Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 567 Shares of Tapestry, Inc. (NYSE:TPR)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS cut its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 1.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Apollon Wealth Management LLC bought a new stake in shares of Tapestry during the fourth quarter worth about $328,000. Charles Schwab Investment Management Inc. boosted its holdings in Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after purchasing an additional 382,856 shares during the last quarter. Decker Retirement Planning Inc. purchased a new position in Tapestry during the fourth quarter worth about $3,437,000. Westfield Capital Management Co. LP boosted its holdings in Tapestry by 14.8% during the third 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. Finally, Principal Financial Group Inc. boosted its holdings in Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after purchasing an additional 39,298 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

TPR has been the topic of several analyst reports. Guggenheim boosted their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Morgan Stanley restated an “equal weight” rating and set a $65.00 price target on shares of Tapestry in a report on Tuesday, January 21st. UBS Group boosted their price target on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. JPMorgan Chase & Co. boosted their target price on shares of Tapestry from $88.00 to $104.00 and gave the company an “overweight” rating in a research note on Wednesday, February 12th. Finally, Raymond James reiterated an “outperform” rating and issued a $88.00 target price (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Six research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $78.53.

Insider Buying and Selling

In other news, General Counsel David E. Howard sold 11,917 shares of the stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. This represents a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 21,107 shares of the stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the completion of the transaction, the chief executive officer now directly owns 176,985 shares in the company, valued at $14,866,740. The trade was a 10.66 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,537 shares of company stock valued at $5,730,589. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

Shares of TPR stock opened at $72.99 on Monday. The stock has a market capitalization of $15.11 billion, a P/E ratio of 21.16, a PEG ratio of 2.01 and a beta of 1.57. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The firm’s 50 day moving average is $77.17 and its 200 day moving average is $61.96. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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 posted $1.63 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Dividend Announcement

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

Tapestry Company 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.