Teacher Retirement System of Texas Sells 19,996 Shares of Tapestry, Inc. (NYSE:TPR)

Teacher Retirement System of Texas lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 20.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 79,417 shares of the luxury accessories retailer’s stock after selling 19,996 shares during the period. Teacher Retirement System of Texas’ holdings in Tapestry were worth $5,188,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of TPR. Harvest Fund Management Co. Ltd acquired a new stake in shares of Tapestry in the fourth quarter valued at about $1,246,000. Thrivent Financial for Lutherans boosted its holdings in Tapestry by 18.9% in the fourth quarter. Thrivent Financial for Lutherans now owns 175,307 shares of the luxury accessories retailer’s stock valued at $11,453,000 after acquiring an additional 27,886 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in Tapestry during the 4th quarter valued at approximately $477,000. Cibc World Markets Corp raised its holdings in Tapestry by 46.8% during the 4th quarter. Cibc World Markets Corp now owns 26,222 shares of the luxury accessories retailer’s stock worth $1,713,000 after purchasing an additional 8,360 shares during the last quarter. Finally, Corient Private Wealth LLC lifted its position in shares of Tapestry by 43.3% in the 4th quarter. Corient Private Wealth LLC now owns 38,893 shares of the luxury accessories retailer’s stock worth $2,541,000 after purchasing an additional 11,754 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Price Performance

TPR stock opened at $72.99 on Monday. 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 business has a 50-day simple moving average of $77.17 and a two-hundred day simple moving average of $61.96. The company has a market capitalization of $15.11 billion, a P/E ratio of 21.16, a price-to-earnings-growth ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating the consensus estimate 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 quarter in the previous year, the business earned $1.63 EPS. Research analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Raymond James reissued an “outperform” rating and issued a $88.00 price objective (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price on the stock in a research report on Tuesday, February 18th. Barclays lifted their target price on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. Finally, Evercore ISI increased their price target on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $78.53.

Insider Activity at Tapestry

In other news, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction 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 sale, the chief financial officer now directly owns 146,587 shares in the company, valued at $12,688,570.72. The trade was a 14.93 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of the stock in a transaction dated Tuesday, February 25th. The shares were sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 over the last ninety days. Corporate insiders own 1.18% of the company’s stock.

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.