Maverick Capital Ltd. Trims Position in Tapestry, Inc. (NYSE:TPR)

Maverick Capital Ltd. lessened its stake in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 58.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 44,021 shares of the luxury accessories retailer's stock after selling 61,129 shares during the quarter. Maverick Capital Ltd.'s holdings in Tapestry were worth $2,068,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Manning & Napier Advisors LLC bought a new stake in shares of Tapestry during the second quarter worth about $3,718,000. Victory Capital Management Inc. boosted its stake in Tapestry by 7.5% during 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 purchasing an additional 30,121 shares during the last quarter. Fiera Capital Corp increased its holdings in Tapestry by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer's stock worth $62,590,000 after purchasing an additional 17,497 shares in the last quarter. Assenagon Asset Management S.A. bought a new stake in Tapestry during the third quarter worth $5,446,000. Finally, Valley Wealth Managers Inc. lifted its holdings in Tapestry by 2.1% during the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer's stock worth $19,971,000 after acquiring an additional 8,833 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry 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 sale, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents 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 through this link. 1.18% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of brokerages recently issued reports on TPR. Citigroup increased their price objective on Tapestry from $49.00 to $55.00 and gave the stock a "buy" rating in a report on Friday, October 25th. TD Cowen downgraded shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. UBS Group cut their price objective on shares of Tapestry from $42.00 to $40.00 and set a "neutral" rating for the company in a research note on Friday, August 16th. Wells Fargo & Company lifted their target price on shares of Tapestry from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. Finally, Daiwa America upgraded shares of Tapestry to a "hold" rating in a research report on Monday, November 18th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.78.

Tapestry Price Performance

Shares of NYSE TPR traded up $1.36 during midday trading on Friday, reaching $62.28. 2,410,632 shares of the stock traded hands, compared to its average volume of 4,772,015. The company's 50 day moving average is $49.84 and its 200 day moving average is $44.30. Tapestry, Inc. has a one year low of $31.37 and a one year high of $62.64. The stock has a market capitalization of $14.51 billion, a PE ratio of 18.00, a P/E/G ratio of 2.16 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry Announces Dividend

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

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.