Lifestyle Asset Management Inc. Sells 222 Shares of Tapestry, Inc. (NYSE:TPR)

Lifestyle Asset Management Inc. cut its stake in Tapestry, Inc. (NYSE:TPR) by 0.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,431 shares of the luxury accessories retailer’s stock after selling 222 shares during the period. Tapestry accounts for about 0.9% of Lifestyle Asset Management Inc.’s investment portfolio, making the stock its 21st biggest position. Lifestyle Asset Management Inc.’s holdings in Tapestry were worth $1,596,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its stake in shares of Tapestry by 3.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock worth $357,732,000 after acquiring an additional 272,007 shares during the last quarter. Pacer Advisors Inc. raised its stake in shares of Tapestry by 1.0% during the third quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock worth $285,580,000 after buying an additional 58,135 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Tapestry by 1.5% during the third quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after buying an additional 80,681 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in shares of Tapestry by 14.8% during the third quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock worth $79,822,000 after buying an additional 219,544 shares during the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Tapestry by 235.9% during the second quarter. AQR Capital Management LLC now owns 1,497,514 shares of the luxury accessories retailer’s stock worth $61,578,000 after buying an additional 1,051,743 shares during the last quarter. 90.77% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Manesh Dadlani sold 8,872 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was 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 owns 35,003 shares in the company, valued at $2,028,773.88. This trade represents 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. 1.18% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on TPR. Evercore ISI boosted their price target on shares of Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a research note on Friday, October 25th. Wells Fargo & Company boosted their price target on shares of Tapestry from $65.00 to $75.00 and gave the stock an “overweight” rating in a research note on Friday, November 15th. Guggenheim boosted their price target on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target for the company. in a research note on Tuesday, October 29th. Finally, Jefferies Financial Group raised shares of Tapestry from a “hold” rating to a “buy” rating and upped their target price for the company from $50.00 to $80.00 in a research note on Thursday, December 19th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and a consensus price target of $64.78.

Tapestry Stock Up 0.3 %

NYSE:TPR opened at $73.56 on Friday. The stock has a 50-day simple moving average of $64.47 and a 200 day simple moving average of $50.77. Tapestry, Inc. has a 52-week low of $35.23 and a 52-week high of $74.54. The company has a market cap of $17.14 billion, a PE ratio of 21.26, a PEG ratio of 2.09 and a beta of 1.58. 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 declared a quarterly dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 6th were paid a dividend of $0.35 per share. The ex-dividend date was Friday, December 6th. This represents a $1.40 annualized dividend and a dividend yield of 1.90%. Tapestry’s dividend payout ratio 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.