Wedmont Private Capital Invests $253,000 in Tapestry, Inc. (NYSE:TPR)

Wedmont Private Capital bought a new stake in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,763 shares of the luxury accessories retailer’s stock, valued at approximately $253,000.

Other large investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its position in Tapestry by 3.7% during 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 buying an additional 272,007 shares during the period. Pacer Advisors Inc. boosted its stake in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after acquiring an additional 58,135 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Tapestry by 1.5% during the 3rd 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 period. Dimensional Fund Advisors LP increased its stake in shares of Tapestry by 4.9% in the 2nd 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. Finally, Westfield Capital Management Co. LP raised its holdings in Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Tapestry

In other 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 completion of the sale, 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 position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.18% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have commented on the company. Bank of America raised their price objective on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Jefferies Financial Group raised shares of Tapestry from a “hold” rating to a “buy” rating and lifted their price target for the company from $50.00 to $80.00 in a research note on Thursday, December 19th. Citigroup upped their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Raymond James reaffirmed an “outperform” rating and set a $57.00 price objective (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Finally, Barclays raised shares of Tapestry from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $57.00 to $87.00 in a research note on Wednesday, January 8th. Five research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and an average target price of $64.76.

Tapestry Stock Performance

NYSE TPR opened at $69.63 on Friday. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $69.84. The firm has a market capitalization of $16.23 billion, a P/E ratio of 20.12, a price-to-earnings-growth ratio of 1.91 and a beta of 1.58. The stock’s fifty day moving average is $62.11 and its two-hundred day moving average is $49.51. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.01%. Tapestry’s payout ratio is 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.