Public Employees Retirement System of Ohio Sells 8,368 Shares of Tapestry, Inc. (NYSE:TPR)

Public Employees Retirement System of Ohio cut its position in shares of Tapestry, Inc. (NYSE:TPR) by 8.5% during the third quarter, HoldingsChannel.com reports. The firm owned 89,607 shares of the luxury accessories retailer’s stock after selling 8,368 shares during the period. Public Employees Retirement System of Ohio’s holdings in Tapestry were worth $4,210,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the company. Victory Capital Management Inc. increased its holdings in Tapestry by 7.5% in the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after buying an additional 30,121 shares during the period. Fiera Capital Corp increased its stake in Tapestry by 1.2% in the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock valued at $62,590,000 after acquiring an additional 17,497 shares during the period. Assenagon Asset Management S.A. acquired a new position in Tapestry in the third quarter worth about $5,446,000. Valley Wealth Managers Inc. raised its position in Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after purchasing an additional 8,833 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its holdings in Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after purchasing an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Tuesday, October 29th. JPMorgan Chase & Co. boosted their price target on shares of Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. Bank of America raised their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, The Goldman Sachs Group boosted their target price on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Seven research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $58.94.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 1.18% of the stock is owned by corporate insiders.

Tapestry Trading Up 2.8 %

Shares of TPR opened at $63.20 on Friday. The stock’s fifty day simple moving average is $53.20 and its 200-day simple moving average is $45.75. The firm has a market capitalization of $14.73 billion, a PE ratio of 18.27, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60. Tapestry, Inc. has a 12-month low of $35.06 and a 12-month high of $65.30. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

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.