Tapestry, Inc. $TPR Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund trimmed its holdings in shares of Tapestry, Inc. (NYSE:TPR) by 6.2% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 188,770 shares of the luxury accessories retailer’s stock after selling 12,371 shares during the period. Illinois Municipal Retirement Fund’s holdings in Tapestry were worth $21,716,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Tapestry during the second quarter valued at approximately $2,610,995,000. Bank of America Corp DE purchased a new position in Tapestry in the 2nd quarter worth approximately $771,309,000. Bank of New York Mellon Corp purchased a new position in Tapestry in the 2nd quarter worth approximately $175,291,000. Amundi increased its holdings in shares of Tapestry by 96.0% in the 1st quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after buying an additional 866,969 shares during the last quarter. Finally, Legal & General Group Plc bought a new position in shares of Tapestry in the 2nd quarter worth $118,994,000. 90.77% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Tapestry

In other Tapestry news, insider David E. Howard sold 11,188 shares of the business’s stock in a transaction on Monday, November 9th. The shares were sold at an average price of $133.68, for a total value of $1,495,611.84. Following the completion of the sale, the insider directly owned 58,290 shares of the company’s stock, valued at $7,792,207.20. The trade was a 16.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Joanne C. Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The shares were 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 of the company’s stock, valued at approximately $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 86,003 shares of company stock worth $11,420,259 in the last quarter. 1.28% of the stock is currently owned by company insiders.

Tapestry Stock Down 0.3%

Shares of TPR opened at $135.70 on Wednesday. The firm has a market cap of $27.06 billion, a P/E ratio of 17.46, a P/E/G ratio of 1.54 and a beta of 1.44. The stock has a 50 day simple moving average of $117.87 and a two-hundred day simple moving average of $137.00. The company has a debt-to-equity ratio of 5.70, a current ratio of 1.24 and a quick ratio of 0.76. Tapestry, Inc. has a 1 year low of $99.00 and a 1 year 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, beating analysts’ consensus estimates of $1.56 by $0.26. The business had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period last year, the business earned $1.38 earnings per share. On average, analysts forecast that Tapestry, Inc. will post 8.30 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

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

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

Analyst Ratings Changes

Several analysts have recently weighed in on TPR shares. Sanford C. Bernstein restated a “market perform” rating and set a $185.00 price objective (up from $180.00) on shares of Tapestry in a research report on Friday, August 14th. Cantor Fitzgerald began coverage on shares of Tapestry in a research report on Tuesday. They issued an “overweight” rating and a $159.00 target price for the company. Jefferies Financial Group reduced their target price on Tapestry from $144.00 to $125.00 and set a “hold” rating on the stock in a research note on Wednesday, October 21st. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Finally, Morgan Stanley lowered their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research report on Friday, August 14th. One investment 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 company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.