Cinctive Capital Management LP Trims Stake in Tapestry, Inc. (NYSE:TPR)

Cinctive Capital Management LP cut its stake in Tapestry, Inc. (NYSE:TPR) by 31.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 132,076 shares of the luxury accessories retailer’s stock after selling 60,105 shares during the period. Cinctive Capital Management LP’s holdings in Tapestry were worth $6,205,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Kestra Investment Management LLC lifted its stake in shares of Tapestry by 81.0% in the 3rd quarter. Kestra Investment Management LLC now owns 18,794 shares of the luxury accessories retailer’s stock valued at $883,000 after purchasing an additional 8,409 shares during the period. Erste Asset Management GmbH bought a new position in Tapestry in the third quarter worth $64,016,000. True Wealth Design LLC purchased a new position in Tapestry during the third quarter valued at $83,000. Edgestream Partners L.P. purchased a new position in Tapestry during the third quarter valued at $4,360,000. Finally, Captrust Financial Advisors boosted its holdings in shares of Tapestry by 97.9% during the 3rd quarter. Captrust Financial Advisors now owns 22,505 shares of the luxury accessories retailer’s stock valued at $1,057,000 after buying an additional 11,131 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research analysts recently issued reports on TPR shares. Bank of America increased their price target on shares of Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Citigroup lifted their target price on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird boosted their price target on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 15th. TD Cowen lowered Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective for the company. in a research report on Tuesday, October 29th. Finally, BMO Capital Markets boosted their target price on Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.78.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction on 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 sale, the vice president now owns 35,003 shares in the company, valued at approximately $2,028,773.88. This represents a 20.22 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.18% of the company’s stock.

Tapestry Stock Up 2.2 %

TPR opened at $62.28 on Monday. The stock has a market capitalization of $14.51 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 2.16 and a beta of 1.53. The firm has a 50 day moving average price of $49.84 and a 200-day moving average price of $44.30. Tapestry, Inc. has a twelve month low of $31.37 and a twelve month high of $62.64. 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 Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.25%. 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.