Arizona State Retirement System Purchases 1,394 Shares of Tapestry, Inc. (NYSE:TPR)

Arizona State Retirement System grew its position in shares of Tapestry, Inc. (NYSE:TPR) by 2.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,556 shares of the luxury accessories retailer’s stock after acquiring an additional 1,394 shares during the quarter. Arizona State Retirement System’s holdings in Tapestry were worth $4,413,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of TPR. Erste Asset Management GmbH bought a new stake in Tapestry during the third quarter worth $64,016,000. WT Asset Management Ltd bought a new stake in Tapestry during the fourth quarter worth $42,762,000. Bank of Montreal Can grew its holdings 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 worth $59,641,000 after buying an additional 539,793 shares in the last quarter. Charles Schwab Investment Management Inc. grew 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 buying an additional 382,856 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its holdings in Tapestry by 16.4% during the fourth quarter. Allianz Asset Management GmbH now owns 2,121,469 shares of the luxury accessories retailer’s stock worth $138,596,000 after buying an additional 298,409 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

NYSE:TPR opened at $75.00 on Friday. The business’s 50-day moving average price is $76.22 and its two-hundred day moving average price is $59.67. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $90.85. The stock has a market cap of $15.53 billion, a P/E ratio of 21.74, a PEG ratio of 2.01 and a beta of 1.57. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last released its quarterly earnings results 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 previous year, the company posted $1.63 EPS. As a group, equities analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 24th. Stockholders of record on Thursday, March 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.87%. Tapestry’s dividend payout ratio (DPR) is presently 40.58%.

Insider Activity

In other news, CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $87.59, for a total transaction of $681,975.74. Following the transaction, the chief executive officer now directly owns 201,531 shares in the company, valued at approximately $17,652,100.29. This represents a 3.72 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, 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 value of $1,048,696.00. Following the transaction, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,537 shares of company stock worth $5,730,589. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. BMO Capital Markets upped their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research note on Tuesday, February 18th. Jefferies Financial Group upped their price objective on Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday, January 28th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research note on Tuesday, February 25th. Finally, The Goldman Sachs Group upped their price objective on Tapestry from $72.00 to $98.00 and gave the company a “buy” rating in a research note on Friday, February 7th. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

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.