Fmr LLC Trims Holdings in Tapestry, Inc. (NYSE:TPR)

Fmr LLC trimmed its stake in Tapestry, Inc. (NYSE:TPR) by 13.1% during the third quarter, Holdings Channel.com reports. The fund owned 15,920,288 shares of the luxury accessories retailer’s stock after selling 2,401,271 shares during the period. Fmr LLC owned 0.07% of Tapestry worth $747,935,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Lebenthal Global Advisors LLC increased its stake in Tapestry by 2.8% during the 3rd quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after buying an additional 215 shares during the period. OneDigital Investment Advisors LLC increased its stake in Tapestry by 3.0% during the 3rd quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock worth $353,000 after buying an additional 218 shares during the period. Mather Group LLC. increased its stake in Tapestry by 12.9% during the 2nd quarter. Mather Group LLC. now owns 2,181 shares of the luxury accessories retailer’s stock worth $104,000 after buying an additional 249 shares during the period. Summit Trail Advisors LLC increased its stake in Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after buying an additional 251 shares during the period. Finally, Legend Financial Advisors Inc. grew its holdings in Tapestry by 1.9% during the 2nd quarter. Legend Financial Advisors Inc. now owns 13,570 shares of the luxury accessories retailer’s stock worth $581,000 after acquiring an additional 257 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

Tapestry stock opened at $60.92 on Friday. The firm’s 50-day moving average is $49.09 and its two-hundred day moving average is $44.02. 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, Inc. has a 12-month low of $30.68 and a 12-month high of $61.59. The stock has a market capitalization of $14.20 billion, a P/E ratio of 17.61, a P/E/G ratio of 2.11 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. Investors of record on Friday, December 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.30%. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s 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 sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.18% of the company’s stock.

Analyst Ratings Changes

Several research analysts have commented on the stock. Citigroup boosted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Barclays reiterated an “equal weight” rating and set a $57.00 price target on shares of Tapestry in a research note on Wednesday, November 20th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research report on Friday, October 25th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $57.78.

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.