Y Intercept Hong Kong Ltd Sells 11,437 Shares of Tapestry, Inc. (NYSE:TPR)

Y Intercept Hong Kong Ltd cut its stake in Tapestry, Inc. (NYSE:TPR) by 52.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 10,438 shares of the luxury accessories retailer’s stock after selling 11,437 shares during the period. Y Intercept Hong Kong Ltd’s holdings in Tapestry were worth $490,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Orion Portfolio Solutions LLC boosted its stake in shares of Tapestry by 4.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 56,914 shares of the luxury accessories retailer’s stock valued at $2,674,000 after purchasing an additional 2,255 shares during the last quarter. National Bank of Canada FI lifted its holdings in Tapestry by 86.3% in the third quarter. National Bank of Canada FI now owns 116,762 shares of the luxury accessories retailer’s stock valued at $5,485,000 after buying an additional 54,083 shares during the period. iA Global Asset Management Inc. lifted its holdings in Tapestry by 110.7% in the third quarter. iA Global Asset Management Inc. now owns 37,489 shares of the luxury accessories retailer’s stock valued at $1,761,000 after buying an additional 19,695 shares during the period. Kovitz Investment Group Partners LLC boosted its position in Tapestry by 15.5% during the third quarter. Kovitz Investment Group Partners LLC now owns 203,076 shares of the luxury accessories retailer’s stock valued at $9,149,000 after acquiring an additional 27,244 shares during the last quarter. Finally, Wellington Management Group LLP grew its holdings in Tapestry by 20.0% during the 3rd quarter. Wellington Management Group LLP now owns 179,900 shares of the luxury accessories retailer’s stock worth $8,452,000 after acquiring an additional 29,987 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.

Tapestry Price Performance

TPR stock opened at $63.20 on Monday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. The business has a 50-day simple moving average of $53.20 and a two-hundred day simple moving average of $45.78. The company has a market capitalization of $14.73 billion, a P/E ratio of 18.27, a price-to-earnings-growth ratio of 1.80 and a beta of 1.60. Tapestry, Inc. has a 52-week low of $35.06 and a 52-week high of $65.30.

Tapestry Announces Dividend

The business also recently announced 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. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.22%. Tapestry’s payout ratio is 40.46%.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction 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 of the company’s stock, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on TPR shares. Telsey Advisory Group upped their target price on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Evercore ISI increased their price target on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. The Goldman Sachs Group raised their price objective on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Guggenheim boosted their target price on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Finally, StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $58.94.

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.