Sanctuary Advisors LLC Grows Position in Tapestry, Inc. (NYSE:TPR)

Sanctuary Advisors LLC boosted its position in shares of Tapestry, Inc. (NYSE:TPR) by 59.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,839 shares of the luxury accessories retailer’s stock after buying an additional 15,242 shares during the period. Sanctuary Advisors LLC’s holdings in Tapestry were worth $1,919,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in TPR. Pacer Advisors Inc. increased its holdings 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 valued at $257,623,000 after acquiring an additional 2,087,586 shares during the period. Erste Asset Management GmbH acquired a new stake in Tapestry during the 3rd quarter worth $64,016,000. AQR Capital Management LLC grew its position in 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 purchasing an additional 1,051,743 shares during the last quarter. Bank of Montreal Can increased its stake in Tapestry by 76.6% in the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of Tapestry by 3.7% in 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 buying an additional 272,007 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the sale, the vice president now owns 35,003 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is owned by corporate insiders.

Tapestry Price Performance

TPR stock opened at $62.08 on Thursday. The company has a market cap of $14.47 billion, a price-to-earnings ratio of 17.94, a PEG ratio of 1.80 and a beta of 1.60. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The firm has a 50 day moving average of $54.28 and a 200-day moving average of $46.19. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $65.30.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given 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 yield of 2.26%. Tapestry’s payout ratio is 40.46%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on TPR. Barclays reissued an “equal weight” rating and set a $57.00 price target on shares of Tapestry in a report on Wednesday, November 20th. Wells Fargo & Company lifted their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Bank of America upped 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. BMO Capital Markets increased their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Finally, TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, October 29th. Seven investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $59.47.

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.