Kestra Investment Management LLC Raises Holdings in Tapestry, Inc. (NYSE:TPR)

Kestra Investment Management LLC boosted its stake in Tapestry, Inc. (NYSE:TPR) by 81.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,794 shares of the luxury accessories retailer’s stock after purchasing an additional 8,409 shares during the period. Kestra Investment Management LLC’s holdings in Tapestry were worth $883,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Manning & Napier Advisors LLC bought a new stake in Tapestry during the 2nd quarter valued at $3,718,000. Victory Capital Management Inc. increased its position in shares of Tapestry by 7.5% in the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after acquiring an additional 30,121 shares during the period. Fiera Capital Corp raised its stake in shares of Tapestry by 1.2% during the second quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock valued at $62,590,000 after acquiring an additional 17,497 shares during the last quarter. Assenagon Asset Management S.A. purchased a new stake in shares of Tapestry during the third quarter worth about $5,446,000. Finally, Valley Wealth Managers Inc. grew its stake in shares of Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after purchasing an additional 8,833 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

TPR has been the subject of several research analyst reports. Daiwa America upgraded Tapestry to a “hold” rating in a report on Monday, November 18th. Raymond James reiterated an “outperform” rating and issued a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Barclays reissued an “equal weight” rating and set a $57.00 price objective on shares of Tapestry in a research report on Wednesday, November 20th. Citigroup lifted their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Evercore ISI increased their price target on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction that occurred 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 sale, 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 document filed with the SEC, which can be accessed through the SEC website. 1.18% of the stock is owned by insiders.

Tapestry Stock Up 2.2 %

Shares of Tapestry stock opened at $62.28 on Monday. The stock has a market capitalization of $14.51 billion, a PE ratio of 18.00, a price-to-earnings-growth ratio of 2.16 and a beta of 1.53. 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 company has a 50-day simple moving average of $49.84 and a two-hundred day simple moving average of $44.30. Tapestry, Inc. has a 52-week low of $31.37 and a 52-week high of $62.64.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.25%. Tapestry’s dividend payout ratio (DPR) 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.