Fmr LLC Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

FMR LLC reduced its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 13.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,920,288 shares of the luxury accessories retailer's stock after selling 2,401,271 shares during the quarter. FMR LLC owned about 6.83% of Tapestry worth $747,935,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Waldron Private Wealth LLC purchased a new position in shares of Tapestry during the 3rd quarter worth about $25,000. Massmutual Trust Co. FSB ADV grew its stake in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer's stock valued at $40,000 after buying an additional 328 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer's stock worth $50,000 after buying an additional 556 shares during the period. MUFG Securities EMEA plc lifted its stake in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer's stock worth $52,000 after acquiring an additional 317 shares during the last quarter. Finally, Chilton Capital Management LLC bought a new position in Tapestry in the 2nd quarter valued at $53,000. 90.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TPR. Evercore ISI boosted their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an "outperform" rating in a research note on Friday, October 25th. Citigroup upped their target price on shares of Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Raymond James reaffirmed an "outperform" rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Guggenheim increased their target price on Tapestry from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, November 15th. Finally, Daiwa America upgraded shares of Tapestry to a "hold" rating in a research note on Monday, November 18th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $57.78.

Tapestry Stock Performance

TPR traded up $1.36 on Friday, reaching $62.28. The stock had a trading volume of 2,410,632 shares, compared to its average volume of 3,406,852. The business's 50-day moving average price is $49.45 and its two-hundred day moving average price is $44.14. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a 12-month low of $31.37 and a 12-month high of $62.64. The company has a market cap of $14.51 billion, a P/E ratio of 17.95, a price-to-earnings-growth ratio of 2.11 and a beta of 1.53.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.25%. Tapestry's dividend payout ratio is currently 40.46%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company's stock in a transaction on Friday, November 15th. The shares were 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 directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 1.18% of the stock is owned by corporate insiders.

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.