Merit Financial Group LLC Invests $797,000 in Tapestry, Inc. (NYSE:TPR)

Merit Financial Group LLC purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 12,203 shares of the luxury accessories retailer’s stock, valued at approximately $797,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Redwood Investment Management LLC raised its stake in shares of Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after purchasing an additional 204 shares during the period. Lebenthal Global Advisors LLC raised its position in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after acquiring an additional 215 shares during the period. OneDigital Investment Advisors LLC boosted its stake in Tapestry by 3.0% in the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after acquiring an additional 218 shares during the last quarter. Summit Trail Advisors LLC grew its position in shares of Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock valued at $765,000 after acquiring an additional 251 shares during the period. Finally, GAMMA Investing LLC increased its stake in shares of Tapestry by 4.8% during the 3rd quarter. GAMMA Investing LLC now owns 6,095 shares of the luxury accessories retailer’s stock worth $286,000 after purchasing an additional 280 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Trading Up 3.9 %

Shares of TPR opened at $74.16 on Wednesday. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $74.25. The company has a market capitalization of $17.28 billion, a P/E ratio of 21.43, a P/E/G ratio of 2.03 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The firm’s 50 day simple moving average is $63.71 and its 200 day simple moving average is $50.45.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.18% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TPR. Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and upped their price objective for the company from $50.00 to $80.00 in a research note on Thursday, December 19th. Bank of America lifted their price objective on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Robert W. Baird upped their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, Raymond James restated an “outperform” rating and set a $57.00 price target (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $64.78.

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.