Geode Capital Management LLC Acquires 80,681 Shares of Tapestry, Inc. (NYSE:TPR)

Geode Capital Management LLC boosted its holdings in Tapestry, Inc. (NYSE:TPR) by 1.5% in the third quarter, Holdings Channel.com reports. The institutional investor owned 5,588,879 shares of the luxury accessories retailer’s stock after acquiring an additional 80,681 shares during the period. Geode Capital Management LLC’s holdings in Tapestry were worth $262,156,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Victory Capital Management Inc. raised its holdings in shares of Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares during the last quarter. Fiera Capital Corp raised its stake in Tapestry by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock valued at $62,590,000 after buying an additional 17,497 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Tapestry during the 3rd quarter valued at $5,446,000. Valley Wealth Managers Inc. boosted its stake in shares of Tapestry by 2.1% in the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock worth $19,971,000 after buying an additional 8,833 shares during the last quarter. Finally, Westfield Capital Management Co. LP grew its holdings in shares of Tapestry by 14.8% in the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after acquiring an additional 219,544 shares during the period. 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 the stock in a transaction dated Friday, November 15th. The shares were 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. This represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is owned by insiders.

Tapestry Trading Up 2.8 %

Shares of TPR stock opened at $63.20 on Friday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a twelve month low of $35.06 and a twelve month high of $65.30. The company’s 50-day moving average price is $53.20 and its 200-day moving average price is $45.75. The stock has a market cap of $14.73 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 1.80 and a beta of 1.60.

Tapestry Dividend Announcement

The firm 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. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on TPR shares. Evercore ISI increased their target price on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Guggenheim raised their price objective on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. The Goldman Sachs Group upped their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a report on Friday, November 15th. Citigroup lifted their price target on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Daiwa America upgraded Tapestry to a “hold” rating in a research note on Monday, November 18th. Seven equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.94.

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.