Insider Selling: Tapestry (NYSE:TPR) CEO Sells 27,762 Shares of Stock

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,762 shares of the business’s stock in a transaction dated Wednesday, November 11th. The shares were sold at an average price of $132.46, for a total transaction of $3,677,354.52. Following the transaction, the chief executive officer directly owned 758,841 shares of the company’s stock, valued at $100,516,078.86. The trade was a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Stock Performance

NYSE TPR traded down $0.90 on Thursday, hitting $132.44. The stock had a trading volume of 1,777,202 shares, compared to its average volume of 2,899,824. The company’s 50-day moving average is $118.28 and its two-hundred day moving average is $137.05. Tapestry, Inc. has a one year low of $99.00 and a one year high of $164.80. The stock has a market cap of $26.03 billion, a price-to-earnings ratio of 17.05, a P/E/G ratio of 1.51 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.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.26. The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.85 billion. Tapestry had a return on equity of 274.20% and a net margin of 19.68%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.38 earnings per share. On average, analysts expect that Tapestry, Inc. will post 8.30 earnings per share for the current 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 given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 1.4%. The ex-dividend date is Friday, December 4th. Tapestry’s dividend payout ratio (DPR) is currently 23.81%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Raymond James Financial cut their target price on Tapestry from $165.00 to $140.00 and set an “outperform” rating on the stock in a research note on Friday, October 16th. Morgan Stanley reduced their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. TD Cowen began coverage on Tapestry in a research note on Friday, October 30th. They issued a “strong-buy” rating for the company. BTIG Research lowered their price target on Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. Finally, Cantor Fitzgerald initiated coverage on shares of Tapestry in a research note on Tuesday. They set an “overweight” rating and a $159.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $167.26.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cetera Trust Company N.A acquired a new position in shares of Tapestry during the second quarter valued at approximately $26,000. GK Wealth Management LLC bought a new stake in Tapestry during the third quarter worth approximately $28,000. Keating Financial Advisory Services Inc. acquired a new stake in Tapestry in the second quarter worth approximately $31,000. Virtus Advisers LLC acquired a new stake in Tapestry in the second quarter worth approximately $32,000. Finally, Signature Equity Partners LLC lifted its position in Tapestry by 1,516.7% in the third quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer’s stock worth $34,000 after purchasing an additional 273 shares during the period. 90.77% of the stock is currently owned by institutional investors.

About Tapestry

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.