California Public Employees Retirement System Sells 50,066 Shares of Tapestry, Inc. (NYSE:TPR)

California Public Employees Retirement System trimmed its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 11.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 396,442 shares of the luxury accessories retailer's stock after selling 50,066 shares during the period. California Public Employees Retirement System owned 0.17% of Tapestry worth $25,900,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in TPR. Schroder Investment Management Group increased its stake in Tapestry by 86.4% in the 4th quarter. Schroder Investment Management Group now owns 177,092 shares of the luxury accessories retailer's stock worth $11,656,000 after acquiring an additional 82,083 shares during the last quarter. Brown Brothers Harriman & Co. increased 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 worth $78,000 after purchasing an additional 1,129 shares during the last quarter. Pictet Asset Management Holding SA raised its stake in Tapestry by 767.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 464,478 shares of the luxury accessories retailer's stock valued at $30,344,000 after purchasing an additional 410,918 shares in the last quarter. Nomura Asset Management Co. Ltd. lifted its position in Tapestry by 17.6% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 5,029 shares of the luxury accessories retailer's stock valued at $329,000 after purchasing an additional 754 shares during the last quarter. Finally, Norges Bank purchased a new position in Tapestry in the 4th quarter worth approximately $114,199,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

In related news, CEO Todd Kahn sold 21,107 shares of the company's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the sale, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Scott A. Roe sold 25,727 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the transaction, the chief financial officer now owns 146,587 shares of the company's stock, valued at approximately $12,688,570.72. This trade represents a 14.93 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 over the last three months. Corporate insiders own 1.18% of the company's stock.

Tapestry Trading Down 4.1 %

Shares of TPR stock traded down $2.56 during trading hours on Tuesday, reaching $60.43. The company's stock had a trading volume of 10,731,775 shares, compared to its average volume of 4,114,474. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85. The stock has a market capitalization of $12.51 billion, a P/E ratio of 17.52, a P/E/G ratio of 2.01 and a beta of 1.37. The firm's fifty day simple moving average is $76.48 and its 200 day simple moving average is $64.26.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating the consensus estimate 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 previous year, the company earned $1.63 EPS. Equities research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Investors of record on Thursday, March 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry's dividend payout ratio is currently 40.58%.

Analyst Ratings Changes

Several analysts have recently weighed in on TPR shares. Wells Fargo & Company raised their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Raymond James reaffirmed an "outperform" rating and issued a $88.00 target price (up previously from $79.00) on shares of Tapestry in a research note on Friday, February 7th. UBS Group lifted their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a "neutral" rating in a research note on Friday, February 7th. Evercore ISI upped their price objective on shares of Tapestry from $68.00 to $74.00 and gave the company an "outperform" rating in a research note on Monday, January 27th. Finally, StockNews.com cut shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Tuesday. 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.com, Tapestry has a consensus rating of "Moderate Buy" and a consensus target price of $78.53.

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.