Kentucky Retirement Systems Sells 918 Shares of Tapestry, Inc. (NYSE:TPR)

Kentucky Retirement Systems lessened its position in shares of Tapestry, Inc. (NYSE:TPR) by 5.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 17,419 shares of the luxury accessories retailer’s stock after selling 918 shares during the period. Kentucky Retirement Systems’ holdings in Tapestry were worth $827,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Raymond James Financial Services Advisors Inc. increased its position in shares of Tapestry by 9.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock valued at $10,527,000 after acquiring an additional 23,532 shares during the last quarter. Ritholtz Wealth Management boosted its holdings in shares of Tapestry by 37.6% during the fourth quarter. Ritholtz Wealth Management now owns 12,223 shares of the luxury accessories retailer’s stock worth $450,000 after acquiring an additional 3,337 shares during the period. Secure Asset Management LLC boosted its holdings in shares of Tapestry by 3.2% during the fourth quarter. Secure Asset Management LLC now owns 29,201 shares of the luxury accessories retailer’s stock worth $1,075,000 after acquiring an additional 902 shares during the period. Dumont & Blake Investment Advisors LLC bought a new stake in shares of Tapestry during the fourth quarter worth approximately $626,000. Finally, Camelot Portfolios LLC acquired a new stake in shares of Tapestry in the fourth quarter valued at approximately $941,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Down 0.3 %

Shares of TPR stock traded down $0.11 on Monday, reaching $40.71. 791,050 shares of the company were exchanged, compared to its average volume of 3,318,804. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 10.80, a PEG ratio of 0.83 and a beta of 1.59. The company has a 50-day moving average of $42.02 and a 200-day moving average of $42.48. The company has a debt-to-equity ratio of 2.77, a current ratio of 6.59 and a quick ratio of 5.98. Tapestry, Inc. has a one year low of $25.99 and a one year high of $48.80.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, May 9th. The luxury accessories retailer reported $0.81 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.14. The company had revenue of $1.48 billion for the quarter, compared to analysts’ expectations of $1.50 billion. Tapestry had a net margin of 13.15% and a return on equity of 39.78%. The business’s revenue was down 2.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.78 EPS. Analysts anticipate that Tapestry, Inc. will post 4.24 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, June 7th were issued a $0.35 dividend. The ex-dividend date of this dividend was Friday, June 7th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 3.44%. Tapestry’s dividend payout ratio is presently 37.04%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 2,500 shares of the company’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $42.23, for a total value of $105,575.00. Following the sale, the vice president now owns 37,173 shares in the company, valued at approximately $1,569,815.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.93% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TPR. Bernstein Bank lifted their price target on shares of Tapestry from $46.00 to $48.00 in a research report on Thursday, May 9th. Robert W. Baird dropped their price target on shares of Tapestry from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, May 10th. Argus restated a “buy” rating and set a $52.00 price objective on shares of Tapestry in a research report on Tuesday, June 18th. JPMorgan Chase & Co. lowered their price objective on shares of Tapestry from $56.00 to $54.00 and set an “overweight” rating for the company in a research report on Friday, May 10th. Finally, Wells Fargo & Company lowered their price objective on shares of Tapestry from $55.00 to $52.00 and set an “overweight” rating for the company in a research report on Wednesday, July 24th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $48.06.

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.