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

Bank of New York Mellon Corp grew its stake in shares of Tapestry, Inc. (NYSE:TPR) by 1.7% in the 2nd quarter, Holdings Channel reports. The firm owned 2,732,590 shares of the luxury accessories retailer’s stock after acquiring an additional 46,760 shares during the quarter. Bank of New York Mellon Corp’s holdings in Tapestry were worth $116,928,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently made changes to their positions in the stock. Capital Research Global Investors grew its holdings in shares of Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after purchasing an additional 489,933 shares during the last quarter. Franklin Resources Inc. grew its holdings in shares of Tapestry by 0.9% during the fourth quarter. Franklin Resources Inc. now owns 5,954,829 shares of the luxury accessories retailer’s stock valued at $219,197,000 after purchasing an additional 54,647 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Tapestry by 4.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock worth $121,671,000 after buying an additional 140,347 shares during the period. Balyasny Asset Management L.P. acquired a new position in shares of Tapestry during the fourth quarter worth approximately $102,531,000. Finally, Norges Bank acquired a new position in shares of Tapestry during the fourth quarter worth approximately $79,352,000. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently issued reports on TPR. Citigroup reduced their price objective on Tapestry from $50.00 to $49.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. JPMorgan Chase & Co. reduced their price objective on Tapestry from $54.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, August 16th. UBS Group reduced their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research report on Wednesday, August 7th. Finally, Bernstein Bank boosted their price objective on Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $46.13.

Tapestry Price Performance

Shares of NYSE:TPR opened at $40.26 on Wednesday. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80. The stock has a fifty day moving average of $40.54 and a 200-day moving average of $42.56. The company has a market capitalization of $9.25 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 0.79 and a beta of 1.59. 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) last announced its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.04. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. The company 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 firm earned $0.95 EPS. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. As a group, equities analysts anticipate that Tapestry, Inc. will post 4.24 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed 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 is Friday, September 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.48%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

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.