South Dakota Investment Council Cuts Stock Position in Tapestry, Inc. (NYSE:TPR)

South Dakota Investment Council lessened its stake in Tapestry, Inc. (NYSE:TPR) by 30.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 347,057 shares of the luxury accessories retailer’s stock after selling 150,762 shares during the quarter. South Dakota Investment Council owned approximately 0.15% of Tapestry worth $22,673,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. increased its holdings in Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after acquiring an additional 272,007 shares in the last quarter. Pacer Advisors Inc. increased its holdings in Tapestry by 1.0% in 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 in the last quarter. Geode Capital Management LLC increased its holdings 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 acquiring an additional 80,681 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in Tapestry by 16.4% during the 4th quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after purchasing an additional 298,409 shares during the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 2.2 %

Shares of NYSE:TPR opened at $84.60 on Friday. 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 firm has a market capitalization of $17.51 billion, a PE ratio of 24.52, a price-to-earnings-growth ratio of 2.01 and a beta of 1.58. The firm’s 50-day moving average is $72.63 and its two-hundred day moving average is $56.61. 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 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 last year, the firm earned $1.63 EPS. Analysts predict that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared 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 of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.65%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insiders Place Their Bets

In related news, General Counsel David E. Howard sold 11,917 shares of the company’s stock in a transaction that occurred on 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 sale, the general counsel now directly owns 38,609 shares in the company, valued at approximately $3,397,592. This represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.18% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have issued reports on TPR shares. Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 12th. Jefferies Financial Group lifted their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Guggenheim lifted their target price on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. Finally, UBS Group boosted their price target on shares of Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research report on Friday, February 7th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $78.53.

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.