Guidance Capital Inc. Acquires New Shares in Tapestry, Inc. (NYSE:TPR)

Guidance Capital Inc. bought a new position in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 12,087 shares of the luxury accessories retailer’s stock, valued at approximately $790,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Erste Asset Management GmbH bought a new stake in shares of Tapestry in the third quarter worth about $64,016,000. Bank of Montreal Can lifted its holdings in shares of Tapestry by 76.6% during the 3rd 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 in the last quarter. Charles Schwab Investment Management Inc. increased its stake in Tapestry by 3.7% during the 3rd 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. Westfield Capital Management Co. LP increased its stake in Tapestry by 14.8% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after purchasing an additional 219,544 shares in the last quarter. Finally, Empowered Funds LLC raised its holdings in Tapestry by 972.6% during the 3rd quarter. Empowered Funds LLC now owns 203,491 shares of the luxury accessories retailer’s stock worth $9,560,000 after buying an additional 184,519 shares during the period. Institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated 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 directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.18% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently commented on TPR. Bank of America raised their price objective on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. UBS Group upped their price objective on Tapestry from $57.00 to $70.00 and gave the stock a “neutral” rating in a research report on Friday, January 10th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Finally, Guggenheim boosted their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Six analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $67.28.

Tapestry Stock Performance

Shares of Tapestry stock opened at $72.92 on Wednesday. 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 company has a market cap of $16.99 billion, a PE ratio of 21.08, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The company has a 50 day moving average of $67.05 and a 200-day moving average of $52.66. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $76.49.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

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.