Tapestry (NYSE:TPR) Stock: Insider Joanne Crevoiserat Sells 27,762 Shares

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,762 shares of the business’s stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $132.46, for a total value of $3,677,354.52. Following the completion of the sale, the chief executive officer directly owned 758,841 shares in the company, valued at $100,516,078.86. This trade represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Price Performance

Shares of NYSE:TPR opened at $132.33 on Friday. The business has a fifty day moving average price of $118.48 and a 200-day moving average price of $137.07. The company has a debt-to-equity ratio of 5.70, a current ratio of 1.24 and a quick ratio of 0.76. The company has a market capitalization of $26.00 billion, a PE ratio of 17.03, a PEG ratio of 1.50 and a beta of 1.44. Tapestry, Inc. has a 1-year low of $99.00 and a 1-year high of $164.80.

Tapestry (NYSE:TPR) last announced its quarterly earnings data on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, beating the consensus estimate of $1.56 by $0.26. The company had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. Tapestry’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.38 EPS. As a group, equities analysts expect that Tapestry, Inc. will post 8.31 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 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, December 4th. Tapestry’s payout ratio is presently 23.81%.

Tapestry News Summary

These are some of the TPR news items that stood out recently:

• Positive Sentiment: TD Cowen reaffirmed its Buy rating on Tapestry, signaling continued analyst confidence. TD Cowen Reaffirms Their Buy Rating on Tapestry
• Positive Sentiment: Zacks characterized TPR as a strong momentum stock, which may appeal to investors focused on recent price trends. Here’s Why Tapestry Is a Strong Momentum Stock
• Negative Sentiment: CEO Joanne Crevoiserat sold 27,762 shares for about $3.68 million, while CFO Scott Roe sold 54,644 shares for about $7.40 million. Executive selling can weigh on sentiment; the CEO’s transaction was made under a prearranged Rule 10b5-1 plan, and she retained a substantial stake. Tapestry CEO Sells Stock

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in TPR. Eastern Bank raised its position in shares of Tapestry by 24.4% during the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock valued at $57,000 after buying an additional 77 shares during the last quarter. NewEdge Wealth LLC raised its stake in Tapestry by 2.7% during 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 in the last quarter. Ashton Thomas Securities LLC raised its stake in Tapestry by 4.7% during the first quarter. Ashton Thomas Securities LLC now owns 2,002 shares of the luxury accessories retailer’s stock valued at $283,000 after purchasing an additional 90 shares in the last quarter. Allworth Financial LP lifted its position in Tapestry by 0.6% during the third quarter. Allworth Financial LP now owns 15,429 shares of the luxury accessories retailer’s stock valued at $1,775,000 after purchasing an additional 95 shares during the last quarter. Finally, CX Institutional grew its stake in shares of Tapestry by 1.3% in the 3rd quarter. CX Institutional now owns 7,800 shares of the luxury accessories retailer’s stock worth $897,000 after buying an additional 99 shares in the last quarter. 90.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Barclays boosted their price target on Tapestry from $185.00 to $195.00 and gave the stock an “overweight” rating in a research note on Friday, November 6th. Wells Fargo & Company boosted their price objective on shares of Tapestry from $150.00 to $155.00 and gave the company an “overweight” rating in a report on Friday, November 6th. JPMorgan Chase & Co. lifted their target price 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. Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Finally, Evercore reduced their price objective on Tapestry from $175.00 to $160.00 and set an “outperform” rating for the company in a research report on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat, the stock 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.