WT Asset Management Ltd Buys Shares of 654,547 Tapestry, Inc. (NYSE:TPR)

WT Asset Management Ltd purchased a new position in shares of Tapestry, Inc. (NYSE:TPR) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 654,547 shares of the luxury accessories retailer’s stock, valued at approximately $42,762,000. Tapestry makes up 4.7% of WT Asset Management Ltd’s portfolio, making the stock its 10th largest position.

Other institutional investors and hedge funds have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings 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 acquiring an additional 272,007 shares during the period. Pacer Advisors Inc. increased its holdings in Tapestry by 1.0% in the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after purchasing an additional 58,135 shares during the last quarter. Geode Capital Management LLC lifted its stake in Tapestry by 1.5% in the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock valued at $262,156,000 after buying an additional 80,681 shares during the period. Westfield Capital Management Co. LP boosted its holdings in Tapestry by 14.8% during 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 during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Tapestry by 8.9% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,414,618 shares of the luxury accessories retailer’s stock worth $66,459,000 after buying an additional 115,340 shares during the period. 90.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research firms recently weighed in on TPR. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research note on Tuesday, October 29th. Raymond James reissued an “outperform” rating and issued a $57.00 price target (up previously from $55.00) on shares of Tapestry in a report on Friday, November 8th. Wells Fargo & Company increased their price target on Tapestry from $75.00 to $90.00 and gave the stock an “overweight” rating in a report on Monday. BMO Capital Markets increased their target price on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday, November 18th. Finally, StockNews.com lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $67.28.

Tapestry Stock Performance

Shares of TPR stock opened at $72.92 on Wednesday. The stock has a market cap of $16.99 billion, a P/E ratio of 21.08, a P/E/G ratio of 2.07 and a beta of 1.58. The company has a fifty day moving average price of $67.05 and a two-hundred day moving average price of $52.66. Tapestry, Inc. has a one year low of $35.23 and a one year high of $76.49. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were paid a $0.35 dividend. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 1.92%. Tapestry’s dividend payout ratio is 40.46%.

Insider Activity

In other 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 transaction of $514,221.12. Following the completion of the sale, the vice president now owns 35,003 shares in the company, valued at approximately $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 can be accessed through this link. Insiders own 1.18% of the company’s stock.

About Tapestry

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.