Tapestry, Inc. (NYSE:TPR) Shares Sold by ARGA Investment Management LP

ARGA Investment Management LP lowered its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 4.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,144,107 shares of the luxury accessories retailer's stock after selling 91,071 shares during the quarter. Tapestry accounts for 3.3% of ARGA Investment Management LP's investment portfolio, making the stock its 10th biggest position. ARGA Investment Management LP owned 0.92% of Tapestry worth $100,730,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in TPR. Pacer Advisors Inc. lifted its stake in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer's stock valued at $257,623,000 after purchasing an additional 2,087,586 shares in the last quarter. AQR Capital Management LLC lifted its position in Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer's stock valued at $61,578,000 after buying an additional 1,051,743 shares in the last quarter. Coronation Fund Managers Ltd. grew its stake in Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer's stock worth $44,700,000 after buying an additional 758,539 shares during the period. Swedbank AB increased its position in shares of Tapestry by 206.5% in the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer's stock worth $42,782,000 after acquiring an additional 673,655 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock valued at $59,641,000 after acquiring an additional 539,793 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Tapestry Stock Performance

Shares of NYSE TPR traded up $1.36 during midday trading on Friday, hitting $62.28. The company's stock had a trading volume of 2,410,632 shares, compared to its average volume of 4,772,015. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a 1-year low of $31.37 and a 1-year high of $62.64. The firm's fifty day moving average price is $49.84 and its 200-day moving average price is $44.30. The firm has a market cap of $14.51 billion, a P/E ratio of 18.00, a P/E/G ratio of 2.16 and a beta of 1.53.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.25%. The ex-dividend date is Friday, December 6th. Tapestry's dividend payout ratio (DPR) is presently 40.46%.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Daiwa America raised shares of Tapestry to a "hold" rating in a research report on Monday, November 18th. Citigroup increased their target price on Tapestry from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, October 25th. TD Cowen lowered Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. Telsey Advisory Group lifted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an "outperform" rating in a research note on Friday, November 15th. Finally, StockNews.com cut shares of Tapestry from a "buy" rating to a "hold" rating in a research report on Monday, October 28th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $57.78.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the business's stock in a transaction that occurred 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 transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 1.18% of the company's stock.

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.