Kestra Investment Management LLC Increases Stake in Tapestry, Inc. (NYSE:TPR)

Kestra Investment Management LLC raised its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 81.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 18,794 shares of the luxury accessories retailer’s stock after acquiring an additional 8,409 shares during the quarter. Kestra Investment Management LLC’s holdings in Tapestry were worth $883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of TPR. Charles Schwab Investment Management Inc. lifted 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 valued at $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Pacer Advisors Inc. lifted its position in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after buying an additional 58,135 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after acquiring an additional 165,406 shares during the period. Bank of New York Mellon Corp increased its holdings in Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after acquiring an additional 46,760 shares in the last quarter. Finally, Westfield Capital Management Co. LP raised its stake in Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after acquiring an additional 219,544 shares during the period. Institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

NYSE:TPR opened at $62.28 on Monday. The firm has a market capitalization of $14.51 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 2.16 and a beta of 1.53. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The business has a 50 day simple moving average of $49.84 and a 200-day simple moving average of $44.30. Tapestry, Inc. has a 1 year low of $31.37 and a 1 year high of $62.64.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of a number of recent analyst reports. Telsey Advisory Group upped their price target on shares of Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Daiwa America upgraded Tapestry to a “hold” rating in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. boosted their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Eight research 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 an average price target of $57.78.

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.