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

Arizona State Retirement System increased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.1% during the 4th quarter, Holdings Channel.com reports. The fund owned 67,556 shares of the luxury accessories retailer’s stock after purchasing an additional 1,394 shares during the quarter. Arizona State Retirement System’s holdings in Tapestry were worth $4,413,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Venturi Wealth Management LLC grew its position in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after acquiring an additional 252 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Tapestry in the 3rd quarter worth approximately $47,000. Transamerica Financial Advisors Inc. lifted its holdings in Tapestry by 159,100.0% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock worth $75,000 after buying an additional 1,591 shares during the period. UMB Bank n.a. lifted its holdings in Tapestry by 72.9% in the 4th quarter. UMB Bank n.a. now owns 1,176 shares of the luxury accessories retailer’s stock worth $77,000 after buying an additional 496 shares during the period. Finally, True Wealth Design LLC purchased a new stake in Tapestry in the 3rd quarter worth approximately $83,000. 90.77% of the stock is currently owned by institutional investors.

Tapestry Stock Down 3.5 %

Shares of NYSE:TPR opened at $75.00 on Friday. The stock has a fifty day simple moving average of $76.22 and a two-hundred day simple moving average of $59.67. The stock has a market capitalization of $15.53 billion, a price-to-earnings ratio of 21.74, a PEG ratio of 2.01 and a beta of 1.57. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 quarter in the previous year, the business earned $1.63 earnings per share. On average, research analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date is Thursday, March 6th. Tapestry’s payout ratio is 40.58%.

Insiders Place Their Bets

In other Tapestry news, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction on Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the completion of the sale, the chief executive officer now owns 176,985 shares of the company’s stock, valued at approximately $14,866,740. This trade represents a 10.66 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Scott A. Roe sold 25,727 shares of Tapestry stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $86.56, for a total value of $2,226,929.12. Following the completion of the sale, the chief financial officer now directly owns 146,587 shares of the company’s stock, valued at approximately $12,688,570.72. The trade was a 14.93 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,537 shares of company stock valued at $5,730,589. Corporate insiders own 1.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Telsey Advisory Group increased their price objective on Tapestry from $74.00 to $83.00 and gave the stock an “outperform” rating in a report on Monday, February 3rd. Barclays increased their price objective on Tapestry from $87.00 to $100.00 and gave the stock an “overweight” rating in a report on Friday, February 7th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. The Goldman Sachs Group increased their price objective on Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a report on Friday, February 7th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research note on Tuesday, January 21st. Six equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target 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.