State of Tennessee Treasury Department lessened its holdings in shares of Tapestry Inc (NYSE:TPR) by 3.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,557 shares of the luxury accessories retailer’s stock after selling 2,541 shares during the quarter. State of Tennessee Treasury Department’s holdings in Tapestry were worth $2,357,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc lifted its stake in shares of Tapestry by 1.0% during the 3rd quarter. Vanguard Group Inc now owns 30,145,320 shares of the luxury accessories retailer’s stock valued at $1,515,405,000 after buying an additional 301,169 shares in the last quarter. BlackRock Inc. lifted its stake in shares of Tapestry by 4.6% during the 4th quarter. BlackRock Inc. now owns 22,031,923 shares of the luxury accessories retailer’s stock valued at $743,578,000 after buying an additional 964,874 shares in the last quarter. FMR LLC lifted its stake in shares of Tapestry by 7.7% during the 4th quarter. FMR LLC now owns 6,965,227 shares of the luxury accessories retailer’s stock valued at $235,076,000 after buying an additional 500,523 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Tapestry by 27.2% during the 4th quarter. Bank of New York Mellon Corp now owns 4,947,286 shares of the luxury accessories retailer’s stock valued at $166,970,000 after buying an additional 1,058,046 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Tapestry by 19.7% during the 4th quarter. Geode Capital Management LLC now owns 4,398,352 shares of the luxury accessories retailer’s stock valued at $148,221,000 after buying an additional 725,349 shares in the last quarter. Institutional investors and hedge funds own 88.31% of the company’s stock.
In other news, Director Annabelle Yu Long sold 3,229 shares of the business’s stock in a transaction dated Wednesday, June 12th. The shares were sold at an average price of $28.93, for a total value of $93,414.97. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Darrell Cavens bought 7,000 shares of Tapestry stock in a transaction dated Tuesday, May 28th. The stock was acquired at an average price of $30.01 per share, for a total transaction of $210,070.00. The disclosure for this purchase can be found here. Insiders own 0.70% of the company’s stock.
Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, May 9th. The luxury accessories retailer reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The company had revenue of $1.33 billion for the quarter, compared to the consensus estimate of $1.34 billion. Tapestry had a net margin of 11.78% and a return on equity of 22.08%. Tapestry’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.54 EPS. On average, equities analysts forecast that Tapestry Inc will post 2.58 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be issued a $0.3375 dividend. The ex-dividend date is Thursday, June 6th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.57%. Tapestry’s dividend payout ratio (DPR) is presently 51.33%.
TPR has been the topic of a number of analyst reports. Bank of America set a $48.00 target price on shares of Tapestry and gave the company a “buy” rating in a research note on Friday, May 10th. Standpoint Research upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, May 9th. UBS Group lowered their target price on shares of Tapestry from $52.00 to $50.00 and set a “buy” rating on the stock in a research note on Tuesday, April 30th. Canaccord Genuity restated a “buy” rating and set a $41.00 target price on shares of Tapestry in a research note on Friday, May 10th. Finally, Piper Jaffray Companies set a $40.00 target price on shares of Tapestry and gave the company a “buy” rating in a research note on Monday, June 10th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-one have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $46.84.
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Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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