Teacher Retirement System of Texas reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 20.1% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 79,417 shares of the luxury accessories retailer's stock after selling 19,996 shares during the period. Teacher Retirement System of Texas' holdings in Tapestry were worth $5,188,000 as of its most recent filing with the SEC.
Several other institutional investors have also added to or reduced their stakes in TPR. Apollon Wealth Management LLC acquired a new position in shares of Tapestry during the fourth quarter worth about $328,000. Charles Schwab Investment Management Inc. lifted its position in Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after buying an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. acquired a new position in shares of Tapestry during the 4th quarter worth about $3,437,000. Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% in the 3rd 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 acquiring an additional 219,544 shares in the last quarter. Finally, Principal Financial Group Inc. increased its position in shares of Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock valued at $20,195,000 after acquiring an additional 39,298 shares during the last quarter. 90.77% of the stock is owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts recently weighed in on TPR shares. Jefferies Financial Group boosted their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a "buy" rating in a report on Tuesday, January 28th. Redburn Atlantic upgraded shares of Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 target price for the company in a research note on Tuesday, February 18th. Barclays boosted their price target on Tapestry from $87.00 to $100.00 and gave the stock an "overweight" rating in a research report on Friday, February 7th. Telsey Advisory Group raised their price objective on Tapestry from $74.00 to $83.00 and gave the company an "outperform" rating in a research report on Monday, February 3rd. Finally, Guggenheim boosted their target price on Tapestry from $70.00 to $90.00 and gave the stock a "buy" rating in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $78.53.
Check Out Our Latest Report on TPR
Tapestry Trading Down 1.8 %
Shares of Tapestry stock traded down $1.37 on Tuesday, reaching $74.35. 1,442,284 shares of the company's stock were exchanged, compared to its average volume of 3,830,592. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The company has a market capitalization of $15.39 billion, a P/E ratio of 21.59, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. The firm's 50-day moving average is $77.35 and its two-hundred day moving average is $62.20. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85.
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 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 last year, the company earned $1.63 EPS. Sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.
Tapestry Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued a $0.35 dividend. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.88%. Tapestry's dividend payout ratio is presently 40.58%.
Insider Activity at Tapestry
In other news, CEO Todd Kahn sold 21,107 shares of the firm's stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the sale, the chief executive officer now directly owns 176,985 shares of the company's stock, valued at $14,866,740. This trade represents a 10.66 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,537 shares of company stock valued at $5,730,589 over the last 90 days. Insiders own 1.18% of the company's stock.
About Tapestry
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Free Report)
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.
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