Insider Selling: Tapestry (NYSE:TPR) CEO Sells $3,677,499.67 in Stock

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,761 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the transaction, the chief executive officer owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This trade represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Trading Up 0.6%

Shares of Tapestry stock opened at $130.66 on Friday. The company’s fifty day simple moving average is $145.13 and its 200-day simple moving average is $144.76. The company has a market cap of $26.05 billion, a price-to-earnings ratio of 17.92, a PEG ratio of 1.65 and a beta of 1.43. The company has a current ratio of 1.75, a quick ratio of 1.25 and a debt-to-equity ratio of 3.44. Tapestry, Inc. has a 1 year low of $93.00 and a 1 year high of $164.80.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. Tapestry’s revenue was up 8.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. As a group, sell-side analysts expect that Tapestry, Inc. will post 7.94 EPS for the current year.

Tapestry Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Stockholders of record on Friday, September 4th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is presently 21.95%.

Analyst Ratings Changes

TPR has been the subject of several research reports. Citigroup increased their target price on shares of Tapestry from $165.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price target on Tapestry from $205.00 to $211.00 and gave the company an “overweight” rating in a research note on Tuesday, August 4th. Weiss Ratings raised Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a report on Friday, August 14th. Morgan Stanley reduced their price objective on Tapestry from $164.00 to $159.00 and set an “overweight” rating for the company in a research report on Friday, August 14th. Finally, Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $175.12.

Hedge Funds Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Cetera Trust Company N.A acquired a new stake in shares of Tapestry during the 2nd quarter valued at about $26,000. Acumen Wealth Advisors LLC acquired a new position in Tapestry in the fourth quarter worth about $28,000. Triumph Capital Management acquired a new position in Tapestry in the third quarter worth about $29,000. Keating Financial Advisory Services Inc. acquired a new position in Tapestry in the second quarter worth about $31,000. Finally, Virtus Advisers LLC bought a new position in Tapestry during the second quarter worth about $32,000. 90.77% of the stock is owned by institutional investors.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.