State of Tennessee Department of Treasury Increases Stake in Tapestry, Inc. (NYSE:TPR)

State of Tennessee Department of Treasury lifted its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 108.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 132,557 shares of the luxury accessories retailer's stock after purchasing an additional 69,087 shares during the quarter. State of Tennessee Department of Treasury owned 0.06% of Tapestry worth $8,660,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in TPR. Venturi Wealth Management LLC increased its position in shares of Tapestry by 78.0% in the fourth quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after acquiring an additional 252 shares during the last quarter. Canada Post Corp Registered Pension Plan bought a new position in Tapestry in the 4th quarter valued at about $48,000. UMB Bank n.a. lifted its holdings in Tapestry by 72.9% during the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer's stock worth $77,000 after purchasing an additional 496 shares during the last quarter. Brown Brothers Harriman & Co. boosted its position in shares of Tapestry by 1,792.1% in the fourth quarter. Brown Brothers Harriman & Co. now owns 1,192 shares of the luxury accessories retailer's stock valued at $78,000 after acquiring an additional 1,129 shares during the period. Finally, Atlas Capital Advisors Inc. grew its stake in shares of Tapestry by 527.2% in the fourth quarter. Atlas Capital Advisors Inc. now owns 1,267 shares of the luxury accessories retailer's stock valued at $83,000 after acquiring an additional 1,065 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In related news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the transaction, the chief financial officer now owns 146,587 shares of the company's stock, valued at $12,688,570.72. The trade was a 14.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares of the company's stock, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on TPR. Jefferies Financial Group boosted their price objective on shares of Tapestry from $80.00 to $83.00 and gave the company a "buy" rating in a report on Tuesday, January 28th. Robert W. Baird increased their price target on Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a research report on Thursday, February 20th. Barclays dropped their price objective on Tapestry from $100.00 to $83.00 and set an "overweight" rating for the company in a report on Thursday, April 10th. JPMorgan Chase & Co. increased their target price on Tapestry from $88.00 to $104.00 and gave the stock an "overweight" rating in a report on Wednesday, February 12th. Finally, Raymond James restated an "outperform" rating and issued a $88.00 price target (up previously from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of "Moderate Buy" and an average price target of $78.26.

Tapestry Stock Up 0.5 %

NYSE TPR traded up $0.33 on Monday, hitting $69.21. 3,831,567 shares of the company were exchanged, compared to its average volume of 4,173,273. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The company has a market cap of $14.33 billion, a PE ratio of 20.06, a PEG ratio of 2.01 and a beta of 1.37. The stock has a fifty day moving average of $72.15 and a 200-day moving average of $66.14.

Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the prior year, the firm posted $1.63 earnings per share. As a group, analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Thursday, March 6th. This represents a $1.40 annualized dividend and a yield of 2.02%. 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.