CIBC Asset Management Inc Increases Stock Holdings in Tapestry, Inc. (NYSE:TPR)

CIBC Asset Management Inc lifted its stake in shares of Tapestry, Inc. (NYSE:TPR) by 8.2% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 32,325 shares of the luxury accessories retailer’s stock after acquiring an additional 2,448 shares during the quarter. CIBC Asset Management Inc’s holdings in Tapestry were worth $1,519,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Waldron Private Wealth LLC acquired a new stake in Tapestry during the 3rd quarter worth $25,000. Massmutual Trust Co. FSB ADV increased its position in shares of Tapestry by 54.0% during the second quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock worth $40,000 after purchasing an additional 328 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of Tapestry by 111.9% in the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the last quarter. MUFG Securities EMEA plc boosted its position in shares of Tapestry by 34.9% in the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after purchasing an additional 317 shares during the period. Finally, Chilton Capital Management LLC acquired a new position in Tapestry during the second quarter worth approximately $53,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Bank of America lifted their target price on shares of Tapestry from $52.00 to $60.00 and gave the company a “buy” rating in a report on Friday, October 25th. Citigroup increased their target price on shares of Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. UBS Group decreased their price objective on Tapestry from $42.00 to $40.00 and set a “neutral” rating for the company in a research report on Friday, August 16th. JPMorgan Chase & Co. upped their price target on Tapestry from $51.00 to $66.00 and gave the stock an “overweight” rating in a research note on Friday, October 25th. Finally, Telsey Advisory Group lifted their price objective on shares of Tapestry from $58.00 to $67.00 and gave the company an “outperform” rating in a research report on Friday, November 15th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $57.82.

Tapestry Stock Down 1.6 %

TPR opened at $55.62 on Wednesday. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a 1 year low of $30.19 and a 1 year high of $58.49. The firm has a 50 day moving average price of $47.14 and a 200 day moving average price of $43.23. The company has a market cap of $12.96 billion, a PE ratio of 16.08, a price-to-earnings-growth ratio of 1.98 and a beta of 1.53.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be issued a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a yield of 2.52%. Tapestry’s dividend payout ratio is currently 40.46%.

Insider Buying and Selling at Tapestry

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of the 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 completion of the sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.18% of the stock is currently owned by corporate insiders.

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.