New York State Common Retirement Fund Sells 201,373 Shares of Tapestry, Inc. (NYSE:TPR)

New York State Common Retirement Fund decreased its holdings in Tapestry, Inc. (NYSE:TPR - Free Report) by 41.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 281,638 shares of the luxury accessories retailer's stock after selling 201,373 shares during the quarter. New York State Common Retirement Fund owned 0.14% of Tapestry worth $19,830,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of TPR. HighTower Advisors LLC lifted its stake in Tapestry by 0.9% in the 4th quarter. HighTower Advisors LLC now owns 51,278 shares of the luxury accessories retailer's stock worth $3,350,000 after acquiring an additional 481 shares in the last quarter. Swiss National Bank lifted its stake in Tapestry by 2.1% in the 4th quarter. Swiss National Bank now owns 457,800 shares of the luxury accessories retailer's stock worth $29,908,000 after acquiring an additional 9,200 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Tapestry by 21.9% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 15,913 shares of the luxury accessories retailer's stock worth $1,040,000 after acquiring an additional 2,855 shares in the last quarter. Corient Private Wealth LLC lifted its stake in Tapestry by 43.3% in the 4th quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer's stock worth $2,541,000 after acquiring an additional 11,754 shares in the last quarter. Finally, Cibc World Markets Corp lifted its stake in Tapestry by 46.8% in the 4th quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer's stock worth $1,713,000 after acquiring an additional 8,360 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 40,000 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the company's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president directly owned 40,922 shares of the company's stock, valued at $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 insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on TPR shares. The Goldman Sachs Group raised their price target on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Telsey Advisory Group reissued an "outperform" rating and set a $92.00 price objective on shares of Tapestry in a report on Friday, May 9th. Barclays reissued an "overweight" rating and set a $105.00 price objective (up previously from $98.00) on shares of Tapestry in a report on Friday, July 11th. Raymond James Financial reissued an "outperform" rating and set a $85.00 price objective (up previously from $74.00) on shares of Tapestry in a report on Friday, May 9th. Finally, Citigroup increased their price objective on Tapestry from $81.00 to $94.00 and gave the company a "buy" rating in a report on Friday, May 9th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $89.17.

Tapestry Price Performance

Shares of NYSE TPR traded up $1.26 during midday trading on Thursday, reaching $101.93. 1,783,769 shares of the company traded hands, compared to its average volume of 4,392,904. The firm has a market cap of $21.17 billion, a PE ratio of 26.83, a PEG ratio of 2.10 and a beta of 1.47. The stock's 50-day simple moving average is $84.74 and its 200-day simple moving average is $76.87. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $102.31. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76.

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

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 23rd. Stockholders of record on Friday, June 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.37%. Tapestry's payout ratio is currently 36.84%.

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.