Bank of New York Mellon Corp Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Bank of New York Mellon Corp trimmed its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,201,859 shares of the luxury accessories retailer's stock after selling 425,444 shares during the quarter. Bank of New York Mellon Corp owned about 0.94% of Tapestry worth $143,847,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also added to or reduced their stakes in the company. Venturi Wealth Management LLC increased its holdings in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock worth $38,000 after purchasing an additional 252 shares in the last quarter. Brooklyn Investment Group purchased a new position in Tapestry during the third quarter worth about $47,000. Deseret Mutual Benefit Administrators grew its position in Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer's stock worth $70,000 after purchasing an additional 605 shares in the last quarter. Transamerica Financial Advisors Inc. increased its stake in Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer's stock valued at $75,000 after buying an additional 1,591 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after buying an additional 496 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

A number of research analysts have issued reports on the company. Evercore ISI upped their price objective on Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a report on Tuesday, February 25th. UBS Group raised 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. The Goldman Sachs Group boosted their target price on shares of Tapestry from $72.00 to $98.00 and gave the company a "buy" rating in a research note on Friday, February 7th. Finally, Wells Fargo & Company raised their price objective on shares of Tapestry from $75.00 to $90.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $78.53.

Insider Transactions at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now directly owns 38,609 shares of the company's stock, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Todd Kahn sold 7,786 shares of Tapestry stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total value of $681,975.74. Following the transaction, the chief executive officer now owns 201,531 shares of the company's stock, valued at $17,652,100.29. The trade was a 3.72 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock worth $5,730,589 over the last three months. 1.18% of the stock is currently owned by insiders.

Tapestry Stock Down 1.8 %

TPR traded down $1.51 on Tuesday, hitting $82.58. The company had a trading volume of 4,398,288 shares, compared to its average volume of 5,076,208. The stock has a market capitalization of $17.09 billion, a price-to-earnings ratio of 23.92, a P/E/G ratio of 2.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a fifty day moving average price of $75.17 and a 200-day moving average price of $58.72. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS 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 in the prior year, the company earned $1.63 earnings per share. Analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.70%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry's dividend payout ratio is presently 40.58%.

About Tapestry

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.