Tapestry (NYSE:TPR) CEO Joanne Crevoiserat Sells 27,761 Shares of Stock

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the completion of the sale, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Trading Down 1.8%

NYSE TPR opened at $129.38 on Friday. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The company has a market capitalization of $25.80 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43. The company’s 50-day simple moving average is $145.46 and its two-hundred day simple moving average is $144.86. Tapestry, Inc. has a one year low of $93.00 and a one year high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The firm had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same quarter in the prior year, the company earned $1.04 EPS. The company’s revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Equities analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This is an increase from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 4th. Tapestry’s dividend payout ratio (DPR) is currently 21.95%.

Hedge Funds Weigh In On Tapestry

A number of large investors have recently made changes to their positions in TPR. Cetera Trust Company N.A acquired a new stake in shares of Tapestry in the 2nd quarter worth $26,000. Acumen Wealth Advisors LLC purchased a new stake in Tapestry in the fourth quarter valued at about $28,000. Triumph Capital Management purchased a new stake in Tapestry in the third quarter valued at about $29,000. Keating Financial Advisory Services Inc. acquired a new stake in Tapestry in the second quarter worth about $31,000. Finally, Virtus Advisers LLC purchased a new stake in shares of Tapestry during the second quarter worth about $32,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. BTIG Research cut their price target on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Wells Fargo & Company decreased their price objective on Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research note on Thursday, August 13th. Robert W. Baird raised their price objective on Tapestry from $160.00 to $165.00 and gave the company an “outperform” rating in a research report on Wednesday, April 29th. Evercore set a $175.00 target price on Tapestry in a research note on Friday, May 8th. Finally, Wall Street Zen downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $175.12.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.