New York State Common Retirement Fund Decreases Holdings in Tapestry, Inc. (NYSE:TPR)

New York State Common Retirement Fund reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 28.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 483,011 shares of the luxury accessories retailer's stock after selling 189,521 shares during the period. New York State Common Retirement Fund owned about 0.21% of Tapestry worth $31,555,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Erste Asset Management GmbH bought a new stake in Tapestry during the third quarter worth $64,016,000. WT Asset Management Ltd bought a new stake in shares of Tapestry in the 4th quarter worth $42,762,000. Bank of Montreal Can raised its holdings in shares of Tapestry by 76.6% in the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock valued at $59,641,000 after purchasing an additional 539,793 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer's stock valued at $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Finally, Westfield Capital Management Co. LP lifted its position in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer's stock valued at $79,822,000 after purchasing an additional 219,544 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on TPR. Raymond James reiterated an "outperform" rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price target for the company in a research report on Tuesday. JPMorgan Chase & Co. lifted their price target on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Jefferies Financial Group upped their price objective on Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a research note on Tuesday, January 28th. Finally, Telsey Advisory Group lifted their target price on Tapestry from $74.00 to $83.00 and gave the stock an "outperform" rating in a research note on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Tapestry has an average rating of "Moderate Buy" and an average price target of $78.53.

Tapestry Price Performance

TPR traded down $1.92 during trading on Friday, reaching $84.60. 3,583,160 shares of the company were exchanged, compared to its average volume of 5,112,137. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company's 50-day moving average is $72.21 and its two-hundred day moving average is $56.14. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a market cap of $17.51 billion, a price-to-earnings ratio of 24.52, a P/E/G ratio of 2.07 and a beta of 1.58.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 period in the prior year, the business earned $1.63 EPS. Research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.65%. The ex-dividend date of this dividend is Thursday, March 6th. Tapestry's payout ratio is 40.58%.

Tapestry 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.