Principal Street Partners LLC Trims Position in Tapestry, Inc. (NYSE:TPR)

Principal Street Partners LLC cut its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 23.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 125,810 shares of the luxury accessories retailer's stock after selling 37,567 shares during the period. Principal Street Partners LLC owned about 0.05% of Tapestry worth $5,909,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of TPR. Brooklyn Investment Group purchased a new stake in shares of Tapestry in the 3rd quarter valued at about $47,000. The Manufacturers Life Insurance Company lifted its stake in Tapestry by 0.4% in the third quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer's stock valued at $8,571,000 after buying an additional 711 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Tapestry by 76.6% in the third 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. Truvestments Capital LLC grew its position in shares of Tapestry by 7.3% during the third quarter. Truvestments Capital LLC now owns 23,345 shares of the luxury accessories retailer's stock worth $1,097,000 after acquiring an additional 1,581 shares during the last quarter. Finally, Independent Advisor Alliance increased its holdings in shares of Tapestry by 6.7% in the 3rd quarter. Independent Advisor Alliance now owns 6,694 shares of the luxury accessories retailer's stock valued at $314,000 after acquiring an additional 419 shares during the period. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction 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 sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TPR. The Goldman Sachs Group increased their price target on shares of Tapestry from $58.00 to $66.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Raymond James reissued an "outperform" rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Robert W. Baird upped their price objective on Tapestry from $58.00 to $64.00 and gave the company an "outperform" rating in a research note on Friday, November 15th. StockNews.com downgraded Tapestry from a "buy" rating to a "hold" rating in a research note on Monday, October 28th. Finally, Barclays restated an "equal weight" rating and set a $57.00 price target on shares of Tapestry in a research note on Wednesday, November 20th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $57.78.

Tapestry Price Performance

TPR traded up $0.21 during trading on Tuesday, reaching $61.06. 10,127,923 shares of the stock were exchanged, compared to its average volume of 3,402,347. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The company has a market capitalization of $14.23 billion, a price-to-earnings ratio of 17.64, a P/E/G ratio of 2.04 and a beta of 1.53. Tapestry, Inc. has a 1 year low of $30.20 and a 1 year high of $61.44. The business's 50 day moving average price is $48.37 and its two-hundred day moving average price is $43.75.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.29%. Tapestry's payout ratio is 40.46%.

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.