Kentucky Retirement Systems Has $1.03 Million Position in Tapestry, Inc. (NYSE:TPR)

Kentucky Retirement Systems trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,821 shares of the luxury accessories retailer’s stock after selling 217 shares during the quarter. Kentucky Retirement Systems’ holdings in Tapestry were worth $1,034,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Erste Asset Management GmbH acquired a new position in shares of Tapestry during the third quarter worth $64,016,000. WT Asset Management Ltd bought a new stake in shares of Tapestry in the fourth quarter worth $42,762,000. Bank of Montreal Can increased its holdings in Tapestry by 76.6% in the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares during the period. Charles Schwab Investment Management Inc. raised its position in Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its position 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 buying an additional 219,544 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Activity

In related news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The stock was 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 approximately $3,397,592. This represents a 23.59 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.18% of the company’s stock.

Tapestry Price Performance

Shares of TPR opened at $84.60 on Monday. The business’s fifty day moving average is $72.63 and its 200 day moving average is $56.75. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a market cap of $17.51 billion, a P/E ratio of 24.52, a P/E/G ratio of 2.01 and a beta of 1.58.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates 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 last year, the business earned $1.63 EPS. Sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.65%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Analyst Ratings Changes

A number of research firms recently commented on TPR. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a research note on Tuesday, January 21st. 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. Daiwa America raised shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Telsey Advisory Group lifted their target price on shares of Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Finally, Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target on the stock in a research report on Tuesday, February 18th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat.com, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Company 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.