Caprock Group LLC Takes Position in Tapestry, Inc. (NYSE:TPR)

Caprock Group LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 5,112 shares of the luxury accessories retailer’s stock, valued at approximately $240,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Waldron Private Wealth LLC purchased a new position in shares of Tapestry in the 3rd quarter valued at approximately $25,000. Massmutual Trust Co. FSB ADV increased its stake in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after acquiring an additional 328 shares during the period. Blue Trust Inc. raised its holdings in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after purchasing an additional 556 shares in the last quarter. MUFG Securities EMEA plc boosted 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 purchasing an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC purchased a new position in shares of Tapestry during the 2nd quarter worth approximately $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the company’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. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have issued reports on TPR shares. 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. The Goldman Sachs Group boosted their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. 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. Bank of America boosted their price target on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Telsey Advisory Group boosted their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

Tapestry Price Performance

TPR stock opened at $58.92 on Monday. The stock has a market capitalization of $13.73 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.95 and a beta of 1.53. The stock’s fifty day simple moving average is $48.02 and its 200-day simple moving average is $43.61. Tapestry, Inc. has a 52-week low of $30.20 and a 52-week high of $59.69. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.38%. The ex-dividend date is Friday, December 6th. 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.