Franklin Resources Inc. Purchases 15,585 Shares of Tapestry, Inc. (NYSE:TPR)

Franklin Resources Inc. boosted its position in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 10.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 163,234 shares of the luxury accessories retailer's stock after acquiring an additional 15,585 shares during the period. Franklin Resources Inc. owned 0.07% of Tapestry worth $7,442,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the company. Tidal Investments LLC lifted its position in shares of Tapestry by 1.8% in the third quarter. Tidal Investments LLC now owns 27,401 shares of the luxury accessories retailer's stock valued at $1,287,000 after acquiring an additional 481 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Tapestry in the 3rd quarter worth approximately $333,000. Sanctuary Advisors LLC boosted its stake in Tapestry by 59.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 40,839 shares of the luxury accessories retailer's stock worth $1,919,000 after purchasing an additional 15,242 shares during the period. TCW Group Inc. grew its holdings in Tapestry by 17.5% during the 3rd quarter. TCW Group Inc. now owns 554,104 shares of the luxury accessories retailer's stock valued at $26,032,000 after buying an additional 82,649 shares in the last quarter. Finally, Soltis Investment Advisors LLC bought a new stake in shares of Tapestry during the third quarter valued at approximately $1,971,000. Hedge funds and other institutional investors own 90.77% of the company's stock.

Analyst Ratings Changes

TPR has been the subject of a number of research reports. Raymond James restated an "outperform" rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Evercore ISI boosted their target price on Tapestry from $47.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Wells Fargo & Company raised their price target on Tapestry from $65.00 to $75.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Finally, Robert W. Baird upped their price objective on Tapestry from $58.00 to $64.00 and gave the stock an "outperform" rating in a report on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.24.

Tapestry Trading Up 0.9 %

Shares of TPR stock traded up $0.58 during trading hours on Monday, reaching $64.73. 4,898,586 shares of the stock were exchanged, compared to its average volume of 3,573,879. 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 $35.23 and a 12-month high of $65.30. The firm has a market capitalization of $15.08 billion, a price-to-earnings ratio of 18.71, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60. The company's 50-day moving average price is $55.03 and its 200-day moving average price is $46.49.

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 dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.16%. Tapestry's dividend payout ratio is 40.46%.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the firm's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company's stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.18% of the company's stock.

Tapestry Company 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.