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

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 30,000 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer directly owned 92,368 shares in the company, valued at approximately $12,495,543.04. This trade represents a 24.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Tapestry Price Performance

Shares of NYSE:TPR opened at $135.70 on Wednesday. The firm has a market capitalization 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 company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 5.70. The company has a 50-day moving average price of $117.87 and a two-hundred day moving average price of $137.00. Tapestry, Inc. has a twelve month low of $99.00 and a twelve month high of $164.80.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share (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 analyst estimates of $1.85 billion. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.38 earnings per share. Equities analysts forecast that Tapestry, Inc. will post 8.30 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be paid 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 currently 23.81%.

Key Headlines Impacting Tapestry

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

A number of hedge funds and other institutional investors have recently bought and sold shares of TPR. Cetera Trust Company N.A purchased a new stake in shares of Tapestry during the 2nd quarter valued at $26,000. Keating Financial Advisory Services Inc. bought a new position in Tapestry during the second quarter valued at approximately $31,000. Virtus Advisers LLC bought a new stake in shares of Tapestry in the 2nd quarter worth approximately $32,000. GK Wealth Management LLC purchased a new stake in shares of Tapestry in the 3rd quarter valued at $28,000. Finally, Signature Equity Partners LLC grew its holdings in shares of Tapestry by 1,516.7% during the 3rd quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer’s stock valued at $34,000 after purchasing an additional 273 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Telsey Advisory Group increased their target price on Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Weiss Ratings upgraded Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 16th. BTIG Research decreased their price objective on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research note on Friday, August 14th. Wells Fargo & Company increased their price objective on Tapestry from $150.00 to $155.00 and gave the stock an “overweight” rating in a report on Friday, November 6th. Finally, Robert W. Baird dropped their price objective on Tapestry from $165.00 to $150.00 and set an “outperform” rating on the stock in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.