South Dakota Investment Council Sells 201,670 Shares of Tapestry, Inc. (NYSE:TPR)

South Dakota Investment Council reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 58.1% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 145,387 shares of the luxury accessories retailer's stock after selling 201,670 shares during the quarter. South Dakota Investment Council owned 0.07% of Tapestry worth $10,237,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of TPR. Southpoint Capital Advisors LP purchased a new stake in Tapestry in the fourth quarter worth about $130,660,000. Price T Rowe Associates Inc. MD increased its position in Tapestry by 593.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer's stock worth $143,198,000 after buying an additional 1,875,753 shares in the last quarter. Norges Bank purchased a new stake in Tapestry in the fourth quarter worth about $114,199,000. Point72 Asset Management L.P. purchased a new stake in Tapestry in the fourth quarter worth about $101,433,000. Finally, Candlestick Capital Management LP purchased a new stake in Tapestry in the fourth quarter worth about $66,902,000. 90.77% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on TPR. Citigroup increased their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research report on Friday, May 9th. Argus lifted their price target on Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a report on Tuesday, June 17th. Cowen raised Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $100.00 price target (up previously from $90.00) on shares of Tapestry in a report on Wednesday, May 14th. Finally, Morgan Stanley raised Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $89.17.

Tapestry Stock Performance

NYSE TPR traded up $1.25 during trading hours on Friday, reaching $103.41. The company's stock had a trading volume of 3,404,135 shares, compared to its average volume of 4,427,196. 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 business has a 50-day simple moving average of $85.74 and a 200 day simple moving average of $77.47. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $104.23. The stock has a market cap of $21.48 billion, a PE ratio of 27.21, a PEG ratio of 2.14 and a beta of 1.47.

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

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 23rd. Shareholders of record on Friday, June 6th were given a $0.35 dividend. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.35%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 1,399 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the vice president owned 40,922 shares of the company's stock, valued at approximately $3,350,693.36. This trade represents a 3.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the sale, the chief executive officer directly owned 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 disclosure for this sale can be found here. Insiders own 1.18% 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.