Teachers Retirement System of The State of Kentucky Raises Stock Position in Tapestry, Inc. (NYSE:TPR)

Teachers Retirement System of The State of Kentucky grew its holdings in Tapestry, Inc. (NYSE:TPR) by 27.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 436,578 shares of the luxury accessories retailer’s stock after acquiring an additional 95,262 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Tapestry were worth $20,728,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Fidelis Capital Partners LLC acquired a new stake in Tapestry during the 1st quarter valued at $35,000. BNP Paribas acquired a new stake in Tapestry during the 1st quarter valued at $38,000. EverSource Wealth Advisors LLC grew its holdings in Tapestry by 3,778.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after purchasing an additional 1,209 shares in the last quarter. First Horizon Advisors Inc. grew its holdings in Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock valued at $55,000 after purchasing an additional 1,158 shares in the last quarter. Finally, Quadrant Capital Group LLC grew its holdings in Tapestry by 130.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock worth $55,000 after acquiring an additional 848 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of several recent analyst reports. Telsey Advisory Group reissued an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a report on Thursday, May 9th. Robert W. Baird decreased their price target on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a report on Friday, May 10th. JPMorgan Chase & Co. decreased their price target on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, Bernstein Bank lifted their price objective on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.56.

Tapestry Price Performance

Shares of TPR stock traded down $1.02 during midday trading on Friday, reaching $38.13. 3,279,594 shares of the company were exchanged, compared to its average volume of 2,394,773. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The company has a market cap of $8.76 billion, a P/E ratio of 10.09, a PEG ratio of 0.79 and a beta of 1.59. The company’s 50 day moving average price is $41.77 and its two-hundred day moving average price is $42.49. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. During the same period in the previous year, the firm earned $0.78 EPS. Tapestry’s revenue was down 2.0% on a year-over-year basis. On average, sell-side analysts expect that Tapestry, Inc. will post 4.24 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.67%. Tapestry’s payout ratio is currently 37.04%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $42.23, for a total value of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares in the company, valued at approximately $1,569,815.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.93% of the company’s stock.

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.