Ballentine Partners LLC lowered its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 16.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,319 shares of the luxury accessories retailer’s stock after selling 1,697 shares during the period. Ballentine Partners LLC’s holdings in Tapestry were worth $237,000 at the end of the most recent reporting period.
A number of other institutional investors have also modified their holdings of the stock. Truist Financial Corp increased its holdings in shares of Tapestry by 8.9% in the third quarter. Truist Financial Corp now owns 54,574 shares of the luxury accessories retailer’s stock valued at $1,551,000 after purchasing an additional 4,464 shares during the period. Wipfli Financial Advisors LLC acquired a new position in Tapestry during the third quarter worth $48,000. Fort Washington Investment Advisors Inc. OH grew its holdings in Tapestry by 21.3% during the third quarter. Fort Washington Investment Advisors Inc. OH now owns 9,481 shares of the luxury accessories retailer’s stock worth $270,000 after acquiring an additional 1,667 shares during the period. Janney Montgomery Scott LLC grew its holdings in Tapestry by 35.8% during the third quarter. Janney Montgomery Scott LLC now owns 34,345 shares of the luxury accessories retailer’s stock worth $976,000 after acquiring an additional 9,063 shares during the period. Finally, Fifth Third Bancorp grew its holdings in Tapestry by 14.8% during the third quarter. Fifth Third Bancorp now owns 176,279 shares of the luxury accessories retailer’s stock worth $5,012,000 after acquiring an additional 22,675 shares during the period. Institutional investors and hedge funds own 92.84% of the company’s stock.
Wall Street Analyst Weigh In
TPR has been the topic of a number of recent analyst reports. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a report on Wednesday, December 21st. The Goldman Sachs Group raised Tapestry from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $37.00 to $44.00 in a report on Monday, December 12th. Barclays dropped their price objective on Tapestry to $38.00 in a report on Wednesday, November 16th. JPMorgan Chase & Co. boosted their target price on Tapestry from $46.00 to $47.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 29th. Finally, Citigroup decreased their target price on Tapestry from $42.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, November 14th. Four analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.88.
Tapestry Stock Up 3.3 %
Tapestry (NYSE:TPR – Get Rating) last released its earnings results on Thursday, November 10th. The luxury accessories retailer reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.74 by $0.05. Tapestry had a return on equity of 35.86% and a net margin of 12.29%. The firm had revenue of $1.51 billion for the quarter, compared to the consensus estimate of $1.51 billion. As a group, equities research analysts forecast that Tapestry, Inc. will post 3.63 earnings per share for the current fiscal year.
Tapestry Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 27th. Investors of record on Friday, December 9th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, December 8th. This represents a $1.20 annualized dividend and a yield of 2.92%. Tapestry’s dividend payout ratio (DPR) is presently 38.10%.
Insider Buying and Selling
In related news, VP Manesh Dadlani sold 1,582 shares of the stock in a transaction dated Friday, December 2nd. The stock was sold at an average price of $38.53, for a total transaction of $60,954.46. Following the transaction, the vice president now directly owns 39,375 shares in the company, valued at $1,517,118.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by company insiders.
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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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