JPMorgan Chase & Co. trimmed its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 1.3% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 4,303,224 shares of the luxury accessories retailer's stock after selling 55,785 shares during the quarter. JPMorgan Chase & Co. owned about 1.85% of Tapestry worth $202,165,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of TPR. Waldron Private Wealth LLC bought a new stake in Tapestry during the third quarter worth $25,000. Brooklyn Investment Group acquired a new position in shares of Tapestry during the 3rd quarter worth $47,000. Chilton Capital Management LLC acquired a new position in shares of Tapestry during the 2nd quarter worth $53,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Tapestry during the 2nd quarter worth $68,000. Finally, Abich Financial Wealth Management LLC acquired a new stake in Tapestry in the second quarter valued at about $69,000. 90.77% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research analysts have commented on the company. Bank of America boosted their target price on Tapestry from $52.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday, October 25th. Guggenheim increased their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday, November 15th. Robert W. Baird raised their target price on shares of Tapestry from $58.00 to $64.00 and gave the company an "outperform" rating in a research report on Friday, November 15th. Barclays reiterated an "equal weight" rating and set a $57.00 price target on shares of Tapestry in a report on Wednesday, November 20th. Finally, TD Cowen downgraded Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price objective on the stock. in a report on Tuesday, October 29th. Six investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $61.24.
Get Our Latest Research Report on TPR
Tapestry Trading Down 0.7 %
Shares of NYSE TPR traded down $0.49 during midday trading on Tuesday, reaching $65.33. The stock had a trading volume of 2,601,086 shares, compared to its average volume of 3,548,089. The company's 50 day moving average price is $57.47 and its 200 day moving average price is $47.43. 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 twelve month low of $35.23 and a twelve month high of $66.47. The firm has a market cap of $15.22 billion, a price-to-earnings ratio of 18.88, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60.
Tapestry Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were issued a $0.35 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.14%. Tapestry's payout ratio is 40.46%.
Insider Buying and Selling at Tapestry
In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the sale, the vice president now directly owns 35,003 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Insiders own 1.18% of the company's stock.
About Tapestry
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Free Report)
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.
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