdings Trimmed by Bank of New York Mellon Corp

Bank of New York Mellon Corp reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 16.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,201,859 shares of the luxury accessories retailer’s stock after selling 425,444 shares during the period. Bank of New York Mellon Corp’s holdings in Tapestry were worth $143,847,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Victory Capital Management Inc. grew its holdings in shares of Tapestry by 7.5% during the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares in the last quarter. Apollon Wealth Management LLC purchased a new position in shares of Tapestry during the 4th quarter valued at $328,000. Valley Wealth Managers Inc. grew its holdings in shares of Tapestry by 2.1% during the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after acquiring an additional 8,833 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in shares of Tapestry during the 4th quarter valued at $3,437,000. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Performance

NYSE TPR opened at $85.38 on Friday. The firm has a market cap of $17.67 billion, a price-to-earnings ratio of 24.75, a PEG ratio of 2.01 and a beta of 1.58. The company has a 50 day moving average of $74.79 and a 200-day moving average of $58.12. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter last year, the business earned $1.63 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.64%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insider Transactions at Tapestry

In related news, CEO Todd Kahn sold 7,786 shares of the firm’s stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at $17,652,100.29. This trade represents a 3.72 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Scott A. Roe sold 25,727 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. This represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the topic of several research analyst reports. The Goldman Sachs Group boosted their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a report on Friday, February 7th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Evercore ISI upped their price objective on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. UBS Group upped their price objective on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Finally, BMO Capital Markets upped their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Tapestry 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.