California Public Employees Retirement System Cuts Stock Position in Tapestry, Inc. (NYSE:TPR)

California Public Employees Retirement System cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 428,441 shares of the luxury accessories retailer's stock after selling 30,302 shares during the period. California Public Employees Retirement System owned 0.19% of Tapestry worth $15,771,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Tapestry by 0.6% in the third quarter. Vanguard Group Inc. now owns 31,554,418 shares of the luxury accessories retailer's stock valued at $907,190,000 after buying an additional 173,111 shares during the period. FMR LLC grew its holdings in Tapestry by 2.0% during the third quarter. FMR LLC now owns 14,018,492 shares of the luxury accessories retailer's stock valued at $403,032,000 after purchasing an additional 280,959 shares during the period. Victory Capital Management Inc. increased its stake in Tapestry by 4.7% in the third quarter. Victory Capital Management Inc. now owns 6,823,763 shares of the luxury accessories retailer's stock valued at $196,183,000 after purchasing an additional 305,658 shares in the last quarter. Ninety One UK Ltd raised its holdings in Tapestry by 12.7% in the fourth quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer's stock worth $195,877,000 after purchasing an additional 597,715 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of Tapestry by 28.2% during the third quarter. Ameriprise Financial Inc. now owns 5,249,047 shares of the luxury accessories retailer's stock worth $150,916,000 after purchasing an additional 1,154,808 shares in the last quarter. Institutional investors own 90.77% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on TPR. StockNews.com upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Thursday, April 18th. Telsey Advisory Group reissued an "outperform" rating and set a $54.00 target price on shares of Tapestry in a research note on Wednesday, March 27th. OTR Global reaffirmed a "mixed" rating on shares of Tapestry in a research note on Wednesday, April 17th. Evercore ISI raised shares of Tapestry from an "in-line" rating to an "outperform" rating and increased their price objective for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Finally, Jefferies Financial Group lowered shares of Tapestry from a "buy" rating to a "hold" rating and set a $50.00 price objective on the stock. in a report on Thursday, February 29th. Six research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $47.81.

Tapestry Stock Down 2.6 %

Shares of NYSE:TPR traded down $1.06 during midday trading on Tuesday, hitting $39.92. The stock had a trading volume of 5,028,254 shares, compared to its average volume of 3,826,924. Tapestry, Inc. has a 12 month low of $25.99 and a 12 month high of $48.80. The company has a market cap of $9.16 billion, a P/E ratio of 10.08, a PEG ratio of 0.82 and a beta of 1.57. The business's 50-day simple moving average is $44.94 and its 200-day simple moving average is $38.16. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR - Get Free Report) last released its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $2.08 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the prior year, the company earned $1.36 earnings per share. The business's revenue for the quarter was up 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were issued a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.51%. Tapestry's dividend payout ratio is currently 35.35%.

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.