Patton Fund Management Inc. Takes $8.55 Million Position in Tapestry, Inc. (NYSE:TPR)

Patton Fund Management Inc. acquired a new stake in shares of Tapestry, Inc. (NYSE:TPR) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 130,862 shares of the luxury accessories retailer’s stock, valued at approximately $8,549,000. Tapestry makes up 1.7% of Patton Fund Management Inc.’s investment portfolio, making the stock its 10th biggest position.

Other large investors also recently modified their holdings of the company. Public Sector Pension Investment Board boosted its stake in Tapestry by 13.2% in the 2nd quarter. Public Sector Pension Investment Board now owns 38,919 shares of the luxury accessories retailer’s stock valued at $1,665,000 after buying an additional 4,528 shares in the last quarter. Marshall Wace LLP bought a new position in shares of Tapestry during the second quarter valued at $311,000. Magnolia Capital Advisors LLC bought a new position in Tapestry during the 2nd quarter valued at about $295,000. Creative Planning boosted its position in Tapestry by 1.0% in the second quarter. Creative Planning now owns 48,518 shares of the luxury accessories retailer’s stock valued at $2,076,000 after buying an additional 457 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Tapestry by 7.9% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 12,118 shares of the luxury accessories retailer’s stock worth $519,000 after buying an additional 884 shares during the last quarter. 90.77% of the stock is currently owned by institutional investors.

Insider Activity

In other Tapestry news, VP Manesh Dadlani sold 8,872 shares of Tapestry 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 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.18% of the stock is owned by company insiders.

Tapestry Stock Up 1.8 %

Tapestry stock opened at $73.79 on Wednesday. The firm has a market capitalization of $17.20 billion, a price-to-earnings ratio of 21.33, a PEG ratio of 2.07 and a beta of 1.58. The company’s 50 day simple moving average is $65.50 and its 200 day simple moving average is $51.54. 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 fifty-two week low of $35.23 and a fifty-two week high of $75.78.

Tapestry Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were given a dividend of $0.35 per share. The ex-dividend date was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.90%. Tapestry’s dividend payout ratio is 40.46%.

Analyst Ratings Changes

TPR has been the topic of several recent analyst reports. 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. Evercore ISI boosted their price objective on Tapestry from $68.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday. Raymond James reaffirmed an “outperform” rating and issued a $57.00 price target (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Wells Fargo & Company upped their price target on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Finally, Robert W. Baird raised their price target on shares of Tapestry from $58.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 15th. Six analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $65.56.

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.