New York State Teachers Retirement System Cuts Stake in Tapestry, Inc. (NYSE:TPR)

New York State Teachers Retirement System lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 2.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 225,713 shares of the luxury accessories retailer’s stock after selling 6,415 shares during the quarter. New York State Teachers Retirement System’s holdings in Tapestry were worth $14,746,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in TPR. Charles Schwab Investment Management Inc. increased its holdings in shares of Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after buying an additional 272,007 shares during the period. Pacer Advisors Inc. grew its position in Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after acquiring an additional 58,135 shares during the last quarter. Geode Capital Management LLC increased its stake in Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after purchasing an additional 80,681 shares during the period. Westfield Capital Management Co. LP lifted its position in Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after purchasing an additional 219,544 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Tapestry by 8.9% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock valued at $66,459,000 after purchasing an additional 115,340 shares during the period. 90.77% of the stock is owned by institutional investors.

Tapestry Stock Performance

Shares of Tapestry stock opened at $87.68 on Tuesday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $88.07. The firm has a market capitalization of $20.43 billion, a P/E ratio of 25.41, a P/E/G ratio of 2.30 and a beta of 1.58. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78. The business has a fifty day simple moving average of $70.61 and a two-hundred day simple moving average of $55.34.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the company posted $1.63 earnings per share. On average, equities analysts forecast that Tapestry, Inc. will post 4.7 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be paid a $0.35 dividend. The ex-dividend date is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.60%. Tapestry’s payout ratio is currently 40.58%.

Wall Street Analyst Weigh In

Several brokerages recently commented on TPR. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Saturday. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Barclays increased their target price on shares of Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Evercore ISI boosted their price target on Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a report on Monday, January 27th. Finally, Raymond James reiterated an “outperform” rating and issued a $88.00 price objective (up previously from $79.00) on shares of Tapestry in a report on Friday, February 7th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.78.

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.