Teachers Retirement System of The State of Kentucky Sells 83,210 Shares of Tapestry, Inc. (NYSE:TPR)

Teachers Retirement System of The State of Kentucky lowered its position in Tapestry, Inc. (NYSE:TPR) by 19.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 341,316 shares of the luxury accessories retailer’s stock after selling 83,210 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Tapestry were worth $12,564,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in TPR. EverSource Wealth Advisors LLC increased its position in Tapestry by 3,778.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,241 shares of the luxury accessories retailer’s stock valued at $46,000 after buying an additional 1,209 shares in the last quarter. Quadrant Capital Group LLC increased its position in Tapestry by 130.1% during the 4th quarter. Quadrant Capital Group LLC now owns 1,500 shares of the luxury accessories retailer’s stock valued at $55,000 after buying an additional 848 shares in the last quarter. First Horizon Advisors Inc. increased its position in Tapestry by 334.7% during the 4th quarter. First Horizon Advisors Inc. now owns 1,504 shares of the luxury accessories retailer’s stock valued at $55,000 after buying an additional 1,158 shares in the last quarter. Principal Securities Inc. bought a new position in Tapestry during the 4th quarter valued at approximately $57,000. Finally, Allworth Financial LP increased its position in Tapestry by 62.0% during the 4th quarter. Allworth Financial LP now owns 1,620 shares of the luxury accessories retailer’s stock valued at $60,000 after buying an additional 620 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of TPR stock traded down $0.55 on Friday, reaching $41.81. The stock had a trading volume of 1,600,261 shares, compared to its average volume of 2,251,790. The stock has a market cap of $9.61 billion, a P/E ratio of 11.06, a price-to-earnings-growth ratio of 0.91 and a beta of 1.60. The company has a debt-to-equity ratio of 2.77, a quick ratio of 5.98 and a current ratio of 6.59. The company has a 50 day simple moving average of $41.46 and a 200 day simple moving average of $41.17. Tapestry, Inc. has a 1 year low of $25.99 and a 1 year high of $48.80.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.14. The company had revenue of $1.48 billion for the quarter, compared to the consensus estimate of $1.50 billion. Tapestry had a return on equity of 39.78% and a net margin of 13.15%. Tapestry’s quarterly revenue was down 2.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.78 earnings per share. Equities research analysts expect that Tapestry, Inc. will post 4.22 EPS for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, June 7th. This represents a $1.40 annualized dividend and a yield of 3.35%. Tapestry’s dividend payout ratio (DPR) is presently 37.04%.

Analyst Upgrades and Downgrades

TPR has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a report on Friday, May 10th. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a report on Thursday, May 9th. StockNews.com raised Tapestry from a “hold” rating to a “buy” rating in a report on Thursday, May 23rd. Bernstein Bank lifted their target price on Tapestry from $46.00 to $48.00 in a report on Thursday, May 9th. Finally, OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $48.31.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $42.23, for a total transaction of $105,575.00. Following the sale, the vice president now directly owns 37,173 shares of the company’s stock, valued at $1,569,815.79. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.93% of the stock is owned by company insiders.

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.