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

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on 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 sale, the chief executive officer owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Price Performance

NYSE:TPR traded down $2.34 during mid-day trading on Thursday, hitting $129.38. The company’s stock had a trading volume of 4,068,866 shares, compared to its average volume of 2,461,438. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The company has a market capitalization of $25.80 billion, a price-to-earnings ratio of 17.75, a P/E/G ratio of 1.67 and a beta of 1.43. The stock has a fifty day moving average of $145.78 and a 200-day moving average of $144.84. 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 (NYSE:TPR) last issued its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. Tapestry had a return on equity of 254.95% and a net margin of 19.09%.The business had revenue of $1.88 billion during the quarter, compared to analysts’ expectations of $1.87 billion. During the same period in the prior year, the firm posted $1.04 EPS. Tapestry’s quarterly 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. As a group, equities analysts forecast that Tapestry, Inc. will post 7.94 EPS for the current fiscal year.

Tapestry Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is 25.38%.

Institutional Investors Weigh In On Tapestry

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Tapestry in the second quarter valued at approximately $2,610,995,000. Bank of America Corp DE bought a new stake in shares of Tapestry in the second quarter valued at about $771,309,000. Schroder Investment Management Group boosted its holdings in Tapestry by 92.8% in the 4th quarter. Schroder Investment Management Group now owns 9,350,221 shares of the luxury accessories retailer’s stock valued at $1,194,678,000 after purchasing an additional 4,500,850 shares during the period. Norges Bank acquired a new stake in Tapestry during the fourth quarter worth approximately $345,349,000. Finally, Wellington Management Group LLP increased its position in shares of Tapestry by 632.3% in the fourth quarter. Wellington Management Group LLP now owns 2,366,502 shares of the luxury accessories retailer’s stock worth $302,368,000 after purchasing an additional 2,043,353 shares during the period. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Morgan Stanley lowered their price objective on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. Daiwa Securities Group upgraded Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday. Wells Fargo & Company cut their target price on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a report on Thursday, August 13th. Telsey Advisory Group raised their price target on Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Finally, Zacks Research cut shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Tapestry currently has a consensus rating of “Moderate Buy” and an average price target 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.