Bridgewater Associates LP Cuts Stock Holdings in Tapestry, Inc. (NYSE:TPR)

Bridgewater Associates LP cut its stake in Tapestry, Inc. (NYSE:TPR) by 19.9% in the third quarter, HoldingsChannel reports. The firm owned 487,776 shares of the luxury accessories retailer’s stock after selling 121,126 shares during the quarter. Bridgewater Associates LP’s holdings in Tapestry were worth $22,916,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Waldron Private Wealth LLC purchased a new stake in shares of Tapestry during the 3rd quarter worth $25,000. Massmutual Trust Co. FSB ADV grew its position in shares of Tapestry by 54.0% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after buying an additional 328 shares during the last quarter. Brooklyn Investment Group purchased a new stake in Tapestry in the third quarter valued at $47,000. Blue Trust Inc. boosted its stake in Tapestry by 111.9% in the second quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after acquiring an additional 556 shares in the last quarter. Finally, MUFG Securities EMEA plc boosted its stake in Tapestry by 34.9% in 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. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the company’s 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 transaction, the vice president now directly 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 1.18% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on TPR shares. Daiwa America raised Tapestry to a “hold” rating in a report on Monday, November 18th. Citigroup lifted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Raymond James restated an “outperform” rating and set a $57.00 price objective (up previously from $55.00) on shares of Tapestry in a research report on Friday, November 8th. BMO Capital Markets raised their price objective on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Finally, Telsey Advisory Group increased their target price on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $57.78.

Tapestry Stock Performance

NYSE:TPR opened at $60.92 on Thursday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. The company has a market capitalization of $14.20 billion, a P/E ratio of 17.61, a price-to-earnings-growth ratio of 2.11 and a beta of 1.53. The firm has a 50-day moving average price of $48.73 and a two-hundred day moving average price of $43.90. Tapestry, Inc. has a twelve month low of $30.68 and a twelve month high of $61.59.

Tapestry Dividend Announcement

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 annualized dividend and a dividend yield of 2.30%. Tapestry’s dividend payout ratio is currently 40.46%.

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.