Insider Selling: Tapestry, Inc. (NYSE:TPR) VP Sells 1,399 Shares of Stock

Tapestry, Inc. (NYSE:TPR) VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total transaction of $114,550.12. Following the sale, the vice president now directly owns 40,922 shares in the company, valued at $3,350,693.36. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Tapestry Stock Down 0.0%

Tapestry stock opened at $83.23 on Friday. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. Tapestry, Inc. has a 12-month low of $35.23 and a 12-month high of $90.85. The firm’s fifty day moving average is $70.31 and its 200 day moving average is $68.77. The company has a market capitalization of $17.23 billion, a PE ratio of 24.12, a PEG ratio of 2.01 and a beta of 1.41.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. The company had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.53 billion. During the same quarter in the previous year, the company earned $0.81 EPS. Tapestry’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, sell-side analysts predict that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.68%. Tapestry’s payout ratio is 36.84%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Harbour Investments Inc. raised its holdings in Tapestry by 120.1% during the first quarter. Harbour Investments Inc. now owns 361 shares of the luxury accessories retailer’s stock worth $25,000 after buying an additional 197 shares during the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in Tapestry during the first quarter worth $29,000. Greenline Partners LLC acquired a new position in Tapestry during the fourth quarter worth $29,000. MorganRosel Wealth Management LLC acquired a new position in Tapestry during the first quarter worth $35,000. Finally, Opal Wealth Advisors LLC acquired a new position in Tapestry during the first quarter worth $35,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on TPR. StockNews.com upgraded shares of Tapestry from a “hold” rating to a “buy” rating in a research report on Tuesday. Jefferies Financial Group lifted their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Tuesday, January 28th. Citigroup lifted their target price on shares of Tapestry from $81.00 to $94.00 and gave the stock a “buy” rating in a research report on Friday, May 9th. UBS Group lifted their target price on shares of Tapestry from $68.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday, May 9th. Finally, Raymond James restated an “outperform” rating and issued a $85.00 price target (up previously from $74.00) on shares of Tapestry in a research report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.89.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women’s handbags; and women’s accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.