Tapestry, Inc. (NYSE:TPR) Shares Sold by Commerce Bank

Commerce Bank trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 56.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 9,092 shares of the luxury accessories retailer’s stock after selling 11,620 shares during the period. Commerce Bank’s holdings in Tapestry were worth $427,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Waldron Private Wealth LLC purchased a new stake in Tapestry in the third quarter valued at $25,000. Massmutual Trust Co. FSB ADV boosted its stake in shares of Tapestry by 54.0% in the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after buying an additional 328 shares during the last quarter. Blue Trust Inc. grew its holdings in Tapestry by 111.9% during the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock worth $50,000 after acquiring an additional 556 shares during the period. MUFG Securities EMEA plc raised its position in Tapestry by 34.9% during the second quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares in the last quarter. Finally, Chilton Capital Management LLC acquired a new position in Tapestry in the second quarter valued at approximately $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Stock Up 0.3 %

Shares of NYSE TPR opened at $61.06 on Wednesday. The stock has a market cap of $14.23 billion, a PE ratio of 17.64, a P/E/G ratio of 2.04 and a beta of 1.53. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a 12-month low of $30.20 and a 12-month high of $61.44. The company has a 50-day moving average of $48.37 and a 200 day moving average of $43.75.

Tapestry Announces Dividend

The business 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 dividend on an annualized basis and a yield of 2.29%. Tapestry’s payout ratio is 40.46%.

Insiders Place Their Bets

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.18% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

TPR has been the subject of several recent research reports. Robert W. Baird lifted their target price on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a report on Tuesday, October 29th. Guggenheim increased their target price 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. Wells Fargo & Company lifted their price target on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Finally, Raymond James reiterated an “outperform” rating and set a $57.00 price target (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

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.