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

Bank of New York Mellon Corp raised its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 1.7% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,732,590 shares of the luxury accessories retailer's stock after purchasing an additional 46,760 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.19% of Tapestry worth $116,928,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Fidelis Capital Partners LLC bought a new position in Tapestry during the 1st quarter worth $35,000. BNP Paribas bought a new position in shares of Tapestry in the first quarter worth $38,000. Massmutual Trust Co. FSB ADV grew its position in Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after acquiring an additional 328 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Tapestry by 3,778.1% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer's stock valued at $46,000 after acquiring an additional 1,209 shares during the last quarter. Finally, Blue Trust Inc. grew its position in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock valued at $50,000 after acquiring an additional 556 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Up 1.1 %

Shares of NYSE TPR traded up $0.44 during midday trading on Wednesday, hitting $40.70. 2,508,603 shares of the stock traded hands, compared to its average volume of 3,315,988. The company has a market cap of $9.35 billion, a PE ratio of 10.77, a P/E/G ratio of 0.79 and a beta of 1.59. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The business has a 50 day moving average price of $40.54 and a two-hundred day moving average price of $42.55. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The business had revenue of $1.59 billion during the quarter, compared to the consensus estimate of $1.58 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Tapestry's revenue was down 1.8% compared to the same quarter last year. On average, equities analysts predict that Tapestry, Inc. will post 4.24 EPS for the current year.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.44%. Tapestry's dividend payout ratio is presently 37.04%.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Argus reiterated a "buy" rating and issued a $52.00 target price on shares of Tapestry in a research report on Tuesday, June 18th. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a research report on Wednesday, August 7th. Robert W. Baird decreased their target price on Tapestry from $52.00 to $50.00 and set an "outperform" rating on the stock in a research report on Friday, May 10th. JPMorgan Chase & Co. cut their price target on Tapestry from $54.00 to $51.00 and set an "overweight" rating on the stock in a research note on Friday, August 16th. Finally, Citigroup cut their price objective on Tapestry from $50.00 to $49.00 and set a "buy" rating on the stock in a research note on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $46.13.

Tapestry Company 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.