Burney Co. Buys New Stake in Tapestry, Inc. (NYSE:TPR)

Burney Co. purchased a new stake in Tapestry, Inc. (NYSE:TPR) in the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 19,804 shares of the luxury accessories retailer’s stock, valued at approximately $1,294,000.

Other hedge funds also recently added to or reduced their stakes in the company. Pacer Advisors Inc. raised its stake in shares of Tapestry by 53.1% during the second quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after purchasing an additional 2,087,586 shares during the period. Erste Asset Management GmbH acquired a new stake in Tapestry during the 3rd quarter valued at $64,016,000. AQR Capital Management LLC increased its stake in Tapestry by 235.9% during 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 period. Bank of Montreal Can lifted its holdings in Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock worth $59,641,000 after buying an additional 539,793 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Tapestry by 3.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares during the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. UBS Group lifted their target price on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Citigroup upped their target price on Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Guggenheim lifted their price target on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Robert W. Baird increased their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Five analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $64.76.

Tapestry Stock Up 2.9 %

NYSE:TPR opened at $69.63 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. The stock has a 50 day moving average of $62.11 and a 200-day moving average of $49.51. The firm has a market capitalization of $16.23 billion, a PE ratio of 20.12, a price-to-earnings-growth ratio of 1.91 and a beta of 1.58. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $69.84.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 2.01%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry 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 sale, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.18% of the stock is currently owned by company insiders.

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.