Tapestry (NYSE:TPR) Insider David Howard Sells 11,188 Shares of Company Stock

Tapestry, Inc. (NYSE:TPR) insider David Howard sold 11,188 shares of the business’s stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $133.68, for a total value of $1,495,611.84. Following the completion of the transaction, the insider owned 58,290 shares in the company, valued at $7,792,207.20. The trade was a 16.10% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Tapestry Stock Performance

TPR stock opened at $135.70 on Wednesday. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 5.70. The firm has a market cap of $27.06 billion, a PE ratio of 17.46, a P/E/G ratio of 1.54 and a beta of 1.44. The business has a 50 day moving average of $117.87 and a 200-day moving average of $137.00. Tapestry, Inc. has a 12-month low of $99.00 and a 12-month high of $164.80.

Tapestry (NYSE:TPR) last issued its quarterly 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. Tapestry had a return on equity of 274.20% and a net margin of 19.68%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period last year, the company posted $1.38 earnings per share. Tapestry’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts expect that Tapestry, Inc. will post 8.30 earnings per share for the current year.

Tapestry Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders of record on Friday, December 4th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, December 4th. Tapestry’s payout ratio is presently 23.81%.

Wall Street Analyst Weigh In

TPR has been the subject of a number of research analyst reports. BTIG Research decreased their price objective on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a report on Friday, August 14th. Weiss Ratings raised shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. Raymond James Financial dropped their target price on shares of Tapestry from $165.00 to $140.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. UBS Group dropped their target price on shares of Tapestry from $232.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, October 20th. Finally, Wells Fargo & Company increased their target price on shares of Tapestry from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, November 6th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and an average target price of $167.26.

Tapestry News Summary

Here are the key news stories impacting Tapestry this week:

• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, implying roughly 17% upside from the cited $135.70 price. Cantor Fitzgerald coverage
• Positive Sentiment: A growth-focused report highlights Coach’s pricing power, demand from Gen Z, international expansion, handbag sales and product innovation as potential supports for Tapestry’s growth. Coach growth report
• Negative Sentiment: Three company insiders sold a combined 52,432 shares for about $7.1 million. CEO Todd Kahn sold 30,000 shares, while Denise Kulikowsky and David Howard sold 11,244 and 11,188 shares, respectively. The sales reduced their individual holdings and could raise concerns about insider sentiment, although the filings do not establish the reason for the transactions. Kahn SEC filing Kulikowsky SEC filing Howard SEC filing

Institutional Trading of Tapestry

Several hedge funds have recently made changes to their positions in the company. Private Advisor Group LLC raised its stake in Tapestry by 37.0% in the 3rd quarter. Private Advisor Group LLC now owns 10,015 shares of the luxury accessories retailer’s stock valued at $1,152,000 after acquiring an additional 2,704 shares during the period. Ieq Capital LLC lifted its holdings in Tapestry by 6.7% during the third quarter. Ieq Capital LLC now owns 199,409 shares of the luxury accessories retailer’s stock valued at $22,940,000 after purchasing an additional 12,457 shares during the last quarter. Focus Advisor Solutions LLC boosted its position in Tapestry by 51.9% during the third quarter. Focus Advisor Solutions LLC now owns 33,437 shares of the luxury accessories retailer’s stock worth $3,847,000 after purchasing an additional 11,431 shares during the period. Landscape Capital Management L.L.C. boosted its position in Tapestry by 95.7% during the third quarter. Landscape Capital Management L.L.C. now owns 36,780 shares of the luxury accessories retailer’s stock worth $4,231,000 after purchasing an additional 17,984 shares during the period. Finally, Composition Wealth LLC bought a new position in Tapestry during the third quarter worth about $225,000. 90.77% of the stock is currently owned by 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.