California Public Employees Retirement System Has $25.90 Million Stake in Tapestry, Inc. (NYSE:TPR)

California Public Employees Retirement System reduced its stake in Tapestry, Inc. (NYSE:TPR) by 11.2% in the 4th quarter, Holdings Channel reports. The firm owned 396,442 shares of the luxury accessories retailer’s stock after selling 50,066 shares during the period. California Public Employees Retirement System’s holdings in Tapestry were worth $25,900,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in TPR. Apollon Wealth Management LLC bought a new stake in shares of Tapestry during the 4th quarter worth $328,000. Charles Schwab Investment Management Inc. lifted its position in Tapestry by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares during the last quarter. Decker Retirement Planning Inc. bought a new stake in Tapestry during the fourth quarter valued at about $3,437,000. Principal Financial Group Inc. grew its position in shares of Tapestry by 14.6% in the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock valued at $20,195,000 after purchasing an additional 39,298 shares during the last quarter. Finally, Pzena Investment Management LLC bought a new position in shares of Tapestry in the fourth quarter worth about $18,737,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In related news, General Counsel David E. Howard sold 11,917 shares of Tapestry stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now directly owns 38,609 shares of the company’s stock, valued at $3,397,592. The trade was a 23.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Todd Kahn sold 21,107 shares of the stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total transaction of $1,772,988.00. Following the sale, the chief executive officer now directly owns 176,985 shares in the company, valued at approximately $14,866,740. This represents a 10.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 66,537 shares of company stock valued at $5,730,589 in the last three months. 1.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Wells Fargo & Company increased their target price on Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Jefferies Financial Group raised their price objective on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Evercore ISI upped their target price on shares of Tapestry from $68.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, January 27th. Guggenheim raised their price target on shares of Tapestry from $70.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, February 7th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and set a $65.00 price objective on shares of Tapestry in a research report on Tuesday, January 21st. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and an average price target of $78.53.

Tapestry Stock Performance

Tapestry stock opened at $65.11 on Friday. The firm has a market capitalization of $13.48 billion, a P/E ratio of 18.87, a P/E/G ratio of 2.01 and a beta of 1.57. The stock has a fifty day moving average price of $77.46 and a two-hundred day moving average price of $63.60. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $90.85. The company has a debt-to-equity ratio of 1.78, a current ratio of 1.58 and a quick ratio of 1.05.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the company posted $1.63 earnings per share. As a group, analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.58%.

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.