Teachers Retirement System of The State of Kentucky Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Teachers Retirement System of The State of Kentucky reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 19.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 386,399 shares of the luxury accessories retailer's stock after selling 94,031 shares during the period. Teachers Retirement System of The State of Kentucky owned 0.19% of Tapestry worth $27,206,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Coppell Advisory Solutions LLC raised its holdings in shares of Tapestry by 40.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the period. Private Trust Co. NA increased its position in Tapestry by 27.2% in the 1st quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after buying an additional 153 shares in the last quarter. Mather Group LLC. raised its stake in Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after buying an additional 165 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in Tapestry by 25.2% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 963 shares of the luxury accessories retailer's stock worth $68,000 after acquiring an additional 194 shares in the last quarter. Finally, Apollon Wealth Management LLC boosted its holdings in Tapestry by 4.2% in the first quarter. Apollon Wealth Management LLC now owns 5,229 shares of the luxury accessories retailer's stock worth $368,000 after acquiring an additional 211 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. Argus upped their target price on Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a research report on Tuesday, June 17th. UBS Group upped their price objective on shares of Tapestry from $68.00 to $73.00 and gave the stock a "neutral" rating in a report on Friday, May 9th. Barclays reaffirmed an "overweight" rating and issued a $105.00 price objective (up from $98.00) on shares of Tapestry in a research note on Friday, July 11th. Raymond James Financial reissued an "outperform" rating and set a $85.00 target price (up from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Finally, Morgan Stanley raised shares of Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 price target on the stock in a research report on Thursday, May 8th. Three research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $89.17.

Tapestry Stock Performance

TPR stock traded up $1.25 during midday trading on Friday, hitting $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 stock has a market cap of $21.48 billion, a price-to-earnings ratio of 27.21, a PEG ratio of 2.14 and a beta of 1.47. 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 stock's 50-day moving average price is $85.74 and its 200 day moving average price is $77.47. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $104.23.

Tapestry (NYSE:TPR - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share 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 during the quarter, compared to analyst estimates of $1.53 billion. During the same quarter in the prior year, the business earned $0.81 earnings per share. The firm's revenue for the quarter was up 6.9% on a year-over-year basis. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company 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. The ex-dividend date of this dividend was Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.35%. Tapestry's payout ratio is 36.84%.

Insider Activity at Tapestry

In other news, CEO Todd Kahn sold 40,000 shares of the stock in a transaction on 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 in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of the business's stock in a transaction dated 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 owned 40,922 shares in the company, valued at $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. 1.18% of the stock is currently owned by corporate insiders.

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.