New York State Teachers Retirement System Has $14.46 Million Position in Tapestry, Inc. (NYSE:TPR)

New York State Teachers Retirement System lowered its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 9.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 205,349 shares of the luxury accessories retailer's stock after selling 20,364 shares during the quarter. New York State Teachers Retirement System owned 0.10% of Tapestry worth $14,459,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Southpoint Capital Advisors LP acquired a new position in Tapestry during the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD lifted its position 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 buying an additional 1,875,753 shares in the last quarter. Norges Bank acquired a new position in shares of Tapestry during the 4th quarter worth about $114,199,000. Point72 Asset Management L.P. bought a new position in shares of Tapestry in the 4th quarter valued at about $101,433,000. Finally, Candlestick Capital Management LP acquired a new stake in shares of Tapestry in the fourth quarter valued at about $66,902,000. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

TPR has been the topic of a number of analyst reports. Citigroup upped their price objective on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Barclays boosted their target price on shares of Tapestry from $83.00 to $98.00 and gave the stock an "overweight" rating in a report on Monday, May 12th. Morgan Stanley upgraded shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target for the company in a research note on Thursday, May 8th. TD Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating and set a $100.00 price objective on the stock in a report on Thursday, June 12th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $100.00 price objective (up from $90.00) on shares of Tapestry in a research report on Wednesday, May 14th. Three research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the business'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 owned 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president directly owned 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Tapestry Price Performance

TPR stock traded up $4.25 during mid-day trading on Thursday, hitting $90.73. The stock had a trading volume of 4,388,372 shares, compared to its average volume of 4,330,570. The firm has a fifty day simple moving average of $79.73 and a 200 day simple moving average of $74.68. The firm has a market capitalization of $18.84 billion, a P/E ratio of 23.88, a P/E/G ratio of 1.80 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 52 week low of $35.23 and a 52 week high of $90.88.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $1.58 billion during the quarter, compared to the consensus estimate of $1.53 billion. During the same period in the previous year, the business earned $0.81 earnings per share. The company's revenue was up 6.9% on a year-over-year basis. As a group, research analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 1.54%. The ex-dividend date was Friday, June 6th. Tapestry's dividend payout ratio (DPR) is presently 36.84%.

Tapestry Company 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.