Meritage Portfolio Management Sells 2,287 Shares of Tapestry, Inc. (NYSE:TPR)

Meritage Portfolio Management lowered its holdings in Tapestry, Inc. (NYSE:TPR) by 1.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 120,676 shares of the luxury accessories retailer’s stock after selling 2,287 shares during the quarter. Meritage Portfolio Management’s holdings in Tapestry were worth $7,884,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the business. Waldron Private Wealth LLC bought a new stake in Tapestry during the 3rd quarter valued at $25,000. Brooklyn Investment Group bought a new stake in shares of Tapestry during the 3rd quarter valued at $47,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Tapestry during the 2nd quarter worth about $68,000. Deseret Mutual Benefit Administrators boosted its stake in Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares during the period. Finally, Transamerica Financial Advisors Inc. grew its holdings in Tapestry by 159,100.0% during the 3rd quarter. Transamerica Financial Advisors Inc. now owns 1,592 shares of the luxury accessories retailer’s stock valued at $75,000 after buying an additional 1,591 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Tapestry

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 transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.18% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. The Goldman Sachs Group raised their price objective on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Robert W. Baird increased their target price on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. BMO Capital Markets boosted their price objective on Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Guggenheim upped their price target on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, Daiwa America upgraded Tapestry to a “hold” rating in a report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.28.

Tapestry Price Performance

Shares of Tapestry stock opened at $72.92 on Wednesday. The stock has a market cap of $16.99 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.07 and a beta of 1.58. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The stock’s fifty day moving average is $67.05 and its 200 day moving average is $52.66. Tapestry, Inc. has a one year low of $35.23 and a one year high of $76.49.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 1.92%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s payout ratio is 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.