PNC Financial Services Group Inc. Lowers Holdings in Tapestry, Inc. $TPR

PNC Financial Services Group Inc. reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 14.7% during the 1st quarter, HoldingsChannel reports. The fund owned 216,579 shares of the luxury accessories retailer’s stock after selling 37,466 shares during the period. PNC Financial Services Group Inc.’s holdings in Tapestry were worth $30,561,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Schroder Investment Management Group increased its holdings in shares of Tapestry by 92.8% during 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. Norges Bank acquired a new stake in shares of Tapestry in the fourth quarter worth $345,349,000. Wellington Management Group LLP raised its position in Tapestry by 632.3% in the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock valued at $302,368,000 after purchasing an additional 2,043,353 shares during the period. State Street Corp boosted its position in shares of Tapestry by 19.3% in the third quarter. State Street Corp now owns 9,229,777 shares of the luxury accessories retailer’s stock worth $1,044,995,000 after buying an additional 1,494,193 shares during the period. Finally, Voloridge Investment Management LLC boosted its position in shares of Tapestry by 160.5% in the third quarter. Voloridge Investment Management LLC now owns 1,886,518 shares of the luxury accessories retailer’s stock worth $213,592,000 after buying an additional 1,162,442 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the company. UBS Group raised their target price on Tapestry from $187.00 to $230.00 and gave the company a “buy” rating in a report on Tuesday, June 23rd. Zacks Research cut Tapestry from a “strong-buy” rating to a “hold” rating in a report on Wednesday. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $200.00 to $205.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Robert W. Baird lifted their price target on shares of Tapestry from $160.00 to $165.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 29th. Finally, Evercore set a $175.00 price objective on shares of Tapestry in a research report on Friday, May 8th. One research analyst has rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $170.06.

Tapestry Stock Up 2.7%

Shares of NYSE:TPR opened at $142.82 on Friday. The firm has a market cap of $28.86 billion, a PE ratio of 45.78, a price-to-earnings-growth ratio of 1.27 and a beta of 1.43. The company has a fifty day simple moving average of $142.46 and a 200 day simple moving average of $142.49. The company has a current ratio of 1.84, a quick ratio of 1.27 and a debt-to-equity ratio of 3.48. Tapestry, Inc. has a 12-month low of $92.62 and a 12-month high of $161.97.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 7th. The luxury accessories retailer reported $1.66 EPS for the quarter, beating analysts’ consensus estimates of $1.30 by $0.36. Tapestry had a net margin of 8.44% and a return on equity of 229.70%. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.79 billion. During the same period in the prior year, the firm posted $1.03 EPS. The firm’s revenue was up 21.2% compared to the same quarter last year. Tapestry has set its FY 2026 guidance at 6.950-6.950 EPS. On average, equities research analysts anticipate that Tapestry, Inc. will post 6.97 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 22nd. Shareholders of record on Friday, June 5th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend was Friday, June 5th. Tapestry’s dividend payout ratio (DPR) is currently 51.28%.

Insider Activity at Tapestry

In other news, CEO Todd Kahn sold 19,557 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer directly owned 123,258 shares in the company, valued at approximately $17,258,585.16. The trade was a 13.69% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,776 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer directly owned 652,434 shares in the company, valued at approximately $86,701,954.26. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.32% of the stock is currently owned by company insiders.

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.