Claro Advisors LLC Makes New Investment in Tapestry, Inc. (NYSE:TPR)

Claro Advisors LLC acquired a new stake in Tapestry, Inc. (NYSE:TPR) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,908 shares of the luxury accessories retailer’s stock, valued at approximately $559,000.

Other institutional investors have also recently modified their holdings of the company. Pacer Advisors Inc. boosted its holdings in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. Clearbridge Investments LLC acquired a new position in shares of Tapestry in the 1st quarter valued at about $54,055,000. AQR Capital Management LLC boosted its stake in shares of Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. Coronation Fund Managers Ltd. grew its holdings in Tapestry by 265.1% during the second quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock worth $44,700,000 after acquiring an additional 758,539 shares during the period. Finally, Swedbank AB raised its position in Tapestry by 206.5% during the second quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after acquiring an additional 673,655 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.18% of the company’s stock.

Tapestry Trading Down 1.2 %

Shares of Tapestry stock opened at $56.55 on Tuesday. 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 stock’s 50 day simple moving average is $46.85 and its 200-day simple moving average is $43.12. The stock has a market cap of $13.18 billion, a P/E ratio of 16.34, a P/E/G ratio of 1.99 and a beta of 1.53. Tapestry, Inc. has a 1-year low of $30.19 and a 1-year high of $58.49.

Tapestry Dividend Announcement

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 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. The Goldman Sachs Group upped their price objective on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday. Guggenheim raised their price target on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. Bank of America lifted their price objective on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. UBS Group dropped their target price on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Finally, Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $57.82.

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.