ARGA Investment Management LP Cuts Stake in Tapestry, Inc. (NYSE:TPR)

ARGA Investment Management LP lessened its position in Tapestry, Inc. (NYSE:TPR) by 99.4% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 12,376 shares of the luxury accessories retailer’s stock after selling 2,131,731 shares during the period. ARGA Investment Management LP’s holdings in Tapestry were worth $809,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in TPR. Mather Group LLC. boosted its holdings in Tapestry by 8.0% in the 4th quarter. Mather Group LLC. now owns 5,853 shares of the luxury accessories retailer’s stock valued at $382,000 after purchasing an additional 435 shares in the last quarter. Trust Point Inc. acquired a new position in Tapestry during the fourth quarter worth $261,000. Valley National Advisers Inc. grew its holdings in Tapestry by 0.5% during the fourth quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock worth $2,831,000 after acquiring an additional 202 shares during the period. Avantra Family Wealth Inc. purchased a new position in Tapestry in the fourth quarter worth $451,000. Finally, SYM FINANCIAL Corp lifted its holdings in Tapestry by 7.5% in the fourth quarter. SYM FINANCIAL Corp now owns 7,717 shares of the luxury accessories retailer’s stock valued at $504,000 after acquiring an additional 536 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on TPR shares. Raymond James reiterated an “outperform” rating and issued a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Guggenheim increased their target price on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Jefferies Financial Group boosted their price target on Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Tuesday, January 28th. Robert W. Baird raised 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. Finally, Evercore ISI boosted their target price on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research report on Monday, January 27th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $67.28.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total value 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 trade represents a 20.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Down 0.8 %

Shares of NYSE TPR opened at $72.92 on Wednesday. The firm has a market cap of $16.99 billion, a P/E ratio of 21.08, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a 1 year low of $35.23 and a 1 year high of $76.49. The firm’s 50 day moving average price is $67.05 and its 200 day moving average price is $52.66.

Tapestry Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.92%. The ex-dividend date was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) 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.