Wedmont Private Capital Invests $253,000 in Tapestry, Inc. (NYSE:TPR)

Wedmont Private Capital bought a new stake in Tapestry, Inc. (NYSE:TPR - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,763 shares of the luxury accessories retailer's stock, valued at approximately $253,000.

Several other institutional investors have also recently added to or reduced their stakes in TPR. Choreo LLC purchased a new stake in Tapestry in the second quarter valued at approximately $242,000. DekaBank Deutsche Girozentrale raised its position in shares of Tapestry by 16.9% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 11,273 shares of the luxury accessories retailer's stock worth $464,000 after buying an additional 1,631 shares during the period. Federated Hermes Inc. boosted its holdings in Tapestry by 25.1% in the second quarter. Federated Hermes Inc. now owns 81,618 shares of the luxury accessories retailer's stock valued at $3,492,000 after acquiring an additional 16,387 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Tapestry by 14.0% during the second quarter. Envestnet Asset Management Inc. now owns 512,739 shares of the luxury accessories retailer's stock valued at $21,940,000 after acquiring an additional 62,802 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Tapestry by 4.9% during the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer's stock worth $151,965,000 after acquiring an additional 165,406 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Up 2.7 %

Tapestry stock traded up $1.85 during midday trading on Friday, hitting $71.48. The stock had a trading volume of 5,225,206 shares, compared to its average volume of 4,214,147. The business has a fifty day moving average price of $62.47 and a 200 day moving average price of $49.65. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $72.09. The stock has a market cap of $16.66 billion, a P/E ratio of 20.66, a P/E/G ratio of 1.91 and a beta of 1.58. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.96%. The ex-dividend date was Friday, December 6th. Tapestry's dividend payout ratio is currently 40.46%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now directly owns 35,003 shares of the company's stock, valued at approximately $2,028,773.88. This 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 at the SEC website. 1.18% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TPR. Jefferies Financial Group raised Tapestry from a "hold" rating to a "buy" rating and lifted their price objective for the company from $50.00 to $80.00 in a research note on Thursday, December 19th. TD Cowen downgraded shares of Tapestry from a "buy" rating to a "hold" rating and set a $52.00 price objective for the company. in a research note on Tuesday, October 29th. JPMorgan Chase & Co. raised their target price on shares of Tapestry from $66.00 to $75.00 and gave the company an "overweight" rating in a research note on Monday, December 16th. UBS Group upped their price target on shares of Tapestry from $57.00 to $70.00 and gave the stock a "neutral" rating in a research report on Friday, January 10th. Finally, Citigroup raised their price objective on Tapestry from $49.00 to $55.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company's stock. According to MarketBeat, Tapestry has a consensus rating of "Moderate Buy" and an average price target of $64.76.

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.