Edgestream Partners L.P. Makes New $4.36 Million Investment in Tapestry, Inc. (NYSE:TPR)

Edgestream Partners L.P. bought a new position in shares of Tapestry, Inc. (NYSE:TPR) during the 3rd quarter, Holdings Channel.com reports. The fund bought 92,806 shares of the luxury accessories retailer’s stock, valued at approximately $4,360,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. increased its position in Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares during the period. Pacer Advisors Inc. grew its holdings in shares of Tapestry by 1.0% in the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after acquiring an additional 58,135 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after acquiring an additional 165,406 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after acquiring an additional 46,760 shares during the period. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after acquiring an additional 219,544 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Insider Transactions at Tapestry

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

Wall Street Analyst Weigh In

TPR has been the topic of a number of research reports. Wells Fargo & Company upped their price target on Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday, November 15th. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. UBS Group lowered their price target on Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Finally, JPMorgan Chase & Co. upped their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.78.

Tapestry Trading Up 2.2 %

Shares of Tapestry stock opened at $62.28 on Friday. Tapestry, Inc. has a fifty-two week low of $31.37 and a fifty-two week high of $62.64. The firm has a market cap of $14.51 billion, a PE ratio of 18.00, a P/E/G ratio of 2.11 and a beta of 1.53. The business’s fifty day moving average is $49.84 and its two-hundred day moving average is $44.28. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Tapestry 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.