State of Alaska Department of Revenue trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 1.2% in the third quarter, Holdings Channel.com reports. The firm owned 42,795 shares of the luxury accessories retailer’s stock after selling 501 shares during the quarter. State of Alaska Department of Revenue’s holdings in Tapestry were worth $1,584,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of the company. KB Financial Partners LLC acquired a new position in Tapestry in the first quarter worth approximately $36,000. JTC Employer Solutions Trusteee Ltd acquired a new position in Tapestry in the second quarter worth approximately $39,000. Patriot Financial Group Insurance Agency LLC acquired a new position in Tapestry during the second quarter valued at approximately $57,000. BDO Wealth Advisors LLC grew its holdings in Tapestry by 40.1% during the second quarter. BDO Wealth Advisors LLC now owns 1,401 shares of the luxury accessories retailer’s stock valued at $61,000 after purchasing an additional 401 shares during the last quarter. Finally, Dark Forest Capital Management LP acquired a new position in Tapestry during the second quarter valued at approximately $86,000. 88.31% of the stock is owned by institutional investors and hedge funds.
In other news, CEO Todd Kahn sold 10,523 shares of the business’s stock in a transaction dated Thursday, November 18th. The stock was sold at an average price of $46.00, for a total transaction of $484,058.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Manesh Dadlani sold 2,168 shares of the business’s stock in a transaction dated Thursday, November 18th. The stock was sold at an average price of $45.81, for a total value of $99,316.08. The disclosure for this sale can be found here. 1.40% of the stock is owned by company insiders.
Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, November 11th. The luxury accessories retailer reported $0.82 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.12. Tapestry had a return on equity of 29.73% and a net margin of 13.70%. During the same period last year, the business earned $0.58 earnings per share. On average, analysts anticipate that Tapestry, Inc. will post 3.5 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 27th. Investors of record on Friday, December 3rd will be given a $0.25 dividend. The ex-dividend date is Thursday, December 2nd. This represents a $1.00 dividend on an annualized basis and a yield of 2.27%. Tapestry’s payout ratio is 34.25%.
Several brokerages have commented on TPR. Zacks Investment Research downgraded Tapestry from a “buy” rating to a “hold” rating and set a $41.00 price target on the stock. in a report on Monday, October 25th. BTIG Research lowered their price target on Tapestry from $67.00 to $61.00 and set a “buy” rating on the stock in a report on Monday, November 1st. UBS Group increased their price target on Tapestry from $47.00 to $54.00 and gave the company a “neutral” rating in a report on Friday, November 12th. Robert W. Baird increased their price target on Tapestry from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Friday, November 12th. Finally, MKM Partners increased their price objective on Tapestry from $47.00 to $51.00 and gave the company a “neutral” rating in a research report on Friday, November 12th. Eight equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $47.50.
Tapestry, Inc engages in the provision of luxury accessories and lifestyle brands. It operates through the following segments: Coach, Kate Spade and Stuart Weitzman. The Coach segment consists global sales of coach brand products to customers through coach operated stores, including the internet and concession shop-in-shops, and sales to wholesale customers, and through independent third party distributors.
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