Y Intercept Hong Kong Ltd Reduces Stock Position in Tapestry, Inc. (NYSE:TPR)

Y Intercept Hong Kong Ltd reduced its stake in Tapestry, Inc. (NYSE:TPR - Free Report) by 52.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,438 shares of the luxury accessories retailer's stock after selling 11,437 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Tapestry were worth $490,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. boosted its position in Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer's stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in shares of Tapestry in the 3rd quarter valued at approximately $64,016,000. AQR Capital Management LLC grew its stake in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer's stock valued at $61,578,000 after buying an additional 1,051,743 shares in the last quarter. Bank of Montreal Can increased its holdings in Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer's stock worth $59,641,000 after buying an additional 539,793 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer's stock worth $357,732,000 after acquiring an additional 272,007 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company's stock.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the firm's 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 completion of the sale, the vice president now directly owns 35,003 shares of the company's stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of research reports. Wells Fargo & Company increased their price objective on Tapestry from $65.00 to $75.00 and gave the stock an "overweight" rating in a research report on Friday, November 15th. TD Cowen cut 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. Guggenheim increased their target price on shares of Tapestry from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Telsey Advisory Group lifted their price target on shares of Tapestry from $58.00 to $67.00 and gave the company an "outperform" rating in a research report on Friday, November 15th. Finally, Citigroup boosted their price target on Tapestry from $49.00 to $55.00 and gave the company a "buy" rating in a research note on Friday, October 25th. Seven analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $59.47.

Tapestry Price Performance

NYSE TPR traded up $1.00 on Monday, reaching $64.20. 7,075,267 shares of the company's stock traded hands, compared to its average volume of 3,517,382. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $65.30. The stock has a market cap of $14.96 billion, a PE ratio of 18.55, a P/E/G ratio of 1.80 and a beta of 1.60. The stock has a 50-day simple moving average of $53.57 and a 200 day simple moving average of $45.94. 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 given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.18%. Tapestry's 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.