Arizona State Retirement System Acquires 1,226 Shares of Tapestry, Inc. (NYSE:TPR)

Arizona State Retirement System increased its stake in Tapestry, Inc. (NYSE:TPR) by 1.9% during the 2nd quarter, HoldingsChannel reports. The firm owned 64,212 shares of the luxury accessories retailer’s stock after buying an additional 1,226 shares during the period. Arizona State Retirement System’s holdings in Tapestry were worth $2,748,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of TPR. National Bank of Canada FI lifted its position in Tapestry by 5.9% during the fourth quarter. National Bank of Canada FI now owns 53,178 shares of the luxury accessories retailer’s stock valued at $2,030,000 after purchasing an additional 2,978 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in Tapestry by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,972,221 shares of the luxury accessories retailer’s stock worth $72,597,000 after buying an additional 30,341 shares during the last quarter. Principal Securities Inc. purchased a new position in shares of Tapestry during the 4th quarter worth about $57,000. Teacher Retirement System of Texas boosted its position in shares of Tapestry by 26.4% during the fourth quarter. Teacher Retirement System of Texas now owns 164,134 shares of the luxury accessories retailer’s stock valued at $6,042,000 after buying an additional 34,301 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Tapestry by 4.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,305,257 shares of the luxury accessories retailer’s stock valued at $121,671,000 after acquiring an additional 140,347 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Stock Performance

TPR opened at $41.29 on Tuesday. The stock has a market cap of $9.51 billion, a P/E ratio of 10.92, a P/E/G ratio of 1.50 and a beta of 1.54. The company has a debt-to-equity ratio of 2.39, a current ratio of 5.14 and a quick ratio of 4.66. The firm has a fifty day moving average price of $40.39 and a 200 day moving average price of $42.28. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80.

Tapestry (NYSE:TPR) last issued its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. The company had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period last year, the company earned $0.95 earnings per share. Equities research analysts anticipate that Tapestry, Inc. will post 4.47 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 23rd. Shareholders of record on Friday, September 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, September 6th. This represents a $1.40 annualized dividend and a yield of 3.39%. Tapestry’s dividend payout ratio (DPR) is currently 37.04%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Evercore ISI lowered their price objective on shares of Tapestry from $53.00 to $47.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Argus reaffirmed a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. UBS Group cut their price target on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Tapestry from $54.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 16th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $46.13.

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.