State of Tennessee Department of Treasury Acquires 69,087 Shares of Tapestry, Inc. (NYSE:TPR)

State of Tennessee Department of Treasury lifted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 108.8% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 132,557 shares of the luxury accessories retailer's stock after purchasing an additional 69,087 shares during the quarter. State of Tennessee Department of Treasury owned about 0.06% of Tapestry worth $8,660,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of TPR. Apollon Wealth Management LLC bought a new stake in shares of Tapestry in the 4th quarter worth approximately $328,000. Charles Schwab Investment Management Inc. lifted its stake in Tapestry by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer's stock worth $522,471,000 after acquiring an additional 382,856 shares in the last quarter. Decker Retirement Planning Inc. purchased a new position in Tapestry during the 4th quarter valued at about $3,437,000. Principal Financial Group Inc. boosted its holdings in shares of Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock worth $20,195,000 after purchasing an additional 39,298 shares during the period. Finally, Pzena Investment Management LLC purchased a new position in shares of Tapestry during the 4th quarter valued at $18,737,000. Institutional investors and hedge funds own 90.77% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on TPR. Guggenheim increased their price objective on Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a report on Friday, February 7th. Wells Fargo & Company lifted their price target on shares of Tapestry from $75.00 to $90.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Robert W. Baird upped their price objective on shares of Tapestry from $93.00 to $100.00 and gave the stock an "outperform" rating in a report on Thursday, February 20th. Redburn Atlantic raised Tapestry from a "neutral" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. Finally, StockNews.com cut Tapestry from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $78.26.

Insiders Place Their Bets

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares of the company's stock, valued at $3,397,592. This trade represents a 23.59 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Todd Kahn sold 7,786 shares of the company's stock in a transaction that occurred on Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the sale, the chief executive officer now owns 201,531 shares in the company, valued at $17,652,100.29. The trade was a 3.72 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company's stock.

Tapestry Price Performance

Shares of TPR traded up $0.24 during trading hours on Tuesday, reaching $69.50. The stock had a trading volume of 729,099 shares, compared to its average volume of 4,159,765. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The company has a debt-to-equity ratio of 1.78, a quick ratio of 1.05 and a current ratio of 1.58. The stock has a market capitalization of $14.39 billion, a PE ratio of 20.16, a PEG ratio of 2.01 and a beta of 1.37. The company's 50-day moving average is $71.75 and its two-hundred day moving average is $66.31.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period in the previous year, the firm earned $1.63 earnings per share. Research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 24th. Shareholders of record on Thursday, March 6th were paid a dividend of $0.35 per share. The ex-dividend date was Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.01%. Tapestry's dividend payout ratio (DPR) is currently 40.58%.

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.