Independent Advisor Alliance Buys 419 Shares of Tapestry, Inc. (NYSE:TPR)

Independent Advisor Alliance increased its position in shares of Tapestry, Inc. (NYSE:TPR) by 6.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,694 shares of the luxury accessories retailer’s stock after buying an additional 419 shares during the period. Independent Advisor Alliance’s holdings in Tapestry were worth $314,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. raised its position in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after acquiring an additional 2,087,586 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Tapestry by 235.9% during the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares in the last quarter. Coronation Fund Managers Ltd. boosted its holdings in shares of Tapestry by 265.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after buying an additional 758,539 shares in the last quarter. Swedbank AB grew its position in shares of Tapestry by 206.5% during the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after buying an additional 673,655 shares during the period. Finally, Westwood Holdings Group Inc. acquired a new position in shares of Tapestry during the 1st quarter valued at $18,183,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Down 0.2 %

Tapestry stock opened at $60.92 on Friday. The firm has a market capitalization of $14.20 billion, a price-to-earnings ratio of 17.61, a P/E/G ratio of 2.11 and a beta of 1.53. The firm has a 50 day simple moving average of $49.09 and a 200 day simple moving average of $44.02. Tapestry, Inc. has a 1-year low of $30.68 and a 1-year high of $61.59. 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 business 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 dividend on an annualized basis and a dividend yield of 2.30%. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the vice president now 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. The Goldman Sachs Group upped their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price on the stock. in a report on Tuesday, October 29th. Wells Fargo & Company raised their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research report on Friday, November 15th. Guggenheim boosted their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, Raymond James reiterated an “outperform” rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and an average price target of $57.78.

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.