Victory Capital Management Inc. Boosts Stake in Tapestry, Inc. (NYSE:TPR)

Victory Capital Management Inc. boosted its stake in Tapestry, Inc. (NYSE:TPR) by 7.5% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 433,825 shares of the luxury accessories retailer’s stock after buying an additional 30,121 shares during the quarter. Victory Capital Management Inc. owned approximately 0.19% of Tapestry worth $20,381,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Lebenthal Global Advisors LLC lifted its stake in Tapestry by 2.8% in the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after buying an additional 215 shares in the last quarter. Mather Group LLC. lifted its stake in Tapestry by 12.9% in the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock valued at $104,000 after buying an additional 249 shares in the last quarter. Legend Financial Advisors Inc. raised its holdings in Tapestry by 1.9% in the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock valued at $581,000 after acquiring an additional 257 shares during the last quarter. GAMMA Investing LLC raised its holdings in Tapestry by 4.8% in the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock valued at $286,000 after acquiring an additional 280 shares during the last quarter. Finally, MUFG Securities EMEA plc raised its holdings in Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the 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 sale, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TPR has been the subject of several analyst reports. Evercore ISI boosted their price target on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a report on Tuesday, October 29th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. JPMorgan Chase & Co. upped their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a report on Friday, October 25th. Finally, Raymond James restated an “outperform” rating and set a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.82.

Tapestry Stock Performance

Shares of TPR stock opened at $56.55 on Tuesday. 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 one year low of $30.19 and a one year high of $58.49. The company’s 50-day simple moving average is $46.85 and its 200-day simple moving average is $43.12. The stock has a market capitalization of $13.18 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 1.99 and a beta of 1.53.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.48%. Tapestry’s dividend payout ratio (DPR) is 40.46%.

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.