Navis Wealth Advisors LLC Buys Shares of 3,200 Tapestry, Inc. (NYSE:TPR)

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

Several other hedge funds and other institutional investors have also modified their holdings of TPR. Redwood Investment Management LLC lifted its holdings in Tapestry by 0.4% during the 3rd quarter. Redwood Investment Management LLC now owns 47,407 shares of the luxury accessories retailer’s stock worth $2,269,000 after buying an additional 204 shares in the last quarter. Lebenthal Global Advisors LLC raised its stake in shares of Tapestry by 2.8% in the third quarter. Lebenthal Global Advisors LLC now owns 7,813 shares of the luxury accessories retailer’s stock valued at $367,000 after acquiring an additional 215 shares in the last quarter. OneDigital Investment Advisors LLC boosted its holdings in Tapestry by 3.0% in the third quarter. OneDigital Investment Advisors LLC now owns 7,520 shares of the luxury accessories retailer’s stock valued at $353,000 after purchasing an additional 218 shares during the period. Fifth Third Bancorp grew its stake in Tapestry by 1.4% during the 4th quarter. Fifth Third Bancorp now owns 17,503 shares of the luxury accessories retailer’s stock worth $1,143,000 after purchasing an additional 248 shares in the last quarter. Finally, Summit Trail Advisors LLC increased its holdings in Tapestry by 1.6% during the 3rd quarter. Summit Trail Advisors LLC now owns 16,273 shares of the luxury accessories retailer’s stock worth $765,000 after purchasing an additional 251 shares during the period. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.18% of the stock is currently owned by company insiders.

Tapestry Stock Performance

NYSE:TPR opened at $74.63 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 company has a market capitalization of $17.39 billion, a P/E ratio of 21.57, a price-to-earnings-growth ratio of 2.07 and a beta of 1.58. The firm has a 50-day moving average price of $64.82 and a two-hundred day moving average price of $51.06. Tapestry, Inc. has a twelve month low of $35.23 and a twelve month high of $75.78.

Tapestry Announces Dividend

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Citigroup lifted their price objective on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. JPMorgan Chase & Co. upped their price objective on Tapestry from $66.00 to $75.00 and gave the stock an “overweight” rating in a research report on Monday, December 16th. Jefferies Financial Group raised Tapestry from a “hold” rating to a “buy” rating and raised their target price for the stock from $50.00 to $80.00 in a research report on Thursday, December 19th. Telsey Advisory Group increased their price target on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. Finally, Guggenheim boosted their price objective on shares of 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 issued a buy rating to the company. Based on data from MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $64.78.

Tapestry 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.