Tapestry, Inc. (NYSE:TPR) Holdings Lowered by Retirement Systems of Alabama

Retirement Systems of Alabama lowered its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 11.8% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,485 shares of the luxury accessories retailer's stock after selling 5,970 shares during the period. Retirement Systems of Alabama's holdings in Tapestry were worth $3,132,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in TPR. Southpoint Capital Advisors LP acquired a new position in shares of Tapestry in the fourth quarter worth about $130,660,000. Price T Rowe Associates Inc. MD increased its holdings in Tapestry by 593.3% during the 4th 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 purchasing an additional 1,875,753 shares during the last quarter. Norges Bank acquired a new position in shares of Tapestry in the 4th quarter valued at approximately $114,199,000. Point72 Asset Management L.P. purchased a new position in shares of Tapestry during the 4th quarter valued at approximately $101,433,000. Finally, Candlestick Capital Management LP purchased a new position in shares of Tapestry during the 4th quarter valued at approximately $66,902,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at $9,447,446.80. This represents a 25.63% decrease in their position. The sale was disclosed in a filing 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 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 sale, the vice president now owns 40,922 shares in the company, 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. Corporate insiders own 1.18% of the company's stock.

Tapestry Stock Performance

Shares of NYSE:TPR traded up $0.86 during trading on Friday, hitting $87.08. 463,974 shares of the company traded hands, compared to its average volume of 4,284,107. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. The business's fifty day moving average is $77.93 and its 200-day moving average is $73.99. The stock has a market capitalization of $18.09 billion, a price-to-earnings ratio of 22.94, a PEG ratio of 1.90 and a beta of 1.46. Tapestry, Inc. has a one year low of $35.23 and a one year high of $90.85.

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

Tapestry Announces Dividend

The company also recently declared 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 of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.61%. Tapestry's dividend payout ratio is currently 36.84%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price target for the company in a research note on Thursday, June 12th. Telsey Advisory Group reissued an "outperform" rating and issued a $92.00 target price on shares of Tapestry in a research report on Friday, May 9th. Argus upped their target price on shares of Tapestry from $78.00 to $92.00 and gave the company a "buy" rating in a research note on Tuesday, June 17th. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $85.00 price objective (up from $74.00) on shares of Tapestry in a report on Friday, May 9th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $88.78.

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.