Ninety One SA PTY Ltd Sells 21,317 Shares of Tapestry, Inc. (NYSE:TPR)

Ninety One SA PTY Ltd lessened its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 28.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 53,783 shares of the luxury accessories retailer’s stock after selling 21,317 shares during the quarter. Ninety One SA PTY Ltd’s holdings in Tapestry were worth $3,514,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Robeco Institutional Asset Management B.V. raised its stake in Tapestry by 0.9% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer’s stock valued at $1,261,000 after purchasing an additional 170 shares in the last quarter. Valley National Advisers Inc. raised its position in shares of Tapestry by 0.5% during the 4th quarter. Valley National Advisers Inc. now owns 43,355 shares of the luxury accessories retailer’s stock valued at $2,831,000 after buying an additional 202 shares in the last quarter. Redwood Investment Management LLC lifted its holdings in shares of Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after acquiring an additional 204 shares during the last quarter. IRON Financial LLC grew its position in Tapestry by 4.5% in the fourth quarter. IRON Financial LLC now owns 4,882 shares of the luxury accessories retailer’s stock worth $319,000 after acquiring an additional 208 shares in the last quarter. Finally, Lebenthal Global Advisors LLC grew its position in Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock worth $367,000 after acquiring an additional 215 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Transactions at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction dated 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 of the company’s stock, valued at $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Citigroup lifted their price target on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. JPMorgan Chase & Co. increased their price target on shares of Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research report on Monday, December 16th. Guggenheim lifted their price target on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Robert W. Baird upped their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $67.28.

Tapestry Price Performance

TPR opened at $72.92 on Wednesday. The stock’s 50 day moving average price is $67.05 and its 200-day moving average price is $52.66. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $76.49. The stock has a market capitalization of $16.99 billion, a PE ratio of 21.08, a price-to-earnings-growth 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.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were issued a $0.35 dividend. The ex-dividend date was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 1.92%. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

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.