Retirement Systems of Alabama boosted its stake in Tapestry Inc (NYSE:TPR) by 22.1% during the 1st quarter, HoldingsChannel reports. The fund owned 579,123 shares of the luxury accessories retailer’s stock after buying an additional 104,793 shares during the period. Retirement Systems of Alabama’s holdings in Tapestry were worth $18,816,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. Scout Investments Inc. raised its holdings in Tapestry by 387.4% in the first quarter. Scout Investments Inc. now owns 501,844 shares of the luxury accessories retailer’s stock valued at $16,305,000 after acquiring an additional 398,877 shares in the last quarter. Landsberg Bennett & Dubbaneh LLC acquired a new stake in Tapestry in the first quarter valued at $620,000. Shorepoint Capital Partners LLC acquired a new stake in Tapestry in the first quarter valued at $812,000. Calamos Advisors LLC raised its holdings in Tapestry by 1.0% in the first quarter. Calamos Advisors LLC now owns 107,908 shares of the luxury accessories retailer’s stock valued at $3,506,000 after acquiring an additional 1,082 shares in the last quarter. Finally, Ingalls & Snyder LLC raised its holdings in Tapestry by 18.5% in the first quarter. Ingalls & Snyder LLC now owns 306,765 shares of the luxury accessories retailer’s stock valued at $9,967,000 after acquiring an additional 47,827 shares in the last quarter. 90.87% of the stock is currently owned by hedge funds and other institutional investors.
TPR stock opened at $32.26 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.94 and a current ratio of 2.62. Tapestry Inc has a fifty-two week low of $30.69 and a fifty-two week high of $55.50. The stock has a market capitalization of $9.37 billion, a P/E ratio of 12.27, a PEG ratio of 1.15 and a beta of 0.71.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 1st. Investors of record on Friday, March 8th were issued a $0.3375 dividend. The ex-dividend date of this dividend was Thursday, March 7th. This represents a $1.35 dividend on an annualized basis and a dividend yield of 4.18%. Tapestry’s dividend payout ratio (DPR) is presently 51.33%.
Several research firms recently issued reports on TPR. Zacks Investment Research raised shares of Tapestry from a “sell” rating to a “hold” rating and set a $38.00 price target on the stock in a report on Thursday, April 11th. ValuEngine cut shares of Tapestry from a “sell” rating to a “strong sell” rating in a report on Thursday, March 14th. TheStreet cut shares of Tapestry from a “b-” rating to a “c+” rating in a report on Thursday, March 7th. MKM Partners dropped their target price on shares of Tapestry to $52.00 in a report on Monday, February 11th. Finally, Barclays set a $41.00 target price on shares of Tapestry and gave the stock a “buy” rating in a report on Saturday, February 9th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and twenty-two have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $49.75.
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Tapestry Company Profile
Tapestry, Inc provides luxury accessories and lifestyle brands in the United States, Japan, China, Hong Kong, Macau, East Asia, Europe, Canada, Taiwan, South Korea, Malaysia, and Singapore. It operates through three segments: Coach, Kate Spade, and Stuart Weitzman. The company offers handbags, wallets, money pieces, wristlets and cosmetic cases, key rings, and charms, as well as address books, time management accessories, travel accessories, sketchbooks, and portfolios for women; and business cases, computer bags, messenger-style bags, backpacks, totes, wallets, card cases, travel organizers, belts, footwear, watches, sunglasses, novelty accessories, and ready-to-wear for men.
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