Ritholtz Wealth Management Grows Stake in Tapestry, Inc. (NYSE:TPR)

Ritholtz Wealth Management increased its holdings in Tapestry, Inc. (NYSE:TPR) by 28.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,680 shares of the luxury accessories retailer’s stock after purchasing an additional 2,793 shares during the period. Ritholtz Wealth Management’s holdings in Tapestry were worth $828,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in TPR. Envestnet Asset Management Inc. lifted its holdings in shares of Tapestry by 14.0% in the second quarter. Envestnet Asset Management Inc. now owns 512,739 shares of the luxury accessories retailer’s stock worth $21,940,000 after buying an additional 62,802 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Tapestry by 12.5% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 27,397 shares of the luxury accessories retailer’s stock valued at $1,172,000 after purchasing an additional 3,045 shares during the last quarter. Amalgamated Bank grew its position in shares of Tapestry by 6.4% during the second quarter. Amalgamated Bank now owns 74,490 shares of the luxury accessories retailer’s stock valued at $3,187,000 after purchasing an additional 4,463 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Tapestry by 6.3% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 33,373 shares of the luxury accessories retailer’s stock worth $1,428,000 after purchasing an additional 1,980 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on TPR shares. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Wells Fargo & Company boosted their price target on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Raymond James reissued an “outperform” rating and issued a $57.00 price objective (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Finally, Evercore ISI upped their target price on shares of Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a research report on Friday, October 25th. Five research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and a consensus target price of $64.76.

Tapestry Price Performance

NYSE:TPR opened at $71.48 on Monday. The company has a market capitalization of $16.66 billion, a P/E ratio of 20.66, a P/E/G ratio of 1.91 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. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $72.09. The stock’s fifty day moving average is $62.86 and its two-hundred day moving average is $49.99.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were given a $0.35 dividend. 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 1.96%. Tapestry’s payout ratio is currently 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 value of $514,221.12. Following the completion of the sale, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by insiders.

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.