Westfield Capital Management Co. LP Increases Stock Position in Tapestry, Inc. (NYSE:TPR)

Westfield Capital Management Co. LP grew its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 14.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,699,067 shares of the luxury accessories retailer’s stock after purchasing an additional 219,544 shares during the period. Westfield Capital Management Co. LP owned approximately 0.73% of Tapestry worth $79,822,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of TPR. Manning & Napier Advisors LLC purchased a new position in Tapestry in the second quarter worth $3,718,000. Lazard Asset Management LLC increased its holdings in shares of Tapestry by 611.8% in the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock valued at $3,019,000 after purchasing an additional 54,679 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Tapestry by 7.5% in 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 during the period. Fiera Capital Corp boosted its holdings in Tapestry by 1.2% during the second 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 in the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Tapestry during the third quarter worth about $5,446,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tapestry

In related 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 transaction 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 approximately $2,028,773.88. This represents a 20.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.18% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on TPR. BMO Capital Markets lifted their price target on shares of Tapestry from $55.00 to $60.00 and gave the company a “market perform” rating in a research report on Monday, November 18th. Bank of America raised their price objective 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. Raymond James reaffirmed an “outperform” rating and issued a $57.00 target price (up previously from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Guggenheim raised their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Barclays restated an “equal weight” rating and issued a $57.00 price objective on shares of Tapestry in a research report on Wednesday. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $57.78.

Tapestry Stock Performance

Shares of TPR stock opened at $58.92 on Friday. The firm has a market capitalization of $13.73 billion, a price-to-earnings ratio of 17.03, a price-to-earnings-growth ratio of 1.95 and a beta of 1.53. The company has a 50 day moving average price of $48.02 and a 200 day moving average price of $43.58. Tapestry, Inc. has a one year low of $30.20 and a one year high of $59.69. 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 Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 annualized dividend and a dividend yield of 2.38%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s dividend payout ratio (DPR) is currently 40.46%.

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.