Varma Mutual Pension Insurance Co Trims Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Varma Mutual Pension Insurance Co cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 52.3% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 172,200 shares of the luxury accessories retailer's stock after selling 188,800 shares during the quarter. Varma Mutual Pension Insurance Co owned about 0.07% of Tapestry worth $7,368,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. National Bank of Canada FI raised its position in shares of Tapestry by 5.9% during the 4th quarter. National Bank of Canada FI now owns 53,178 shares of the luxury accessories retailer's stock valued at $2,030,000 after buying an additional 2,978 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in shares of Tapestry by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,972,221 shares of the luxury accessories retailer's stock worth $72,597,000 after purchasing an additional 30,341 shares during the period. Principal Securities Inc. acquired a new stake in shares of Tapestry during the 4th quarter worth about $57,000. Teacher Retirement System of Texas raised its holdings in Tapestry by 26.4% in the 4th quarter. Teacher Retirement System of Texas now owns 164,134 shares of the luxury accessories retailer's stock valued at $6,042,000 after buying an additional 34,301 shares during the period. Finally, Dimensional Fund Advisors LP lifted its position in Tapestry by 4.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer's stock valued at $121,671,000 after buying an additional 140,347 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Down 0.3 %

Shares of TPR traded down $0.12 during mid-day trading on Tuesday, reaching $41.17. The company's stock had a trading volume of 1,998,404 shares, compared to its average volume of 3,303,618. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The stock has a market cap of $9.48 billion, a PE ratio of 10.92, a price-to-earnings-growth ratio of 1.50 and a beta of 1.54. The company's 50 day moving average is $40.39 and its 200 day moving average is $42.28.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.23% and a return on equity of 37.22%. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. During the same period in the prior year, the firm posted $0.95 earnings per share. The firm's revenue was down 1.8% on a year-over-year basis. Equities analysts anticipate that Tapestry, Inc. will post 4.47 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be paid a $0.35 dividend. The ex-dividend date is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.40%. Tapestry's dividend payout ratio is presently 37.04%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their price target on shares of Tapestry from $52.00 to $50.00 and set an "overweight" rating on the stock in a research note on Friday, August 16th. JPMorgan Chase & Co. lowered their price target on Tapestry from $54.00 to $51.00 and set an "overweight" rating for the company in a research report on Friday, August 16th. Argus reaffirmed a "buy" rating and issued a $52.00 price objective on shares of Tapestry in a research note on Tuesday, June 18th. Evercore ISI lowered their target price on Tapestry from $53.00 to $47.00 and set an "outperform" rating for the company in a report on Friday, August 9th. Finally, StockNews.com upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research note on Wednesday, August 7th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus target price of $46.13.

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.