Tapestry (NYSE:TPR) Stock: Insider Todd Kahn Sells 30,000 Shares

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 30,000 shares of Tapestry stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $135.28, for a total transaction of $4,058,400.00. Following the completion of the sale, the chief executive officer owned 92,368 shares of the company’s stock, valued at $12,495,543.04. This trade represents a 24.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Tapestry Trading Down 0.3%

NYSE TPR traded down $0.37 on Tuesday, reaching $135.70. The stock had a trading volume of 2,517,527 shares, compared to its average volume of 2,610,306. The firm has a market capitalization of $27.06 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 1.58 and a beta of 1.44. The company has a quick ratio of 1.25, a current ratio of 1.75 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. The stock has a fifty day moving average price of $117.62 and a two-hundred day moving average price of $136.97.

Tapestry (NYSE:TPR) last released 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 254.95% and a net margin of 19.09%. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the firm earned $1.38 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Tapestry, Inc. will post 8.29 EPS for the current fiscal year.

Tapestry Announces Dividend

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

Institutional Trading of Tapestry

Large investors have recently modified their holdings of the stock. World Investment Advisors boosted its position in Tapestry by 3.6% during the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after purchasing an additional 69 shares during the period. Eastern Bank raised its position in Tapestry by 24.4% in the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock valued at $57,000 after purchasing an additional 77 shares during the period. NewEdge Wealth LLC raised its position in Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after purchasing an additional 85 shares during the period. Ashton Thomas Securities LLC lifted its stake in shares of Tapestry by 4.7% during the first quarter. Ashton Thomas Securities LLC now owns 2,002 shares of the luxury accessories retailer’s stock worth $283,000 after purchasing an additional 90 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Tapestry by 0.6% during the third quarter. Allworth Financial LP now owns 15,429 shares of the luxury accessories retailer’s stock worth $1,775,000 after purchasing an additional 95 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently issued reports on TPR. Evercore decreased their target price on Tapestry from $175.00 to $160.00 and set an “outperform” rating on the stock in a research note on Friday, August 14th. BNP Paribas Exane lifted their target price on Tapestry from $185.00 to $187.00 and gave the company an “outperform” rating in a research report on Friday, August 14th. Barclays boosted their price target on shares of Tapestry from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday. Daiwa Securities Group raised shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 17th. Finally, Argus lowered their price objective on shares of Tapestry from $165.00 to $148.00 and set a “buy” rating for the company in a research note on Tuesday, August 18th. One 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, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target of $167.26.

Tapestry Company Profile

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.