Tapestry, Inc. (NYSE:TPR) Shares Sold by MetLife Investment Management LLC

MetLife Investment Management LLC reduced its stake in shares of Tapestry, Inc. (NYSE:TPR) by 2.3% in the 3rd quarter, Holdings Channel.com reports. The fund owned 59,838 shares of the luxury accessories retailer’s stock after selling 1,432 shares during the quarter. MetLife Investment Management LLC’s holdings in Tapestry were worth $2,811,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of TPR. Pacer Advisors Inc. boosted its holdings in shares of Tapestry by 53.1% in the 2nd quarter. Pacer Advisors Inc. now owns 6,020,625 shares of the luxury accessories retailer’s stock valued at $257,623,000 after buying an additional 2,087,586 shares during the period. AQR Capital Management LLC boosted its holdings in shares of Tapestry by 235.9% in the 2nd quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock valued at $61,578,000 after buying an additional 1,051,743 shares during the period. Coronation Fund Managers Ltd. boosted its holdings in shares of Tapestry by 265.1% in the 2nd quarter. Coronation Fund Managers Ltd. now owns 1,044,641 shares of the luxury accessories retailer’s stock valued at $44,700,000 after buying an additional 758,539 shares during the period. Swedbank AB boosted its holdings in shares of Tapestry by 206.5% in the 2nd quarter. Swedbank AB now owns 999,802 shares of the luxury accessories retailer’s stock valued at $42,782,000 after buying an additional 673,655 shares during the period. Finally, Bank of Montreal Can lifted its position in Tapestry by 76.6% in the 3rd quarter. Bank of Montreal Can now owns 1,244,070 shares of the luxury accessories retailer’s stock valued at $59,641,000 after purchasing an additional 539,793 shares during the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Monday, October 28th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research report on Tuesday, October 29th. 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 report on Friday, November 15th. Daiwa America upgraded shares of Tapestry to a “hold” rating in a research report on Monday, November 18th. Finally, Guggenheim lifted their price objective on shares of Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $57.78.

Tapestry Stock Performance

Shares of TPR opened at $63.83 on Thursday. The firm’s 50 day moving average is $50.63 and its 200-day moving average is $44.62. The stock has a market capitalization of $14.87 billion, a P/E ratio of 18.45, a P/E/G ratio of 2.24 and a beta of 1.60. 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, Inc. has a 12-month low of $32.20 and a 12-month high of $65.30.

Tapestry Dividend Announcement

The firm also recently disclosed 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. The ex-dividend date is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.19%. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Transactions at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred on 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. The trade was a 20.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate 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.