Retirement Systems of Alabama Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

Retirement Systems of Alabama reduced its stake in Tapestry, Inc. (NYSE:TPR) by 1.4% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 50,455 shares of the luxury accessories retailer’s stock after selling 725 shares during the period. Retirement Systems of Alabama’s holdings in Tapestry were worth $3,296,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in shares of Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Tapestry during the 3rd quarter worth $5,446,000. Valley Wealth Managers Inc. raised its position in shares of Tapestry by 2.1% during the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after purchasing an additional 8,833 shares during the period. Decker Retirement Planning Inc. bought a new stake in shares of Tapestry in the 4th quarter worth about $3,437,000. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Tapestry by 14.8% in 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 buying an additional 219,544 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently commented on TPR shares. Bank of America lifted their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Daiwa America raised shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Raymond James reaffirmed an “outperform” rating and set a $88.00 price target (up from $79.00) on shares of Tapestry in a research note on Friday, February 7th. Robert W. Baird boosted their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Finally, UBS Group boosted their price objective 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. Five analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $73.17.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

Tapestry stock opened at $81.35 on Wednesday. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $87.87. The company has a current ratio of 1.58, a quick ratio of 4.38 and a debt-to-equity ratio of 1.78. The stock has a market cap 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. The stock has a 50 day moving average of $68.71 and a 200-day moving average of $54.02.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 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 period in the prior year, the firm earned $1.63 earnings per share. On average, analysts expect that Tapestry, Inc. will post 4.7 EPS for the current fiscal 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 paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.72%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is currently 40.58%.

About Tapestry

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.