Caprock Group LLC Acquires Shares of 5,112 Tapestry, Inc. (NYSE:TPR)

Caprock Group LLC acquired a new position in Tapestry, Inc. (NYSE:TPR) during the third quarter, Holdings Channel.com reports. The firm acquired 5,112 shares of the luxury accessories retailer’s stock, valued at approximately $240,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Quest Partners LLC boosted its holdings in Tapestry by 243.5% in the third quarter. Quest Partners LLC now owns 43,563 shares of the luxury accessories retailer’s stock valued at $2,047,000 after purchasing an additional 30,882 shares during the last quarter. Claro Advisors LLC acquired a new stake in shares of Tapestry during the third quarter worth approximately $559,000. Valley Wealth Managers Inc. increased its stake in shares of Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after buying an additional 8,833 shares during the last quarter. Empowered Funds LLC raised its holdings in Tapestry by 972.6% in the third quarter. Empowered Funds LLC now owns 203,491 shares of the luxury accessories retailer’s stock valued at $9,560,000 after acquiring an additional 184,519 shares in the last quarter. Finally, CIBC Asset Management Inc boosted its stake in Tapestry by 8.2% during the 3rd quarter. CIBC Asset Management Inc now owns 32,325 shares of the luxury accessories retailer’s stock valued at $1,519,000 after acquiring an additional 2,448 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Stock Performance

Shares of TPR opened at $58.92 on Monday. Tapestry, Inc. has a 52-week low of $30.20 and a 52-week high of $59.69. The firm has a market capitalization of $13.73 billion, a PE ratio of 17.03, a P/E/G ratio of 1.95 and a beta of 1.53. The firm has a 50-day moving average price of $48.02 and a 200 day moving average price of $43.61. 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 Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Activity at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company’s 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 sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

TPR has been the topic of a number of recent analyst reports. Guggenheim upped their target price 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. Daiwa America raised Tapestry to a “hold” rating in a report on Monday, November 18th. Raymond James reiterated an “outperform” rating and issued a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. BMO Capital Markets raised their price objective on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Finally, Bank of America boosted their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average target price of $57.78.

Tapestry 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.