Bank of America Corp DE Purchases 429,338 Shares of Tapestry, Inc. $TPR

Bank of America Corp DE lifted its position in shares of Tapestry, Inc. (NYSE:TPR) by 9.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,041,935 shares of the luxury accessories retailer’s stock after purchasing an additional 429,338 shares during the period. Bank of America Corp DE’s holdings in Tapestry were worth $711,467,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of TPR. State Street Corp raised its position in Tapestry by 3.8% during the 4th quarter. State Street Corp now owns 9,578,111 shares of the luxury accessories retailer’s stock valued at $1,223,795,000 after purchasing an additional 348,334 shares during the last quarter. Schroder Investment Management Group grew its position in shares of Tapestry by 92.8% in the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock worth $1,194,678,000 after buying an additional 4,500,850 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Tapestry by 3.6% in the 4th quarter. Geode Capital Management LLC now owns 5,912,917 shares of the luxury accessories retailer’s stock worth $753,482,000 after buying an additional 203,764 shares during the last quarter. AQR Capital Management LLC increased its stake in shares of Tapestry by 21.4% during the third quarter. AQR Capital Management LLC now owns 4,307,615 shares of the luxury accessories retailer’s stock valued at $487,708,000 after buying an additional 760,646 shares during the period. Finally, Morgan Stanley increased its stake in shares of Tapestry by 8.9% during the fourth quarter. Morgan Stanley now owns 3,327,212 shares of the luxury accessories retailer’s stock valued at $425,118,000 after buying an additional 270,973 shares during the period. 90.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Robert W. Baird raised their price target on Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Weiss Ratings downgraded shares of Tapestry from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 20th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $200.00 to $205.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. UBS Group lifted their target price on shares of Tapestry from $187.00 to $230.00 and gave the company a “buy” rating in a research note on Tuesday, June 23rd. Finally, Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $173.50.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 19,557 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $140.02, for a total value of $2,738,371.14. Following 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the firm’s stock in a transaction on Wednesday, May 13th. The shares were sold at an average price of $132.89, for a total value of $3,691,152.64. Following the transaction, the chief executive officer owned 652,434 shares of the company’s stock, valued at $86,701,954.26. The trade was a 4.08% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 1.32% of the company’s stock.

Tapestry Trading Down 0.0%

NYSE:TPR opened at $152.57 on Friday. The firm has a market capitalization of $30.83 billion, a P/E ratio of 48.90, a PEG ratio of 1.39 and a beta of 1.43. The company has a debt-to-equity ratio of 3.48, a current ratio of 1.84 and a quick ratio of 1.27. Tapestry, Inc. has a one year low of $92.62 and a one year high of $161.97. The company’s 50-day simple moving average is $143.99 and its 200 day simple moving average is $143.14.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 7th. The luxury accessories retailer reported $1.66 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.30 by $0.36. The firm had revenue of $1.92 billion during the quarter, compared to analyst estimates of $1.79 billion. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The business’s revenue was up 21.2% on a year-over-year basis. During the same period last year, the business earned $1.03 earnings per share. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. As a group, analysts forecast that Tapestry, Inc. will post 6.97 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 1.0%. The ex-dividend date of this dividend was Friday, June 5th. Tapestry’s payout ratio is 51.28%.

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.