Penserra Capital Management LLC Sells 2,093 Shares of Tapestry, Inc. (NYSE:TPR)

Penserra Capital Management LLC decreased its position in Tapestry, Inc. (NYSE:TPR) by 7.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 26,613 shares of the luxury accessories retailer’s stock after selling 2,093 shares during the quarter. Penserra Capital Management LLC’s holdings in Tapestry were worth $1,249,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of TPR. Pacer Advisors Inc. increased its position in Tapestry by 53.1% in the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock worth $257,623,000 after purchasing an additional 2,087,586 shares during the last quarter. AQR Capital Management LLC increased its holdings in shares of Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. Coronation Fund Managers Ltd. raised its position in shares of Tapestry by 265.1% during the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after buying an additional 758,539 shares in the last quarter. Swedbank AB lifted its holdings in shares of Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after acquiring an additional 673,655 shares during the last quarter. Finally, Westwood Holdings Group Inc. purchased a new position in Tapestry in the first quarter worth about $18,183,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

Tapestry Price Performance

TPR opened at $61.06 on Wednesday. The company has a market capitalization of $14.23 billion, a price-to-earnings ratio of 17.65, a PEG ratio of 2.04 and a beta of 1.53. 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 12-month low of $30.20 and a 12-month high of $61.44. The business’s fifty day simple moving average is $48.37 and its 200-day simple moving average is $43.75.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders 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 yield of 2.29%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is 40.46%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on TPR shares. StockNews.com lowered Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. BMO Capital Markets lifted their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Wells Fargo & Company increased their target price on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. Finally, UBS Group reduced their price objective on shares of Tapestry from $42.00 to $40.00 and set a “neutral” rating on the stock in a research report on Friday, August 16th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $57.78.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $57.96, for a total transaction 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 trade represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.18% of the company’s stock.

Tapestry Company 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.