Tapestry, Inc. (NYSE:TPR) Shares Sold by Commerce Bank

Commerce Bank trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR - Free Report) by 56.1% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 9,092 shares of the luxury accessories retailer's stock after selling 11,620 shares during the quarter. Commerce Bank's holdings in Tapestry were worth $427,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of TPR. Manning & Napier Advisors LLC acquired a new position in shares of Tapestry during the second quarter worth approximately $3,718,000. Lazard Asset Management LLC boosted its holdings in Tapestry by 611.8% in the first quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer's stock worth $3,019,000 after purchasing an additional 54,679 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer's stock valued at $20,381,000 after acquiring an additional 30,121 shares during the period. Fiera Capital Corp raised its position in shares of Tapestry by 1.2% during the second 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 last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Tapestry in the third quarter worth about $5,446,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 8,872 shares of the firm's stock in a transaction 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 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.18% of the stock is owned by insiders.

Tapestry Price Performance

NYSE:TPR opened at $61.06 on Wednesday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $14.23 billion, a P/E ratio of 17.65, a P/E/G ratio of 2.11 and a beta of 1.53. Tapestry, Inc. has a 12 month low of $30.20 and a 12 month high of $61.44. The business's 50-day moving average is $48.37 and its 200 day moving average is $43.75.

Tapestry Announces Dividend

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. UBS Group decreased their price objective on shares of Tapestry from $42.00 to $40.00 and set a "neutral" rating on the stock in a research note on Friday, August 16th. Daiwa America upgraded shares of Tapestry to a "hold" rating in a report on Monday, November 18th. Wells Fargo & Company lifted their price objective on shares of Tapestry from $65.00 to $75.00 and gave the company an "overweight" rating in a research report on Friday, November 15th. StockNews.com downgraded shares of Tapestry from a "buy" rating to a "hold" rating in a report on Monday, October 28th. Finally, Evercore ISI increased their target price on shares of Tapestry from $47.00 to $63.00 and gave the stock an "outperform" rating in a research report on Friday, October 25th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $57.78.

About Tapestry

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.