Tapestry, Inc. (NYSE:TPR) Shares Sold by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 20.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,515 shares of the luxury accessories retailer's stock after selling 15,902 shares during the period. Teacher Retirement System of Texas' holdings in Tapestry were worth $4,472,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Ameriprise Financial Inc. grew its stake in Tapestry by 4.8% in the fourth quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer's stock worth $527,799,000 after purchasing an additional 370,784 shares in the last quarter. Geode Capital Management LLC grew its stake in Tapestry by 3.2% in the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer's stock worth $376,247,000 after purchasing an additional 176,717 shares in the last quarter. Alliancebernstein L.P. grew its stake in Tapestry by 15.2% in the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer's stock worth $270,304,000 after purchasing an additional 546,497 shares in the last quarter. Northern Trust Corp grew its stake in Tapestry by 3.0% in the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer's stock worth $183,909,000 after purchasing an additional 83,222 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake 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 purchasing an additional 1,875,753 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Performance

TPR opened at $92.48 on Tuesday. The business's 50 day moving average is $81.09 and its 200-day moving average is $75.42. The stock has a market cap of $19.21 billion, a PE ratio of 24.34, a price-to-earnings-growth ratio of 1.86 and a beta of 1.47. The company has a current ratio of 1.76, a quick ratio of 1.22 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $92.62.

Tapestry (NYSE:TPR - Get Free Report) last announced its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The firm had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same quarter in the previous year, the company earned $0.81 earnings per share. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Tapestry, Inc. will post 4.91 earnings per share 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 dividend of $0.35 per share. The ex-dividend date was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.51%. Tapestry's payout ratio is 36.84%.

Wall Street Analyst Weigh In

A number of research firms recently commented on TPR. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Tuesday, May 13th. Telsey Advisory Group reiterated an "outperform" rating and issued a $92.00 price target on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price for the company in a research note on Thursday, May 8th. TD Cowen upgraded Tapestry from a "hold" rating to a "buy" rating and set a $100.00 target price for the company in a research note on Thursday, June 12th. Finally, Cowen upgraded Tapestry from a "hold" rating to a "buy" rating in a research note on Thursday, June 12th. Three research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $88.78.

Insider Activity at Tapestry

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

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