Illinois Municipal Retirement Fund Trims Position in Tapestry, Inc. (NYSE:TPR)

Illinois Municipal Retirement Fund lowered its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 34.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 70,734 shares of the luxury accessories retailer's stock after selling 37,918 shares during the quarter. Illinois Municipal Retirement Fund's holdings in Tapestry were worth $4,980,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. Greenline Partners LLC acquired a new stake in Tapestry in the 4th quarter valued at about $29,000. Coppell Advisory Solutions LLC boosted its stake in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock worth $34,000 after acquiring an additional 150 shares during the last quarter. Opal Wealth Advisors LLC bought a new position in Tapestry during the 1st quarter worth approximately $35,000. Canada Post Corp Registered Pension Plan bought a new position in Tapestry during the 4th quarter worth approximately $48,000. Finally, Golden State Wealth Management LLC lifted its stake in Tapestry by 431.1% in the first quarter. Golden State Wealth Management LLC now owns 887 shares of the luxury accessories retailer's stock valued at $62,000 after buying an additional 720 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Analysts Set New Price Targets

TPR has been the topic of a number of research reports. TD Cowen raised shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target on the stock in a research note on Thursday, June 12th. Raymond James Financial restated an "outperform" rating and set a $85.00 target price (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Finally, The Goldman Sachs Group boosted their target price on shares of Tapestry from $84.00 to $93.00 and gave the company a "buy" rating in a research report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $88.78.

Tapestry Price Performance

NYSE TPR traded up $0.94 during trading on Friday, hitting $87.16. 7,819,987 shares of the company's stock were exchanged, compared to its average volume of 4,325,779. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. The company has a market cap of $18.10 billion, a PE ratio of 22.94, a P/E/G ratio of 1.94 and a beta of 1.46. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The stock's 50 day moving average price is $78.40 and its two-hundred day moving average price is $74.25.

Tapestry (NYSE:TPR - Get Free Report) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.89 by $0.14. The business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The company's revenue for the quarter was up 6.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.81 EPS. Research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio is currently 36.84%.

Insider Buying and Selling

In other news, CEO Todd Kahn sold 40,000 shares of the firm's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the sale, the vice president now directly owns 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.18% of the stock is owned by company insiders.

About Tapestry

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.