South Dakota Investment Council Sells 6,987 Shares of Tapestry, Inc. (NYSE:TPR)

South Dakota Investment Council lowered its stake in Tapestry, Inc. (NYSE:TPR) by 1.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 537,973 shares of the luxury accessories retailer’s stock after selling 6,987 shares during the period. South Dakota Investment Council’s holdings in Tapestry were worth $19,803,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. GAMMA Investing LLC purchased a new position in Tapestry during the fourth quarter valued at $110,000. New York State Common Retirement Fund boosted its stake in Tapestry by 81.7% during the fourth quarter. New York State Common Retirement Fund now owns 761,859 shares of the luxury accessories retailer’s stock worth $28,044,000 after acquiring an additional 342,621 shares in the last quarter. Ninety One UK Ltd increased its stake in shares of Tapestry by 12.7% during the fourth quarter. Ninety One UK Ltd now owns 5,321,308 shares of the luxury accessories retailer’s stock valued at $195,877,000 after purchasing an additional 597,715 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Tapestry by 23.1% in the 4th quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock worth $97,000 after purchasing an additional 497 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its stake in shares of Tapestry by 12.2% in the 4th quarter. Daiwa Securities Group Inc. now owns 6,141 shares of the luxury accessories retailer’s stock worth $226,000 after buying an additional 670 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of TPR stock traded down $0.87 during trading hours on Tuesday, reaching $39.44. 6,548,047 shares of the company traded hands, compared to its average volume of 3,794,553. The firm has a 50-day moving average price of $45.36 and a 200 day moving average price of $37.82. The company has a market cap of $9.05 billion, a P/E ratio of 9.96, a P/E/G ratio of 0.83 and a beta of 1.57. Tapestry, Inc. has a 12-month low of $25.99 and a 12-month high of $48.80. The company has a debt-to-equity ratio of 2.90, a current ratio of 6.25 and a quick ratio of 5.68.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.46 by $0.17. The business had revenue of $2.08 billion during the quarter, compared to analyst estimates of $2.05 billion. Tapestry had a net margin of 13.80% and a return on equity of 41.75%. The company’s revenue was up 2.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.36 earnings per share. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.25 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were given a $0.35 dividend. The ex-dividend date was Thursday, March 7th. This represents a $1.40 annualized dividend and a dividend yield of 3.55%. Tapestry’s payout ratio is 35.35%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on TPR shares. Wells Fargo & Company upped their target price on shares of Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, February 2nd. Telsey Advisory Group reissued an “outperform” rating and issued a $54.00 target price on shares of Tapestry in a research report on Wednesday, March 27th. Jefferies Financial Group downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 price target on the stock. in a report on Thursday, February 29th. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $41.00 to $47.00 and gave the company a “buy” rating in a report on Friday, February 9th. Finally, Evercore ISI upgraded shares of Tapestry from an “in-line” rating to an “outperform” rating and raised their target price for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Six analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $47.81.

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.