Texas Permanent School Fund Cuts Holdings in Tapestry, Inc. (NYSE:TPR)

Texas Permanent School Fund trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPRGet Rating) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,259 shares of the luxury accessories retailer’s stock after selling 983 shares during the period. Texas Permanent School Fund’s holdings in Tapestry were worth $1,015,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of TPR. Brown Brothers Harriman & Co. increased its stake in Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after purchasing an additional 511 shares in the last quarter. Capital Analysts LLC purchased a new position in Tapestry in the 1st quarter valued at approximately $28,000. AllSquare Wealth Management LLC purchased a new position in Tapestry in the 1st quarter valued at approximately $39,000. CVA Family Office LLC increased its stake in Tapestry by 1,606.7% in the 2nd quarter. CVA Family Office LLC now owns 1,280 shares of the luxury accessories retailer’s stock valued at $39,000 after purchasing an additional 1,205 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its stake in Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after purchasing an additional 994 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 5,602 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $36.85, for a total value of $206,433.70. Following the transaction, the vice president now directly owns 35,686 shares of the company’s stock, valued at $1,315,029.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Tapestry news, VP Manesh Dadlani sold 5,602 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $36.85, for a total value of $206,433.70. Following the transaction, the vice president now directly owns 35,686 shares of the company’s stock, valued at $1,315,029.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Thomas A. Glaser sold 39,503 shares of the firm’s stock in a transaction dated Monday, August 22nd. The shares were sold at an average price of $35.38, for a total value of $1,397,616.14. Following the completion of the transaction, the insider now directly owns 243,321 shares in the company, valued at $8,608,696.98. The disclosure for this sale can be found here. Insiders have sold 47,110 shares of company stock valued at $1,677,854 over the last three months. 0.81% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts have weighed in on TPR shares. Cowen raised their price target on Tapestry from $40.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, August 19th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Friday, November 11th. Morgan Stanley raised their price objective on Tapestry from $35.00 to $36.00 and gave the stock an “equal weight” rating in a report on Thursday. Cowen raised their price objective on Tapestry from $40.00 to $46.00 and gave the stock an “outperform” rating in a report on Friday, August 19th. Finally, Barclays decreased their price objective on Tapestry to $38.00 in a report on Wednesday. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average target price of $44.14.

Tapestry Price Performance

Shares of Tapestry stock opened at $34.99 on Friday. Tapestry, Inc. has a twelve month low of $26.39 and a twelve month high of $47.05. The stock has a market capitalization of $8.43 billion, a P/E ratio of 11.11, a PEG ratio of 0.77 and a beta of 1.36. The company has a current ratio of 1.82, a quick ratio of 0.95 and a debt-to-equity ratio of 0.73. The business’s fifty day moving average price is $31.81 and its 200 day moving average price is $32.67.

Tapestry (NYSE:TPRGet Rating) last released its quarterly earnings data on Thursday, August 18th. The luxury accessories retailer reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. Tapestry had a return on equity of 35.86% and a net margin of 12.29%. The company had revenue of $1.62 billion for the quarter, compared to analyst estimates of $1.64 billion. During the same period last year, the company posted $0.74 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. As a group, research analysts anticipate that Tapestry, Inc. will post 3.63 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 27th. Shareholders of record on Friday, December 9th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.43%. The ex-dividend date of this dividend is Thursday, December 8th. Tapestry’s dividend payout ratio (DPR) is presently 38.10%.

Tapestry Profile

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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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.

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Institutional Ownership by Quarter for Tapestry (NYSE:TPR)

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