Verity & Verity LLC Takes $254,000 Position in Tapestry, Inc. (NYSE:TPR)

Verity & Verity LLC acquired a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, HoldingsChannel reports. The institutional investor acquired 3,881 shares of the luxury accessories retailer’s stock, valued at approximately $254,000.

A number of other institutional investors have also recently bought and sold shares of TPR. Charles Schwab Investment Management Inc. raised 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 acquiring an additional 272,007 shares in the last quarter. Pacer Advisors Inc. raised its holdings 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 purchasing an additional 58,135 shares in the last quarter. Geode Capital Management LLC lifted its stake in shares of Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after purchasing an additional 80,681 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its position in Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

Tapestry stock opened at $71.48 on Friday. 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 $62.86 and a 200 day simple moving average of $49.86. Tapestry, Inc. has a one year low of $35.23 and a one year high of $72.09. The company has a market capitalization of $16.66 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 1.91 and a beta of 1.58.

Tapestry Dividend Announcement

The company 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 1.96%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Insider Transactions at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

TPR has been the subject of several recent analyst reports. UBS Group upped their price target on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, January 10th. Evercore ISI upped their target price on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research report on Friday, October 25th. Jefferies Financial Group upgraded shares of Tapestry from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $50.00 to $80.00 in a research note on Thursday, December 19th. Bank of America raised their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 target price for the company. in a research report on Tuesday, October 29th. Five investment analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $64.76.

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.