Tapestry, Inc. (NYSE:TPR) Shares Sold by WESCAP Management Group Inc.

WESCAP Management Group Inc. reduced its position in Tapestry, Inc. (NYSE:TPR) by 27.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 6,661 shares of the luxury accessories retailer’s stock after selling 2,505 shares during the quarter. WESCAP Management Group Inc.’s holdings in Tapestry were worth $313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Waldron Private Wealth LLC acquired a new stake in shares of Tapestry during the 3rd quarter valued at about $25,000. Brooklyn Investment Group purchased a new stake in shares of Tapestry in the third quarter valued at approximately $47,000. Blue Trust Inc. raised its stake in shares of Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after buying an additional 556 shares during the period. MUFG Securities EMEA plc lifted its position in shares of Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after buying an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC acquired a new stake in Tapestry in the 2nd quarter valued at $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on TPR. UBS Group dropped their target price on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research note on Tuesday, October 29th. JPMorgan Chase & Co. increased their target price on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a report on Friday, October 25th. Barclays reissued an “equal weight” rating and issued a $57.00 price objective on shares of Tapestry in a research note on Wednesday, November 20th. Finally, Guggenheim upped their target price on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the sale, the vice president now 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.18% of the company’s stock.

Tapestry Stock Down 0.4 %

Tapestry stock opened at $63.57 on Friday. Tapestry, Inc. has a twelve month low of $32.27 and a twelve month high of $65.30. The firm has a market capitalization of $14.81 billion, a P/E ratio of 18.37, a P/E/G ratio of 2.23 and a beta of 1.60. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The stock’s fifty day simple moving average is $51.32 and its 200-day simple moving average is $44.88.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.20%. Tapestry’s payout ratio is 40.46%.

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.