Kentucky Retirement Systems Decreases Stock Position in Tapestry, Inc. (NYSE:TPR)

Kentucky Retirement Systems lessened its position in shares of Tapestry, Inc. (NYSE:TPR) by 1.4% during the fourth quarter, Holdings Channel reports. The institutional investor owned 15,821 shares of the luxury accessories retailer’s stock after selling 217 shares during the quarter. Kentucky Retirement Systems’ holdings in Tapestry were worth $1,034,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in TPR. Erste Asset Management GmbH bought a new stake in Tapestry in the 3rd quarter valued at about $64,016,000. WT Asset Management Ltd bought a new position in Tapestry in the 4th quarter worth about $42,762,000. Bank of Montreal Can grew its stake in Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after acquiring an additional 539,793 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Tapestry by 14.8% in 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 period. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on TPR shares. Guggenheim lifted their price objective on Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Barclays lifted their price target on Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a research report on Friday, February 7th. Morgan Stanley restated an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a research report on Tuesday, January 21st. Jefferies Financial Group raised their target price on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. Finally, 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 research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Tapestry Trading Down 2.2 %

NYSE TPR opened at $84.60 on Monday. The firm has a market cap 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. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The stock has a 50-day moving average of $72.63 and a 200-day moving average of $56.75. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share 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 period in the prior year, the company earned $1.63 earnings per share. As a group, sell-side analysts forecast that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.65%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insiders Place Their Bets

In other news, General Counsel David E. Howard sold 11,917 shares of the 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 represents a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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.