California Public Employees Retirement System Sells 30,302 Shares of Tapestry, Inc. (NYSE:TPR)

California Public Employees Retirement System lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 6.6% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 428,441 shares of the luxury accessories retailer’s stock after selling 30,302 shares during the period. California Public Employees Retirement System’s holdings in Tapestry were worth $15,771,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. FDx Advisors Inc. grew its stake in shares of Tapestry by 34.5% in the third quarter. FDx Advisors Inc. now owns 8,735 shares of the luxury accessories retailer’s stock worth $251,000 after acquiring an additional 2,240 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in Tapestry by 9.0% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 285,989 shares of the luxury accessories retailer’s stock worth $10,527,000 after buying an additional 23,532 shares in the last quarter. Lecap Asset Management Ltd. bought a new position in Tapestry during the fourth quarter valued at about $1,107,000. Assenagon Asset Management S.A. raised its holdings in Tapestry by 189.5% in 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 in the last quarter. Finally, FCF Advisors LLC bought a new stake in shares of Tapestry in the 4th quarter worth approximately $1,013,000. Institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. StockNews.com upgraded Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Jefferies Financial Group lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $50.00 target price on the stock. in a research report on Thursday, February 29th. Raymond James raised their price target on shares of Tapestry from $40.00 to $44.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 30th. Wells Fargo & Company increased their target price on Tapestry from $50.00 to $60.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, OTR Global reiterated a “mixed” rating on shares of Tapestry in a research report on Wednesday, April 17th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.81.

Tapestry Price Performance

TPR opened at $40.96 on Tuesday. The company has a fifty day moving average price of $44.94 and a two-hundred day moving average price of $38.16. The company has a debt-to-equity ratio of 2.90, a quick ratio of 5.68 and a current ratio of 6.25. The firm has a market capitalization of $9.39 billion, a PE ratio of 10.34, a P/E/G ratio of 0.82 and a beta of 1.57. Tapestry, Inc. has a 52 week low of $25.99 and a 52 week high of $48.80.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 8th. The luxury accessories retailer reported $1.63 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 business had revenue of $2.08 billion during the quarter, compared to the consensus estimate of $2.05 billion. The firm’s revenue was up 2.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.36 earnings per share. As a group, analysts anticipate that Tapestry, Inc. will post 4.23 earnings per share for the current year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 25th. Shareholders of record on Friday, March 8th were paid a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 3.42%. The ex-dividend date was Thursday, March 7th. Tapestry’s payout ratio is presently 35.35%.

About Tapestry

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.