Freedom Investment Management Inc. Boosts Position in Tapestry, Inc. (NYSE:TPR)

Freedom Investment Management Inc. raised its position in Tapestry, Inc. (NYSE:TPR) by 2.0% in the 3rd quarter, Holdings Channel reports. The firm owned 36,412 shares of the luxury accessories retailer’s stock after buying an additional 717 shares during the quarter. Freedom Investment Management Inc.’s holdings in Tapestry were worth $1,711,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its position in 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 valued at $357,732,000 after purchasing an additional 272,007 shares during the last quarter. Pacer Advisors Inc. raised its position in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after buying an additional 58,135 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Tapestry by 4.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after acquiring an additional 165,406 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Tapestry by 1.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 2,732,590 shares of the luxury accessories retailer’s stock worth $116,928,000 after purchasing an additional 46,760 shares in the last quarter. Finally, Westfield Capital Management Co. LP boosted its stake in 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 worth $79,822,000 after buying an additional 219,544 shares in the last quarter. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Price Performance

Shares of Tapestry stock opened at $60.92 on Thursday. The firm has a market cap of $14.20 billion, a PE ratio of 17.61, a PEG ratio of 2.11 and a beta of 1.53. Tapestry, Inc. has a 12 month low of $30.68 and a 12 month high of $61.59. The stock has a 50 day moving average of $48.73 and a 200 day moving average of $43.90. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be paid a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.30%. The ex-dividend date is Friday, December 6th. Tapestry’s dividend payout ratio is currently 40.46%.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Robert W. Baird lifted their target price on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. TD Cowen cut shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research report on Tuesday, October 29th. Raymond James reissued an “outperform” rating and set a $57.00 target price (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Wells Fargo & Company lifted their price target on shares of Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday, November 15th. Finally, The Goldman Sachs Group lifted their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $57.78.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now owns 35,003 shares in the company, valued at $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 Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.18% of the company’s stock.

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.