Quest Partners LLC grew its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 243.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,563 shares of the luxury accessories retailer's stock after buying an additional 30,882 shares during the period. Quest Partners LLC's holdings in Tapestry were worth $2,047,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Bessemer Group Inc. increased its position in shares of Tapestry by 1,328.8% during the first quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer's stock valued at $1,432,000 after acquiring an additional 28,038 shares during the last quarter. Manning & Napier Advisors LLC acquired a new position in Tapestry during the second quarter worth $3,718,000. Lazard Asset Management LLC boosted its position in shares of Tapestry by 611.8% during the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer's stock worth $3,019,000 after buying an additional 54,679 shares during the period. Clearbridge Investments LLC acquired a new stake in shares of Tapestry in the first quarter valued at $54,055,000. Finally, Fiera Capital Corp raised its holdings in shares of Tapestry by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer's stock valued at $62,590,000 after buying an additional 17,497 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Evercore ISI lifted their target price on Tapestry from $47.00 to $63.00 and gave the company an "outperform" rating in a research report on Friday, October 25th. The Goldman Sachs Group upped their price objective on Tapestry from $58.00 to $66.00 and gave the stock a "buy" rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on Tapestry from $51.00 to $66.00 and gave the company an "overweight" rating in a report on Friday, October 25th. Robert W. Baird boosted their target price on Tapestry from $58.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday. Finally, Raymond James reiterated an "outperform" rating and set a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Six analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Tapestry presently has an average rating of "Moderate Buy" and an average price target of $57.82.
Check Out Our Latest Research Report on Tapestry
Tapestry Stock Performance
NYSE:TPR traded down $0.93 during midday trading on Tuesday, reaching $55.62. The stock had a trading volume of 3,109,149 shares, compared to its average volume of 3,336,007. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The stock has a market cap of $12.96 billion, a P/E ratio of 16.07, a P/E/G ratio of 1.98 and a beta of 1.53. The firm has a fifty day simple moving average of $46.85 and a two-hundred day simple moving average of $43.12. Tapestry, Inc. has a 12-month low of $30.19 and a 12-month high of $58.49.
Tapestry Dividend Announcement
The company also recently declared 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 2.52%. Tapestry's dividend payout ratio (DPR) is 40.46%.
Insider Buying and Selling
In related news, VP Manesh Dadlani sold 8,872 shares of the company's 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 transaction, the vice president now owns 35,003 shares of the company's stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.18% of the stock is currently owned by corporate insiders.
About Tapestry
(
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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