Brooklyn Investment Group Invests $47,000 in Tapestry, Inc. (NYSE:TPR)

Brooklyn Investment Group purchased a new position in Tapestry, Inc. (NYSE:TPR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 1,010 shares of the luxury accessories retailer’s stock, valued at approximately $47,000.

Several other institutional investors have also recently made changes to their positions in the company. Tidal Investments LLC boosted its position in Tapestry by 69.4% during the first quarter. Tidal Investments LLC now owns 40,785 shares of the luxury accessories retailer’s stock valued at $1,936,000 after buying an additional 16,712 shares during the period. Virtu Financial LLC purchased a new stake in Tapestry during the first quarter valued at about $445,000. Cetera Investment Advisers boosted its position in Tapestry by 125.0% during the first quarter. Cetera Investment Advisers now owns 53,156 shares of the luxury accessories retailer’s stock valued at $2,524,000 after buying an additional 29,529 shares during the period. Cetera Advisors LLC boosted its position in Tapestry by 110.1% during the first quarter. Cetera Advisors LLC now owns 16,175 shares of the luxury accessories retailer’s stock valued at $768,000 after buying an additional 8,476 shares during the period. Finally, DekaBank Deutsche Girozentrale boosted its position in Tapestry by 75.5% during the first quarter. DekaBank Deutsche Girozentrale now owns 9,642 shares of the luxury accessories retailer’s stock valued at $448,000 after buying an additional 4,148 shares during the period. Institutional investors own 90.77% of the company’s stock.

Insider Activity

In related news, VP Manesh Dadlani sold 8,872 shares of the business’s 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 transaction, the vice president now directly owns 35,003 shares in the company, valued at $2,028,773.88. The trade was a 20.22 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.18% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on TPR. The Goldman Sachs Group upped their price target on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research report on Friday, November 15th. Robert W. Baird raised their target price on Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 15th. Citigroup raised their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Daiwa America raised Tapestry to a “hold” rating in a research note on Monday, November 18th. Finally, Evercore ISI raised their target price on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

Tapestry Price Performance

TPR stock opened at $62.28 on Friday. The firm has a 50 day moving average price of $49.45 and a 200-day moving average price of $44.14. Tapestry, Inc. has a 52-week low of $31.37 and a 52-week high of $62.64. The firm has a market capitalization of $14.51 billion, a price-to-earnings ratio of 18.00, a PEG ratio of 2.11 and a beta of 1.53. 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 Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 2.25%. Tapestry’s payout ratio is 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.