Mutual of America Capital Management LLC lessened its stake in Tapestry, Inc. (NYSE:TPR – Get Rating) by 3.2% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 62,141 shares of the luxury accessories retailer’s stock after selling 2,079 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Tapestry were worth $1,897,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Brown Brothers Harriman & Co. raised its stake in Tapestry by 340.7% in the 1st quarter. Brown Brothers Harriman & Co. now owns 661 shares of the luxury accessories retailer’s stock valued at $25,000 after acquiring an additional 511 shares during the period. Capital Analysts LLC bought a new stake in Tapestry in the 1st quarter valued at $28,000. CVA Family Office LLC raised its stake in Tapestry by 1,606.7% in the 2nd quarter. CVA Family Office LLC now owns 1,280 shares of the luxury accessories retailer’s stock valued at $39,000 after acquiring an additional 1,205 shares during the period. Canada Pension Plan Investment Board raised its stake in Tapestry by 955.8% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,098 shares of the luxury accessories retailer’s stock valued at $41,000 after acquiring an additional 994 shares during the period. Finally, Bay Harbor Wealth Management LLC raised its stake in Tapestry by 65.9% in the 2nd quarter. Bay Harbor Wealth Management LLC now owns 1,883 shares of the luxury accessories retailer’s stock valued at $57,000 after acquiring an additional 748 shares during the period. Institutional investors own 90.77% of the company’s stock.
Analysts Set New Price Targets
A number of research firms recently weighed in on TPR. Citigroup dropped their price target on Tapestry from $42.00 to $40.00 and set a “buy” rating on the stock in a research note on Monday, November 14th. Robert W. Baird increased their price objective on Tapestry to $45.00 in a research report on Monday, August 22nd. Cowen increased their price objective on Tapestry from $40.00 to $46.00 and gave the stock an “outperform” rating in a research report on Friday, August 19th. Evercore ISI increased their price objective on Tapestry to $55.00 in a research report on Monday, August 22nd. Finally, Morgan Stanley increased their price objective on Tapestry from $35.00 to $36.00 and gave the stock an “equal weight” rating in a research report on Thursday, November 17th. Four investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.14.
Tapestry Stock Up 2.0 %
Tapestry Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 27th. Investors of record on Friday, December 9th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.25%. The ex-dividend date is Thursday, December 8th. Tapestry’s dividend payout ratio (DPR) is presently 38.10%.
Insider Activity at Tapestry
In related news, VP Manesh Dadlani sold 2,005 shares of the firm’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $36.81, for a total value of $73,804.05. Following the sale, the vice president now directly owns 33,681 shares of the company’s stock, valued at $1,239,797.61. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.81% of the stock is currently owned by insiders.
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 accessories, including handbags, such as wallets, money pieces, wristlets, and cosmetic cases; novelty accessories comprising address books, time management and travel accessories, sketchbooks, and portfolios; and key rings and charms.
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