BNP Paribas Financial Markets Sells 13,785 Shares of Tapestry, Inc. (NYSE:TPR)

BNP Paribas Financial Markets cut its stake in shares of Tapestry, Inc. (NYSE:TPR) by 5.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 250,727 shares of the luxury accessories retailer’s stock after selling 13,785 shares during the quarter. BNP Paribas Financial Markets’ holdings in Tapestry were worth $11,779,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brooklyn Investment Group purchased a new stake in Tapestry during the third quarter valued at about $47,000. The Manufacturers Life Insurance Company raised its holdings in shares of Tapestry by 0.4% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 182,432 shares of the luxury accessories retailer’s stock valued at $8,571,000 after buying an additional 711 shares in the last quarter. Bank of Montreal Can lifted its position in Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after buying an additional 539,793 shares during the last quarter. Truvestments Capital LLC boosted its stake in Tapestry by 7.3% in the third quarter. Truvestments Capital LLC now owns 23,345 shares of the luxury accessories retailer’s stock worth $1,097,000 after buying an additional 1,581 shares in the last quarter. Finally, Independent Advisor Alliance grew its position in Tapestry by 6.7% during the third quarter. Independent Advisor Alliance now owns 6,694 shares of the luxury accessories retailer’s stock valued at $314,000 after acquiring an additional 419 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $62.28 on Monday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The firm has a 50 day moving average price of $49.84 and a 200-day moving average price of $44.30. Tapestry, Inc. has a 52-week low of $31.37 and a 52-week high of $62.64. The firm has a market capitalization of $14.51 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 2.16 and a beta of 1.53.

Tapestry Announces Dividend

The business 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 annualized dividend and a yield of 2.25%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on TPR shares. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research report on Tuesday, October 29th. Guggenheim lifted their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Wells Fargo & Company lifted their price target on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

Insider Transactions at Tapestry

In related 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 transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.18% of the company’s stock.

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.