JPMorgan Chase & Co. Decreases Stock Holdings in Tapestry, Inc. (NYSE:TPR)

JPMorgan Chase & Co. lowered its stake in Tapestry, Inc. (NYSE:TPR) by 1.3% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,303,224 shares of the luxury accessories retailer’s stock after selling 55,785 shares during the quarter. JPMorgan Chase & Co. owned 1.85% of Tapestry worth $202,165,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Waldron Private Wealth LLC bought a new stake in shares of Tapestry in the third quarter worth $25,000. Brooklyn Investment Group purchased a new position in Tapestry in the third quarter worth about $47,000. Chilton Capital Management LLC purchased a new stake in shares of Tapestry during the 2nd quarter valued at about $53,000. Deseret Mutual Benefit Administrators lifted its stake in shares of Tapestry by 68.2% in the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Tapestry in the second quarter worth approximately $68,000. Institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $65.82 on Tuesday. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $66.47. The firm has a fifty day simple moving average of $57.04 and a two-hundred day simple moving average of $47.26. The stock has a market capitalization of $15.34 billion, a P/E ratio of 19.02, a PEG ratio of 1.80 and a beta of 1.60.

Tapestry Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.13%. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the 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 sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on TPR shares. Citigroup upped their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. JPMorgan Chase & Co. raised their target price on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a report on Monday, December 16th. Robert W. Baird boosted their price target on Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. The Goldman Sachs Group raised their price objective on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Raymond James reiterated an “outperform” rating and set a $57.00 price objective (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average target price of $61.24.

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.