Kovitz Investment Group Partners LLC Increases Position in Tapestry, Inc. (NYSE:TPR)

Kovitz Investment Group Partners LLC increased its stake in shares of Tapestry, Inc. (NYSE:TPR) by 15.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 203,076 shares of the luxury accessories retailer’s stock after purchasing an additional 27,244 shares during the quarter. Kovitz Investment Group Partners LLC’s holdings in Tapestry were worth $9,149,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in TPR. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry during the third quarter valued at about $25,000. Brooklyn Investment Group purchased a new stake in Tapestry during the third quarter valued at approximately $47,000. Blue Trust Inc. lifted its position in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares during the last quarter. MUFG Securities EMEA plc boosted its stake in Tapestry by 34.9% in the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC purchased a new position in Tapestry in the second quarter worth $53,000. Institutional investors own 90.77% of the company’s stock.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction 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 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 1.18% of the company’s stock.

Tapestry Stock Performance

NYSE TPR opened at $62.25 on Friday. The firm has a market capitalization of $14.51 billion, a P/E ratio of 17.99, a PEG ratio of 2.21 and a beta of 1.60. The stock has a 50-day simple moving average of $51.61 and a two-hundred day simple moving average of $45.04. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a fifty-two week low of $32.27 and a fifty-two week high of $65.30.

Tapestry Dividend Announcement

The business also recently declared 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 dividend on an annualized basis and a yield of 2.25%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is presently 40.46%.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on TPR. Telsey Advisory Group raised their price objective on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Bank of America raised their price target on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a report on Tuesday, October 29th. UBS Group lowered their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, August 16th. Finally, JPMorgan Chase & Co. upped their price target on shares of 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 assigned a buy rating to the stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.78.

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.