Tapestry, Inc. (NYSE:TPR) Shares Bought by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP increased its stake in Tapestry, Inc. (NYSE:TPR) by 14.8% in the third quarter, Holdings Channel.com reports. The institutional investor owned 1,699,067 shares of the luxury accessories retailer’s stock after purchasing an additional 219,544 shares during the quarter. Westfield Capital Management Co. LP’s holdings in Tapestry were worth $79,822,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TPR. Pacer Advisors Inc. grew its position in Tapestry by 53.1% in the second 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 in the last quarter. AQR Capital Management LLC grew its holdings 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 valued at $61,578,000 after purchasing an additional 1,051,743 shares in the last quarter. Coronation Fund Managers Ltd. increased its stake in 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 during the period. Swedbank AB lifted its holdings in Tapestry by 206.5% in 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 in the last quarter. Finally, Westwood Holdings Group Inc. acquired a new position in Tapestry in the 1st quarter worth $18,183,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 transaction of $514,221.12. Following the completion of the transaction, the vice president now owns 35,003 shares in the company, valued at approximately $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 accessible through the SEC website. Company insiders own 1.18% of the company’s stock.

Tapestry Price Performance

TPR opened at $58.92 on Friday. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company’s 50-day moving average price is $48.02 and its 200 day moving average price is $43.58. Tapestry, Inc. has a fifty-two week low of $30.20 and a fifty-two week high of $59.69. The firm has a market cap 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.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on TPR shares. Wells Fargo & Company lifted their target price on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. JPMorgan Chase & Co. upped their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research report on Friday, October 25th. BMO Capital Markets raised their price target on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday, November 18th. Finally, The Goldman Sachs Group lifted their price target on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

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.