Teacher Retirement System of Texas grew its holdings in Tapestry, Inc. (NYSE:TPR – Get Rating) by 208.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,340 shares of the luxury accessories retailer’s stock after acquiring an additional 88,095 shares during the period. Teacher Retirement System of Texas owned about 0.05% of Tapestry worth $3,706,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors have also made changes to their positions in the business. Brown Brothers Harriman & Co. increased its stake in Tapestry by 340.7% during the first quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock worth $25,000 after acquiring an additional 511 shares during the last quarter. Assetmark Inc. increased its stake in Tapestry by 2,382.1% during the third quarter. Assetmark Inc. now owns 968 shares of the luxury accessories retailer’s stock worth $28,000 after acquiring an additional 929 shares during the last quarter. Ronald Blue Trust Inc. bought a new stake in Tapestry during the second quarter worth approximately $30,000. Clear Street Markets LLC increased its stake in Tapestry by 121.1% during the third quarter. Clear Street Markets LLC now owns 1,163 shares of the luxury accessories retailer’s stock worth $33,000 after acquiring an additional 637 shares during the last quarter. Finally, AllSquare Wealth Management LLC grew its stake in shares of Tapestry by 28.6% during the second quarter. AllSquare Wealth Management LLC now owns 1,335 shares of the luxury accessories retailer’s stock valued at $41,000 after buying an additional 297 shares during the last quarter. 92.84% of the stock is currently owned by hedge funds and other institutional investors.
In other news, VP Manesh Dadlani sold 1,582 shares of the company’s stock in a transaction dated Friday, December 2nd. The shares were sold at an average price of $38.53, for a total value of $60,954.46. Following the completion of the sale, the vice president now directly owns 39,375 shares of the company’s stock, valued at $1,517,118.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.81% of the company’s stock.
Tapestry Price Performance
Tapestry (NYSE:TPR – Get Rating) last announced its quarterly earnings results on Thursday, November 10th. The luxury accessories retailer reported $0.79 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.05. Tapestry had a net margin of 12.29% and a return on equity of 35.86%. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.51 billion. Equities analysts expect that Tapestry, Inc. will post 3.63 EPS for the current fiscal year.
Tapestry Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, December 27th. Investors of record on Friday, December 9th were given a $0.30 dividend. The ex-dividend date was Thursday, December 8th. This represents a $1.20 dividend on an annualized basis and a yield of 2.75%. Tapestry’s dividend payout ratio (DPR) is presently 38.10%.
Wall Street Analyst Weigh In
A number of research firms have recently commented on TPR. Credit Suisse Group cut their target price on Tapestry to $45.00 in a research note on Wednesday, November 16th. Citigroup lowered their target price on Tapestry from $42.00 to $40.00 and set a “buy” rating for the company in a report on Monday, November 14th. Barclays lowered Tapestry from an “overweight” rating to an “equal weight” rating and set a $43.00 price objective for the company. in a report on Monday. Raymond James started coverage on Tapestry in a report on Monday, December 19th. They set an “outperform” rating and a $44.00 price objective for the company. Finally, JPMorgan Chase & Co. increased their price objective on Tapestry from $46.00 to $47.00 and gave the company an “overweight” rating in a report on Tuesday, November 29th. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $45.19.
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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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