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

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 30,000 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $135.28, for a total transaction of $4,058,400.00. Following the sale, the chief executive officer owned 92,368 shares of the company’s stock, valued at approximately $12,495,543.04. This represents a 24.52% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Tapestry Trading Down 1.9%

Shares of Tapestry stock opened at $133.04 on Thursday. The company has a debt-to-equity ratio of 5.70, a quick ratio of 0.76 and a current ratio of 1.24. The company has a market capitalization of $26.15 billion, a P/E ratio of 17.12, a PEG ratio of 1.54 and a beta of 1.44. Tapestry, Inc. has a 1 year low of $99.00 and a 1 year high of $164.80. The company’s fifty day moving average is $118.10 and its two-hundred day moving average is $137.02.

Tapestry (NYSE:TPR) last announced its 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. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the prior year, the company earned $1.38 earnings per share. The business’s revenue was up 11.1% compared to the same quarter last year. Analysts forecast that Tapestry, Inc. will post 8.30 earnings per share for the current year.

Tapestry Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, December 4th will be paid 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 yield of 1.4%. Tapestry’s dividend payout ratio is currently 23.81%.

Trending Headlines about Tapestry

These are some of the TPR headlines that stood out recently:

• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, signaling confidence in Tapestry’s prospects. Cantor Fitzgerald coverage
• Positive Sentiment: A report pointed to Coach’s pricing power, Gen Z demand, international expansion, handbag sales and product innovation as growth drivers. Tapestry’s latest reported quarter also beat analyst expectations for EPS and revenue, with sales up 11.1% year over year. Coach growth report
• Negative Sentiment: Three insiders—including CEO Todd Kahn—sold a combined 52,432 shares for approximately $7.1 million in transactions on November 9. The sales reduced their individual holdings and may raise concerns about insider sentiment, though the filings do not state the reasons for the sales. CEO SEC filing Kulikowsky SEC filing Howard SEC filing

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Morgan Stanley lowered their target price on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a research note on Friday, August 14th. Cantor Fitzgerald began coverage on Tapestry in a research note on Tuesday. They set an “overweight” rating and a $159.00 price target for the company. TD Cowen started coverage on Tapestry in a report on Friday, October 30th. They set a “strong-buy” rating for the company. Wall Street Zen lowered shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Finally, Jefferies Financial Group dropped their price objective on shares of Tapestry from $144.00 to $125.00 and set a “hold” rating on the stock in a research note on Wednesday, October 21st. 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $167.26.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently added to or reduced their stakes in the company. World Investment Advisors boosted its position in shares of Tapestry by 3.6% during the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after purchasing an additional 69 shares in the last quarter. Eastern Bank boosted its stake 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 acquiring an additional 77 shares during the last quarter. NewEdge Wealth LLC boosted its stake in shares of Tapestry by 2.7% during the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock worth $450,000 after purchasing an additional 85 shares during the last quarter. Ashton Thomas Securities LLC boosted its position 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 worth $283,000 after acquiring an additional 90 shares during the last quarter. Finally, Allworth Financial LP boosted its holdings in shares of Tapestry by 0.6% during the third quarter. Allworth Financial LP now owns 15,429 shares of the luxury accessories retailer’s stock worth $1,775,000 after purchasing an additional 95 shares during the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

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.