New York State Common Retirement Fund Lowers Stake in Tapestry, Inc. (NYSE:TPR)

New York State Common Retirement Fund lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 9.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 672,532 shares of the luxury accessories retailer’s stock after selling 69,300 shares during the period. New York State Common Retirement Fund owned about 0.29% of Tapestry worth $31,596,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of TPR. Capital Research Global Investors lifted its position in shares of Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after buying an additional 489,933 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after buying an additional 2,087,586 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after buying an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Tapestry by 1.7% during the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock valued at $116,928,000 after acquiring an additional 46,760 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after acquiring an additional 1,051,743 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TPR shares. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Bank of America raised 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. TD Cowen cut Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Tuesday, October 29th. JPMorgan Chase & Co. upped their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Finally, Telsey Advisory Group reiterated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.75.

Tapestry Stock Down 1.0 %

Shares of NYSE TPR opened at $46.97 on Friday. The company has a quick ratio of 4.66, a current ratio of 5.14 and a debt-to-equity ratio of 2.39. The business’s 50 day moving average is $44.31 and its two-hundred day moving average is $42.13. Tapestry, Inc. has a 52-week low of $26.95 and a 52-week high of $51.96. The firm has a market cap of $10.93 billion, a price-to-earnings ratio of 13.38, a PEG ratio of 1.80 and a beta of 1.53.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $1.59 billion for the quarter, compared to analyst estimates of $1.58 billion. Tapestry had a return on equity of 37.22% and a net margin of 12.23%. Tapestry’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.95 EPS. Research analysts predict that Tapestry, Inc. will post 4.46 EPS for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Friday, September 6th. Tapestry’s dividend payout ratio is currently 39.89%.

Tapestry Company 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.