Tapestry, Inc. (NYSE:TPR) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D cut its position in Tapestry, Inc. (NYSE:TPR) by 4.2% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 121,353 shares of the luxury accessories retailer’s stock after selling 5,321 shares during the period. State of New Jersey Common Pension Fund D owned 0.05% of Tapestry worth $4,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in TPR. FDx Advisors Inc. raised its holdings in shares of Tapestry by 34.5% in the 3rd quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock valued at $251,000 after buying an additional 2,240 shares during the period. Raymond James Financial Services Advisors Inc. boosted its position in shares of Tapestry by 9.0% in the 4th 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 purchasing an additional 23,532 shares during the period. Lecap Asset Management Ltd. purchased a new stake in Tapestry during the 4th quarter valued at approximately $1,107,000. Assenagon Asset Management S.A. raised its stake in Tapestry by 189.5% during the 3rd quarter. Assenagon Asset Management S.A. now owns 228,045 shares of the luxury accessories retailer’s stock valued at $6,556,000 after acquiring an additional 149,268 shares during the last quarter. Finally, FCF Advisors LLC purchased a new stake in Tapestry during the 4th quarter valued at approximately $1,013,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of several research reports. Evercore ISI raised Tapestry from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $30.00 to $50.00 in a report on Monday, February 5th. Telsey Advisory Group restated an “outperform” rating and set a $54.00 price objective on shares of Tapestry in a research note on Wednesday, March 27th. Raymond James boosted their price target on Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. OTR Global reissued a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. Finally, Wells Fargo & Company upped their target price on Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Price Performance

TPR traded up $0.66 during trading on Friday, reaching $40.05. 3,329,575 shares of the company were exchanged, compared to its average volume of 3,807,965. The company has a market cap of $9.19 billion, a price-to-earnings ratio of 10.11, a P/E/G ratio of 0.82 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’s 50-day moving average is $45.04 and its two-hundred day moving average is $37.92. The company has a quick ratio of 5.68, a current ratio of 6.25 and a debt-to-equity ratio of 2.90.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.46 by $0.17. Tapestry had a return on equity of 41.75% and a net margin of 13.80%. The firm had revenue of $2.08 billion for the quarter, compared to analysts’ expectations of $2.05 billion. During the same period last year, the firm earned $1.36 earnings per share. The company’s revenue for the quarter was up 2.5% compared to the same quarter last year. Research analysts forecast that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 25th. Stockholders of record on Friday, March 8th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 3.50%. The ex-dividend date was Thursday, March 7th. Tapestry’s dividend payout ratio is presently 35.35%.

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.