State of New Jersey Common Pension Fund D Sells 5,321 Shares of Tapestry, Inc. (NYSE:TPR)

State of New Jersey Common Pension Fund D trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 4.2% in the 4th quarter, Holdings Channel.com reports. The firm 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’s holdings in Tapestry were worth $4,467,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. Raleigh Capital Management Inc. increased its stake in shares of Tapestry by 5.7% in the third quarter. Raleigh Capital Management Inc. now owns 5,463 shares of the luxury accessories retailer’s stock worth $157,000 after purchasing an additional 297 shares in the last quarter. Treasurer of the State of North Carolina increased its stake in Tapestry by 0.3% in the 3rd quarter. Treasurer of the State of North Carolina now owns 109,837 shares of the luxury accessories retailer’s stock worth $3,158,000 after buying an additional 353 shares during the period. Sowell Financial Services LLC increased its holdings in Tapestry by 2.1% during the third quarter. Sowell Financial Services LLC now owns 18,348 shares of the luxury accessories retailer’s stock valued at $527,000 after buying an additional 381 shares during the period. AllSquare Wealth Management LLC raised its holdings in Tapestry by 35.1% in the third quarter. AllSquare Wealth Management LLC now owns 1,627 shares of the luxury accessories retailer’s stock worth $47,000 after purchasing an additional 423 shares in the last quarter. Finally, Federated Hermes Inc. lifted its position in Tapestry by 23.1% during the fourth quarter. Federated Hermes Inc. now owns 2,648 shares of the luxury accessories retailer’s stock valued at $97,000 after acquiring an additional 497 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. OTR Global reaffirmed a “mixed” rating on shares of Tapestry in a report on Wednesday, April 17th. The Goldman Sachs Group upped their price target on shares of Tapestry from $41.00 to $47.00 and gave the stock a “buy” rating in a research report on Friday, February 9th. Wells Fargo & Company upped their price objective on shares of Tapestry from $50.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, February 2nd. Evercore ISI upgraded shares of Tapestry from an “in-line” rating to an “outperform” rating and raised their price objective for the stock from $30.00 to $50.00 in a research report on Monday, February 5th. Finally, StockNews.com raised shares of Tapestry from a “hold” rating to a “buy” rating in a research note on Thursday, April 18th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $47.81.

Tapestry Price Performance

Shares of TPR traded up $0.66 during trading hours on Friday, hitting $40.05. 3,329,575 shares of the company were exchanged, compared to its average volume of 3,807,965. The firm’s fifty day moving average is $45.04 and its 200 day moving average is $37.92. 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 fifty-two week low of $25.99 and a fifty-two week high of $48.80. 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 issued its earnings results on Thursday, February 8th. The luxury accessories retailer reported $1.63 earnings per share for the quarter, topping 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. During the same period in the previous year, the company posted $1.36 earnings per share. The firm’s revenue for the quarter was up 2.5% on a year-over-year basis. On average, equities analysts anticipate that Tapestry, Inc. will post 4.23 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

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 3.50%. The ex-dividend date of this dividend was Thursday, March 7th. Tapestry’s dividend payout ratio is presently 35.35%.

Tapestry 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.