Ninety One UK Ltd Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Ninety One UK Ltd reduced its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 45.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,115,194 shares of the luxury accessories retailer’s stock after selling 2,552,903 shares during the quarter. Ninety One UK Ltd’s holdings in Tapestry were worth $203,516,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Marshall Wace LLP acquired a new position in Tapestry during the 2nd quarter worth $311,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Tapestry by 7.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 12,118 shares of the luxury accessories retailer’s stock worth $519,000 after purchasing an additional 884 shares during the last quarter. B. Riley Wealth Advisors Inc. bought a new position in shares of Tapestry during the second quarter worth about $203,000. Cetera Investment Advisers increased its holdings in Tapestry by 4.7% in the second quarter. Cetera Investment Advisers now owns 55,669 shares of the luxury accessories retailer’s stock valued at $2,382,000 after buying an additional 2,513 shares during the last quarter. Finally, Sanctuary Advisors LLC bought a new stake in Tapestry in the second quarter valued at about $1,025,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Down 0.8 %

Tapestry stock opened at $72.92 on Wednesday. The company’s 50-day moving average price is $67.05 and its two-hundred day moving average price is $52.66. The stock has a market cap of $16.99 billion, a price-to-earnings ratio of 21.08, a PEG ratio of 2.07 and a beta of 1.58. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $76.49. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 1.92%. Tapestry’s payout ratio is 40.46%.

Insiders Place Their Bets

In other 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 sale, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have commented on TPR shares. Robert W. Baird increased their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Raymond James restated an “outperform” rating and set a $57.00 price objective (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. BMO Capital Markets boosted their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research note on Monday, November 18th. Jefferies Financial Group raised their price target on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Finally, Wells Fargo & Company boosted their price objective on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $67.28.

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.