Manning & Napier Advisors LLC Sells 25,257 Shares of Tapestry, Inc. (NYSE:TPR)

Manning & Napier Advisors LLC decreased its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 40.8% in the fourth quarter, Holdings Channel reports. The firm owned 36,599 shares of the luxury accessories retailer’s stock after selling 25,257 shares during the quarter. Manning & Napier Advisors LLC’s holdings in Tapestry were worth $2,391,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Patton Fund Management Inc. bought a new position in Tapestry during the fourth quarter worth about $8,549,000. Robeco Institutional Asset Management B.V. lifted its stake in Tapestry by 0.9% during the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock worth $1,261,000 after purchasing an additional 170 shares during the period. IRON Financial LLC lifted its stake in Tapestry by 4.5% during the fourth quarter. IRON Financial LLC now owns 4,882 shares of the luxury accessories retailer’s stock worth $319,000 after purchasing an additional 208 shares during the period. KBC Group NV lifted its stake in Tapestry by 55.2% during the fourth quarter. KBC Group NV now owns 9,620 shares of the luxury accessories retailer’s stock worth $628,000 after purchasing an additional 3,421 shares during the period. Finally, Blue Trust Inc. lifted its stake in Tapestry by 73.6% during the fourth quarter. Blue Trust Inc. now owns 3,784 shares of the luxury accessories retailer’s stock worth $247,000 after purchasing an additional 1,604 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on TPR shares. The Goldman Sachs Group lifted their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Raymond James reiterated an “outperform” rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. UBS Group lifted their target price on shares of Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a research note on Friday, January 10th. Wells Fargo & Company lifted their target price on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Jefferies Financial Group lifted their target price on shares of Tapestry from $80.00 to $83.00 and gave the company a “buy” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average target price of $65.56.

Insider Activity

In other 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 owns 35,003 shares of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.18% of the stock is owned by company insiders.

Tapestry Price Performance

Shares of TPR stock opened at $75.80 on Friday. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $76.49. The firm has a market capitalization of $17.66 billion, a price-to-earnings ratio of 21.91, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The firm has a fifty day moving average of $66.27 and a 200-day moving average of $51.87.

Tapestry Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were issued a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 1.85%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio (DPR) 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.