Navis Wealth Advisors LLC Invests $209,000 in Tapestry, Inc. (NYSE:TPR)

Navis Wealth Advisors LLC purchased a new stake in Tapestry, Inc. (NYSE:TPR) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,200 shares of the luxury accessories retailer’s stock, valued at approximately $209,000.

Several other institutional investors also recently bought and sold shares of the business. Erste Asset Management GmbH purchased a new stake in shares of Tapestry during the 3rd quarter valued at about $64,016,000. AQR Capital Management LLC grew its position in Tapestry by 235.9% in the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after acquiring an additional 1,051,743 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Tapestry by 76.6% during the third quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of Tapestry by 3.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after purchasing an additional 272,007 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake 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 valued at $79,822,000 after purchasing an additional 219,544 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of NYSE:TPR opened at $74.63 on Friday. The firm’s 50 day moving average is $64.82 and its two-hundred day moving average is $51.06. The firm has a market capitalization of $17.39 billion, a P/E ratio of 21.57, a PEG ratio of 2.07 and a beta of 1.58. 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 52 week low of $35.23 and a 52 week high of $75.78.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a yield of 1.88%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s payout ratio is currently 40.46%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was 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 $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.18% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

TPR has been the topic of a number of recent analyst reports. Morgan Stanley reiterated an “equal weight” rating and issued a $65.00 price objective on shares of Tapestry in a report on Tuesday, January 21st. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research note on Tuesday, October 29th. Telsey Advisory Group increased their target price on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, Citigroup increased their price objective on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Six investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $64.78.

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.