Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Stake in Tapestry, Inc. (NYSE:TPR)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS decreased its holdings in Tapestry, Inc. (NYSE:TPR) by 1.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 49,550 shares of the luxury accessories retailer’s stock after selling 567 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Tapestry were worth $3,237,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 valued at $522,471,000 after purchasing an additional 382,856 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 valued at $262,156,000 after purchasing an additional 80,681 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Tapestry by 16.4% in the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock valued at $138,596,000 after purchasing an additional 298,409 shares in the last quarter. Westfield Capital Management Co. LP boosted its stake in shares of Tapestry by 14.8% in the 3rd 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 in 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% in the 3rd 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 in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Tapestry

In other Tapestry news, General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction dated 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 completion of the sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This trade represents a 23.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total transaction of $2,226,929.12. Following the completion of the sale, the chief financial officer now owns 146,587 shares of the company’s stock, valued at $12,688,570.72. This represents a 14.93 % 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 worth $5,730,589. 1.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group increased their price target on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Jefferies Financial Group increased their price target on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, January 28th. Wells Fargo & Company increased 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. Barclays increased their price target on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Finally, Redburn Atlantic raised shares of Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Tuesday, February 18th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Stock Up 0.1 %

Shares of Tapestry stock opened at $72.99 on Monday. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05. The company has a 50-day moving average of $77.17 and a 200 day moving average of $61.96. The firm has a market cap of $15.11 billion, a price-to-earnings ratio of 21.16, a PEG ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $90.85.

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, topping the consensus estimate 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 period last year, the business posted $1.63 earnings per share. As a group, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. Tapestry’s dividend payout ratio is currently 40.58%.

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.