Tapestry (NYSE:TPR) CEO Sells $4,058,400.00 in Stock

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 30,000 shares of the stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $135.28, for a total value of $4,058,400.00. Following the sale, the chief executive officer directly owned 92,368 shares in the company, valued at $12,495,543.04. This represents a 24.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Tapestry Stock Performance

Shares of NYSE TPR traded down $0.37 during trading on Tuesday, reaching $135.70. 2,517,527 shares of the company traded hands, compared to its average volume of 2,610,306. The stock has a market cap of $27.06 billion, a P/E ratio of 17.46, a PEG ratio of 1.58 and a beta of 1.44. The firm’s fifty day simple moving average is $117.62 and its 200 day simple moving average is $136.97. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a 12-month low of $99.00 and a 12-month high of $164.80.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.26. The firm had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The company’s revenue was up 11.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.38 earnings per share. As a group, research analysts anticipate that Tapestry, Inc. will post 8.29 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, December 4th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, December 4th. Tapestry’s dividend payout ratio is currently 23.81%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Wall Street Zen lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Telsey Advisory Group lifted their price objective on shares of Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. UBS Group decreased their price objective on shares of Tapestry from $232.00 to $200.00 and set a “buy” rating for the company in a research report on Tuesday, October 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Tapestry from $205.00 to $211.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 4th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Tapestry presently has an average rating of “Moderate Buy” and an average price target of $167.26.

Institutional Trading of Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the business. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Tapestry in the second quarter valued at about $43,929,000. Tidal Investments LLC boosted its stake in Tapestry by 14.7% during the second quarter. Tidal Investments LLC now owns 67,741 shares of the luxury accessories retailer’s stock worth $9,916,000 after buying an additional 8,656 shares during the period. Raiffeisen Bank International AG increased its position in shares of Tapestry by 13,153.1% during the second quarter. Raiffeisen Bank International AG now owns 23,193 shares of the luxury accessories retailer’s stock valued at $3,399,000 after acquiring an additional 23,018 shares during the last quarter. SEB Asset Management AB acquired a new stake in shares of Tapestry during the first quarter valued at about $59,525,000. Finally, BlackRock Inc. acquired a new stake in shares of Tapestry during the second quarter valued at about $2,610,995,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

About Tapestry

Tapestry, Inc. is a global fashion company whose portfolio includes Coach and Kate Spade New York. The company designs and sells handbags, accessories, footwear, apparel, jewelry and other lifestyle products through retail stores, e-commerce and wholesale partners. Based in New York, Tapestry serves customers in North America and international markets, including Asia and Europe. Its brands reach consumers through company-operated stores and digital channels as well as select department stores and other retail partners.