Fortem Financial Group LLC Sells 193 Shares of Tapestry, Inc. (NYSE:TPR)

Fortem Financial Group LLC lessened its holdings in Tapestry, Inc. (NYSE:TPR) by 1.6% in the fourth quarter, HoldingsChannel reports. The fund owned 11,931 shares of the luxury accessories retailer’s stock after selling 193 shares during the period. Fortem Financial Group LLC’s holdings in Tapestry were worth $779,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Waldron Private Wealth LLC acquired a new position in shares of Tapestry during the 3rd quarter worth approximately $25,000. Brooklyn Investment Group acquired a new stake in Tapestry during the third quarter worth approximately $47,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Tapestry during the 2nd quarter worth $68,000. Abich Financial Wealth Management LLC acquired a new position in Tapestry in the 2nd quarter valued at $69,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in shares of Tapestry by 68.2% during the 3rd quarter. Deseret Mutual Benefit Administrators now owns 1,492 shares of the luxury accessories retailer’s stock worth $70,000 after purchasing an additional 605 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently commented on TPR. Telsey Advisory Group boosted their price target on Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Robert W. Baird lifted their price objective on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 15th. The Goldman Sachs Group upped their target price on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Finally, Guggenheim lifted their price target on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Six equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.24.

Insiders Place Their Bets

In related 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 completion of 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.18% of the company’s stock.

Tapestry Trading Up 0.8 %

TPR traded up $0.56 during midday trading on Monday, hitting $67.33. 2,880,300 shares of the company were exchanged, compared to its average volume of 3,132,903. The firm has a market capitalization of $15.69 billion, a P/E ratio of 19.46, a P/E/G ratio of 1.80 and a beta of 1.58. The firm’s 50 day moving average price is $59.08 and its 200-day moving average price is $48.11. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $68.42.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 6th were given a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a yield of 2.08%. The ex-dividend date of this dividend was Friday, December 6th. Tapestry’s dividend payout ratio is presently 40.46%.

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.