Tapestry, Inc. (NYSE:TPR) Shares Sold by Boltwood Capital Management

Boltwood Capital Management cut its holdings in Tapestry, Inc. (NYSE:TPR) by 11.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,178 shares of the luxury accessories retailer’s stock after selling 1,215 shares during the quarter. Boltwood Capital Management’s holdings in Tapestry were worth $600,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TPR. Commonwealth Equity Services LLC lifted its position in shares of Tapestry by 1.4% during the 2nd quarter. Commonwealth Equity Services LLC now owns 33,272 shares of the luxury accessories retailer’s stock valued at $1,424,000 after acquiring an additional 450 shares during the period. Foundations Investment Advisors LLC lifted its holdings in shares of Tapestry by 6.0% in the second quarter. Foundations Investment Advisors LLC now owns 6,051 shares of the luxury accessories retailer’s stock valued at $259,000 after purchasing an additional 344 shares in the last quarter. TD Asset Management Inc increased its stake in shares of Tapestry by 5.6% during the 2nd quarter. TD Asset Management Inc now owns 113,206 shares of the luxury accessories retailer’s stock worth $4,844,000 after purchasing an additional 6,000 shares in the last quarter. Arizona State Retirement System lifted its position in shares of Tapestry by 1.9% in the second quarter. Arizona State Retirement System now owns 64,212 shares of the luxury accessories retailer’s stock valued at $2,748,000 after acquiring an additional 1,226 shares in the last quarter. Finally, Savant Capital LLC purchased a new stake in shares of Tapestry during the second quarter worth about $1,792,000. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Insider Activity at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.18% of the stock is currently owned by insiders.

Tapestry Stock Performance

Shares of NYSE TPR traded up $1.33 during mid-day trading on Monday, hitting $68.10. The company had a trading volume of 1,115,932 shares, compared to its average volume of 2,561,211. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $68.42. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The firm’s 50 day simple moving average is $59.08 and its two-hundred day simple moving average is $48.11. The stock has a market cap of $15.87 billion, a price-to-earnings ratio of 19.68, a PEG ratio of 1.80 and a beta of 1.58.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Investors 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 dividend on an annualized basis and a dividend yield of 2.06%. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Wall Street Analysts Forecast Growth

TPR has been the subject of several analyst reports. Bank of America boosted their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. StockNews.com downgraded Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research report on Tuesday, October 29th. Telsey Advisory Group increased their price target on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Finally, BMO Capital Markets raised their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. Six equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $61.24.

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.