Franklin Resources Inc. Acquires 15,585 Shares of Tapestry, Inc. (NYSE:TPR)

Franklin Resources Inc. boosted its holdings in Tapestry, Inc. (NYSE:TPR) by 10.6% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 163,234 shares of the luxury accessories retailer’s stock after acquiring an additional 15,585 shares during the quarter. Franklin Resources Inc. owned 0.07% of Tapestry worth $7,442,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in Tapestry by 7.5% during the third quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock valued at $20,381,000 after purchasing an additional 30,121 shares in the last quarter. Fiera Capital Corp lifted its position in shares of Tapestry by 1.2% during the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after buying an additional 17,497 shares during the period. Assenagon Asset Management S.A. acquired a new stake in Tapestry in the 3rd quarter valued at $5,446,000. Valley Wealth Managers Inc. grew its position in Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after acquiring an additional 8,833 shares during the period. Finally, Westfield Capital Management Co. LP raised its stake 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 acquiring an additional 219,544 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling at Tapestry

In other news, VP Manesh Dadlani sold 8,872 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was 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 directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.18% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on TPR. Citigroup boosted their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. TD Cowen lowered shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research report on Tuesday, October 29th. Evercore ISI upped their price objective on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. JPMorgan Chase & Co. lifted their target price on shares of Tapestry from $66.00 to $75.00 and gave the company an “overweight” rating in a research note on Monday, December 16th. Finally, Telsey Advisory Group increased their price target on Tapestry from $58.00 to $67.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. Six investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.24.

Tapestry Stock Up 2.4 %

Shares of NYSE:TPR opened at $64.15 on Monday. The company has a debt-to-equity ratio of 2.35, a current ratio of 4.93 and a quick ratio of 4.38. The stock has a market cap of $14.95 billion, a price-to-earnings ratio of 18.54, a P/E/G ratio of 1.80 and a beta of 1.60. The company has a 50 day moving average of $55.03 and a 200-day moving average of $46.47. Tapestry, Inc. has a one year low of $35.23 and a one year high of $65.30.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.18%. The ex-dividend date is Friday, December 6th. Tapestry’s payout ratio is 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.