Tapestry, Inc. (NYSE:TPR) Shares Bought by Bank of Montreal Can

Bank of Montreal Can boosted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 76.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,244,070 shares of the luxury accessories retailer’s stock after buying an additional 539,793 shares during the quarter. Bank of Montreal Can owned 0.53% of Tapestry worth $59,641,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Truvestments Capital LLC grew its position in Tapestry by 7.3% during the third quarter. Truvestments Capital LLC now owns 23,345 shares of the luxury accessories retailer’s stock worth $1,097,000 after buying an additional 1,581 shares during the period. Independent Advisor Alliance lifted its holdings in shares of Tapestry by 6.7% in the third quarter. Independent Advisor Alliance now owns 6,694 shares of the luxury accessories retailer’s stock valued at $314,000 after purchasing an additional 419 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Tapestry in the third quarter valued at about $2,064,000. Daiwa Securities Group Inc. lifted its holdings in shares of Tapestry by 14.9% in the third quarter. Daiwa Securities Group Inc. now owns 10,619 shares of the luxury accessories retailer’s stock valued at $499,000 after purchasing an additional 1,380 shares in the last quarter. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Tapestry by 1.6% in the third quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock valued at $765,000 after purchasing an additional 251 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on TPR shares. Daiwa America raised shares of Tapestry to a “hold” rating in a report on Monday, November 18th. Guggenheim upped their price target on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, November 15th. Evercore ISI upped their price objective on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research note on Friday, October 25th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Finally, Bank of America upped their price objective 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. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Stock Performance

NYSE:TPR opened at $60.92 on Thursday. Tapestry, Inc. has a fifty-two week low of $30.68 and a fifty-two week high of $61.59. The firm’s 50 day moving average is $48.73 and its two-hundred day moving average is $43.90. The company has a market cap of $14.20 billion, a P/E ratio of 17.61, a P/E/G ratio of 2.11 and a beta of 1.53. 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 disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is currently 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.