Tapestry (NYSE:TPR) Stock: Insider Scott Roe Sells 54,644 Shares

Tapestry, Inc. (NYSE:TPR) CFO Scott Roe sold 54,644 shares of the business’s stock in a transaction on Tuesday, November 10th. The shares were sold at an average price of $135.50, for a total transaction of $7,404,262.00. Following the sale, the chief financial officer owned 76,161 shares of the company’s stock, valued at $10,319,815.50. This trade represents a 41.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link.

Tapestry Stock Performance

TPR opened at $132.33 on Friday. Tapestry, Inc. has a 1-year low of $99.00 and a 1-year high of $164.80. The company has a market cap of $26.00 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 1.50 and a beta of 1.44. The company’s fifty day moving average price is $118.48 and its two-hundred day moving average price is $137.07. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 5.70.

Tapestry (NYSE:TPR) last posted its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, topping 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 company had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same quarter in the prior year, the business posted $1.38 EPS. The firm’s revenue was up 11.1% compared to the same quarter last year. On average, analysts expect that Tapestry, Inc. will post 8.31 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

More Tapestry News

These are some of the TPR news items that stood out recently:

• Positive Sentiment: TD Cowen reaffirmed its Buy rating on Tapestry, signaling continued analyst confidence. TD Cowen Reaffirms Their Buy Rating on Tapestry
• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, providing another bullish analyst view. Cantor Fitzgerald Begins Coverage on Tapestry
• Negative Sentiment: CEO Joanne Crevoiserat sold 27,762 shares for about $3.68 million, while CFO Scott Roe sold 54,644 shares for about $7.40 million. Executive selling can weigh on sentiment; the CEO’s transaction was made under a prearranged Rule 10b5-1 plan, and she retained a substantial stake. Tapestry CEO Sells Stock

Hedge Funds Weigh In On Tapestry

Institutional investors have recently added to or reduced their stakes in the stock. Empowered Funds LLC boosted its stake in Tapestry by 82.2% in the third quarter. Empowered Funds LLC now owns 469,023 shares of the luxury accessories retailer’s stock valued at $53,956,000 after acquiring an additional 211,544 shares during the last quarter. United Southern Bank Trust Department purchased a new position in Tapestry in the third quarter valued at approximately $155,000. Steward Partners Investment Advisory LLC grew its holdings in Tapestry by 1.4% during the third quarter. Steward Partners Investment Advisory LLC now owns 57,795 shares of the luxury accessories retailer’s stock valued at $6,649,000 after purchasing an additional 811 shares during the period. State Board of Administration of Florida Retirement System grew its holdings in Tapestry by 5.1% during the third quarter. State Board of Administration of Florida Retirement System now owns 191,282 shares of the luxury accessories retailer’s stock valued at $22,005,000 after purchasing an additional 9,245 shares during the period. Finally, Cladis Investment Advisory LLC bought a new position in Tapestry during the third quarter valued at $779,000. Institutional investors own 90.77% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Jefferies Financial Group dropped their price objective on Tapestry from $144.00 to $125.00 and set a “hold” rating on the stock in a research note on Wednesday, October 21st. Weiss Ratings upgraded shares of Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Wall Street Zen downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Wells Fargo & Company raised their price target on shares of Tapestry from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday, November 6th. Finally, Morgan Stanley cut their price target on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Tapestry 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.