Ritholtz Wealth Management Raises Holdings in Tapestry, Inc. (NYSE:TPR)

Ritholtz Wealth Management increased its position in Tapestry, Inc. (NYSE:TPR) by 28.2% in the 4th quarter, Holdings Channel reports. The firm owned 12,680 shares of the luxury accessories retailer’s stock after buying an additional 2,793 shares during the period. Ritholtz Wealth Management’s holdings in Tapestry were worth $828,000 as of its most recent filing with the SEC.

Other large investors have also recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in Tapestry in the third quarter valued at approximately $25,000. Brooklyn Investment Group purchased a new stake in Tapestry in the 3rd quarter valued at $47,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Tapestry during the 2nd quarter worth $68,000. Abich Financial Wealth Management LLC purchased a new position in Tapestry during the 2nd quarter worth $69,000. Finally, Deseret Mutual Benefit Administrators increased its stake in Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock valued at $70,000 after purchasing an additional 605 shares during the period. 90.77% of the stock is owned by institutional investors and hedge funds.

Tapestry Stock Performance

TPR opened at $71.48 on Monday. The stock’s 50 day simple moving average is $62.86 and its 200 day simple moving average is $49.99. The stock has a market cap of $16.66 billion, a P/E ratio of 20.66, a P/E/G ratio of 1.91 and a beta of 1.58. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $72.09. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

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 $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.96%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TPR. Jefferies Financial Group upgraded shares of Tapestry from a “hold” rating to a “buy” rating and increased their target price for the stock from $50.00 to $80.00 in a research note on Thursday, December 19th. JPMorgan Chase & Co. boosted their target price on Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a report on Monday, December 16th. Robert W. Baird increased their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. The Goldman Sachs Group lifted their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $64.76.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the completion of the transaction, the vice president now directly 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.