California State Teachers Retirement System Decreases Stock Position in Tapestry, Inc. $TPR

California State Teachers Retirement System lowered its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 2.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 308,585 shares of the luxury accessories retailer's stock after selling 8,368 shares during the quarter. California State Teachers Retirement System owned 0.15% of Tapestry worth $45,170,672 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TPR. Wedmont Private Capital increased its holdings in shares of Tapestry by 2.2% in the second quarter. Wedmont Private Capital now owns 5,241 shares of the luxury accessories retailer's stock valued at $738,000 after purchasing an additional 115 shares during the last quarter. Nilsine Partners LLC raised its stake in shares of Tapestry by 6.4% in the 2nd quarter. Nilsine Partners LLC now owns 3,955 shares of the luxury accessories retailer's stock valued at $579,000 after acquiring an additional 239 shares during the period. Saudi Central Bank increased its holdings in Tapestry by 87.6% in the second quarter. Saudi Central Bank now owns 14,172 shares of the luxury accessories retailer's stock valued at $2,074,000 after buying an additional 6,618 shares during the last quarter. AlphaGrep UK Ltd acquired a new stake in Tapestry in the second quarter worth about $260,000. Finally, Raiffeisen Bank International AG boosted its stake in Tapestry by 13,153.1% in the 2nd quarter. Raiffeisen Bank International AG now owns 23,193 shares of the luxury accessories retailer's stock worth $3,399,000 after purchasing an additional 23,018 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on TPR. Sanford C. Bernstein reaffirmed a "market perform" rating and issued a $185.00 target price (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Wall Street Zen downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a report on Sunday, August 16th. Weiss Ratings upgraded Tapestry from a "hold (c)" rating to a "buy (b-)" rating in a report on Friday, August 14th. Telsey Advisory Group raised their price objective on shares of Tapestry from $160.00 to $175.00 and gave the company an "outperform" rating in a research report on Thursday, August 6th. Finally, BTIG Research reduced their price target on shares of Tapestry from $180.00 to $175.00 and set a "buy" rating for the company in a report on Friday, August 14th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $175.12.

Insider Transactions at Tapestry

In related news, insider Denise Kulikowsky sold 5,810 shares of the business's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $115.38, for a total value of $670,357.80. Following the completion of the sale, the insider owned 21,136 shares of the company's stock, valued at approximately $2,438,671.68. The trade was a 21.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares in the company, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.32% of the company's stock.

Tapestry Stock Performance

TPR stock traded down $0.42 during midday trading on Tuesday, hitting $117.49. 1,173,832 shares of the company traded hands, compared to its average volume of 2,539,641. The business has a 50 day simple moving average of $137.39 and a 200-day simple moving average of $141.77. The stock has a market capitalization of $23.43 billion, a price-to-earnings ratio of 16.12, a price-to-earnings-growth ratio of 1.50 and a beta of 1.42. Tapestry, Inc. has a twelve month low of $93.00 and a twelve month high of $164.80. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.28 by $0.04. The firm had revenue of $1.88 billion during the quarter, compared to analysts' expectations of $1.87 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The company's revenue was up 8.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, equities research analysts predict that Tapestry, Inc. will post 7.94 earnings per share for the current year.

Tapestry Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Investors of record on Friday, September 4th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Tapestry's previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a yield of 1.6%. Tapestry's payout ratio is currently 25.38%.

About Tapestry

Tapestry, Inc is a global house of modern luxury accessories and lifestyle brands. Its portfolio includes Coach, known for handbags, leather goods, footwear, apparel, jewelry, watches, and fragrance; Kate Spade New York, which offers handbags, accessories, apparel, footwear, jewelry, home products, and fragrance; and Stuart Weitzman, a designer of women's luxury footwear.

The company sells its products through directly operated stores, e-commerce platforms, wholesale partners, and specialty retailers.

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