Stock Traders Purchase Large Volume of Put Options on Tapestry (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) was the target of some unusual options trading on Monday. Stock traders bought 10,607 put options on the company. This represents an increase of approximately 84% compared to the average daily volume of 5,772 put options.

Analysts Set New Price Targets

TPR has been the topic of a number of recent research reports. Bank of America lifted their price objective on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Guggenheim increased their price objective on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. lifted 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. Telsey Advisory Group increased their price target on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Finally, BMO Capital Markets boosted their price target on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research report on Monday. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.82.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was 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 directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tapestry

A number of institutional investors have recently modified their holdings of the business. Charles Schwab Investment Management Inc. raised its position in 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 purchasing an additional 272,007 shares during the last quarter. Capital Research Global Investors raised its position in shares of Tapestry by 8.5% during the first quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock worth $296,212,000 after acquiring an additional 489,933 shares during the last quarter. Pacer Advisors Inc. boosted its holdings in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after acquiring an additional 58,135 shares during the last quarter. Geode Capital Management LLC boosted its holdings in Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after acquiring an additional 80,681 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in Tapestry by 4.9% in the second quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock valued at $151,965,000 after acquiring an additional 165,406 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Trading Down 1.6 %

Shares of Tapestry stock opened at $55.62 on Wednesday. The firm’s 50-day moving average price is $47.14 and its two-hundred day moving average price is $43.23. Tapestry has a 12-month low of $30.19 and a 12-month high of $58.49. 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 has a market capitalization of $12.96 billion, a price-to-earnings ratio of 16.08, a PEG ratio of 1.98 and a beta of 1.53.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.52%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

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.