Retirement Systems of Alabama Sells 725 Shares of Tapestry, Inc. (NYSE:TPR)

Retirement Systems of Alabama lowered its holdings in Tapestry, Inc. (NYSE:TPR) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 50,455 shares of the luxury accessories retailer’s stock after selling 725 shares during the quarter. Retirement Systems of Alabama’s holdings in Tapestry were worth $3,296,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new stake in Tapestry in the third quarter valued at about $25,000. Brooklyn Investment Group acquired a new position in Tapestry in the third quarter valued at about $47,000. Deseret Mutual Benefit Administrators boosted its position in Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after buying an additional 605 shares in the last quarter. Transamerica Financial Advisors Inc. boosted its position in Tapestry by 159,100.0% in the third quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after buying an additional 1,591 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in Tapestry by 72.9% in the fourth quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock valued at $77,000 after buying an additional 496 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

Shares of NYSE:TPR opened at $81.35 on Wednesday. The company’s 50-day moving average is $68.71 and its 200 day moving average is $54.02. The company has a debt-to-equity ratio of 1.78, a quick ratio of 4.38 and a current ratio of 1.58. The company has a market capitalization of $18.96 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 2.30 and a beta of 1.58. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $87.87.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, beating the consensus estimate 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 in the prior year, the firm earned $1.63 EPS. On average, equities research analysts forecast that Tapestry, Inc. will post 4.7 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.72%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is 40.58%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.18% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TPR. Evercore ISI upped their target price on shares of Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Friday, February 7th. Citigroup upped their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. The Goldman Sachs Group upped their target price on shares of Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Finally, BMO Capital Markets increased their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. Five 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, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $73.17.

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.