Swiss National Bank Sells 2,400 Shares of Tapestry, Inc. (NYSE:TPR)

Swiss National Bank decreased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 0.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 448,600 shares of the luxury accessories retailer’s stock after selling 2,400 shares during the quarter. Swiss National Bank owned 0.19% of Tapestry worth $21,075,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in TPR. Pacer Advisors Inc. raised its holdings in Tapestry by 53.1% in 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 acquiring an additional 2,087,586 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of 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 purchasing an additional 165,406 shares in the last quarter. Bank of New York Mellon Corp lifted its position in Tapestry by 1.7% in the second quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares during the period. AQR Capital Management LLC lifted its position in Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after purchasing an additional 1,051,743 shares during the period. Finally, Fiera Capital Corp boosted its stake in Tapestry by 1.2% during the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after buying an additional 17,497 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on TPR. Guggenheim increased their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Raymond James reissued an “outperform” rating and issued a $57.00 price target (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Wells Fargo & Company upped their price objective on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Citigroup raised their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred 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 transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.18% of the company’s stock.

Tapestry Trading Up 1.8 %

TPR stock opened at $56.30 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. Tapestry, Inc. has a twelve month low of $30.20 and a twelve month high of $58.49. The company has a market cap of $13.12 billion, a P/E ratio of 16.27, a PEG ratio of 1.92 and a beta of 1.53. The business has a fifty day moving average of $47.70 and a 200-day moving average of $43.41.

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 given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.49%. Tapestry’s payout ratio is presently 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.