Retirement Systems of Alabama reduced its stake in shares of Tapestry, Inc. (NYSE:TPR – Free Report) by 11.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,485 shares of the luxury accessories retailer’s stock after selling 5,970 shares during the quarter. Retirement Systems of Alabama’s holdings in Tapestry were worth $3,132,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Greenline Partners LLC acquired a new stake in Tapestry during the 4th quarter worth $29,000. Coppell Advisory Solutions LLC raised its stake in Tapestry by 40.7% during the 4th quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer’s stock worth $34,000 after acquiring an additional 150 shares in the last quarter. Opal Wealth Advisors LLC acquired a new stake in Tapestry during the 1st quarter worth $35,000. Venturi Wealth Management LLC grew its position in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer’s stock worth $38,000 after purchasing an additional 252 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan purchased a new position in Tapestry during the 4th quarter worth $48,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In related news, VP Manesh Dadlani sold 1,399 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now owns 40,922 shares of the company’s stock, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Todd Kahn sold 40,000 shares of the company’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer now directly owns 116,062 shares in the company, valued at $9,447,446.80. This trade represents a 25.63% decrease in their position. The disclosure for this sale can be found here. 1.18% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
Read Our Latest Research Report on TPR
Tapestry Stock Down 2.1%
Shares of NYSE:TPR opened at $85.41 on Thursday. The company has a market cap of $17.74 billion, a price-to-earnings ratio of 22.48, a PEG ratio of 1.94 and a beta of 1.46. The firm’s 50-day simple moving average is $77.47 and its 200-day simple moving average is $73.82. The company has a quick ratio of 1.22, a current ratio of 1.76 and a debt-to-equity ratio of 1.59. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85.
Tapestry (NYSE:TPR – Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.14. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. Tapestry had a net margin of 12.50% and a return on equity of 51.84%. The firm’s revenue was up 6.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, equities research analysts predict that Tapestry, Inc. will post 4.91 earnings per share for the current year.
Tapestry Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 23rd. Investors of record on Friday, June 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.64%. The ex-dividend date of this dividend was Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.
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.
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