Principal Financial Group Inc. Trims Stake in Tapestry, Inc. (NYSE:TPR)

Principal Financial Group Inc. trimmed its position in Tapestry, Inc. (NYSE:TPR) by 1.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 269,821 shares of the luxury accessories retailer’s stock after selling 3,383 shares during the quarter. Principal Financial Group Inc. owned 0.12% of Tapestry worth $12,676,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Victory Capital Management Inc. raised its holdings in shares of Tapestry by 7.5% in the 3rd 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 in the last quarter. Fiera Capital Corp raised its stake in Tapestry by 1.2% in 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. Assenagon Asset Management S.A. purchased a new stake in Tapestry during the third quarter worth $5,446,000. Valley Wealth Managers Inc. boosted its position in Tapestry by 2.1% during the 3rd quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after acquiring an additional 8,833 shares in the last quarter. Finally, Westfield Capital Management Co. LP increased its holdings in shares of Tapestry by 14.8% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,699,067 shares of the luxury accessories retailer’s stock valued at $79,822,000 after acquiring an additional 219,544 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Tapestry Stock Performance

TPR opened at $65.87 on Friday. The company has a current ratio of 4.93, a quick ratio of 4.38 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $66.47. The firm has a 50 day moving average of $57.04 and a two-hundred day moving average of $47.20. The firm has a market capitalization of $15.35 billion, a PE ratio of 19.04, a P/E/G ratio of 1.80 and a beta of 1.60.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 23rd. Investors of record on Friday, December 6th were given a dividend of $0.35 per share. The ex-dividend date of this dividend was Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a yield of 2.13%. Tapestry’s dividend payout ratio is presently 40.46%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TPR shares. TD Cowen downgraded Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price objective on the stock. in a research report on Tuesday, October 29th. Raymond James restated 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. Bank of America boosted 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. The Goldman Sachs Group raised their target price on shares of Tapestry from $58.00 to $66.00 and gave the company a “buy” rating in a research note on Friday, November 15th. Finally, Daiwa America raised Tapestry to a “hold” rating in a research report on Monday, November 18th. Six analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $61.24.

Insider Buying and Selling at Tapestry

In related news, VP Manesh Dadlani sold 8,872 shares of Tapestry stock in a transaction that occurred 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 transaction, the vice president now directly owns 35,003 shares in the company, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is owned by corporate insiders.

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.