Tapestry, Inc. (NYSE:TPR) Stock Position Lifted by Fortem Financial Group LLC

Fortem Financial Group LLC grew its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 11.8% during the third quarter, Holdings Channel.com reports. The firm owned 12,124 shares of the luxury accessories retailer’s stock after buying an additional 1,277 shares during the quarter. Fortem Financial Group LLC’s holdings in Tapestry were worth $570,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Pacer Advisors Inc. increased its stake in Tapestry by 53.1% during 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 buying an additional 2,087,586 shares during the period. Erste Asset Management GmbH bought a new position in shares of Tapestry in the third quarter valued at approximately $64,016,000. AQR Capital Management LLC increased its stake in shares of Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after acquiring an additional 1,051,743 shares during the period. Coronation Fund Managers Ltd. raised its holdings in Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after purchasing an additional 758,539 shares in the last quarter. Finally, Swedbank AB lifted its position in Tapestry by 206.5% in the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock worth $42,782,000 after purchasing an additional 673,655 shares during the period. 90.77% of the stock is currently owned by institutional investors.

Insider Activity at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the 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 completion of the transaction, 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 document filed with the SEC, which is available at this hyperlink. 1.18% of the stock is owned by corporate insiders.

Tapestry Trading Down 1.4 %

Shares of Tapestry stock opened at $61.39 on Wednesday. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 17.74, a PEG ratio of 2.16 and a beta of 1.60. Tapestry, Inc. has a 1 year low of $33.29 and a 1 year high of $65.30. The company’s fifty day simple moving average is $52.22 and its 200-day simple moving average is $45.35. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The business 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 dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Guggenheim boosted their price target on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Robert W. Baird lifted their price objective on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. 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 note on Tuesday, October 29th. Finally, Daiwa America raised shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average 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.