ZWJ Investment Counsel Inc. Sells 45,512 Shares of Tapestry, Inc. (NYSE:TPR)

ZWJ Investment Counsel Inc. lowered its position in Tapestry, Inc. (NYSE:TPR) by 24.5% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 140,471 shares of the luxury accessories retailer’s stock after selling 45,512 shares during the quarter. ZWJ Investment Counsel Inc.’s holdings in Tapestry were worth $9,177,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of the business. Waldron Private Wealth LLC bought a new position in shares of Tapestry in the third quarter worth about $25,000. Brooklyn Investment Group purchased a new stake in Tapestry during the 3rd quarter valued at approximately $47,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Tapestry during the 2nd quarter valued at approximately $68,000. Abich Financial Wealth Management LLC bought a new stake in shares of Tapestry during the second quarter valued at approximately $69,000. Finally, Deseret Mutual Benefit Administrators lifted its holdings in shares of Tapestry by 68.2% in the third quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after buying an additional 605 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $71.48 on Tuesday. 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 $16.66 billion, a price-to-earnings ratio of 20.66, a PEG ratio of 1.91 and a beta of 1.58. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $72.09. The firm’s 50-day moving average is $63.25 and its 200 day moving average is $50.21.

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 $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.96%. Tapestry’s payout ratio is 40.46%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. UBS Group lifted their price target on shares of Tapestry from $57.00 to $70.00 and gave the company a “neutral” rating in a report on Friday, January 10th. Jefferies Financial Group upgraded Tapestry from a “hold” rating to a “buy” rating and boosted their target price for the stock from $50.00 to $80.00 in a research report on Thursday, December 19th. Bank of America increased their price target on Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Guggenheim upped their price objective on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Finally, BMO Capital Markets raised their target price on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $64.76.

Insider Buying and Selling

In related news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were 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 of the company’s stock, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.18% of the stock is owned by corporate insiders.

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.