Tapestry, Inc. (NYSE:TPR – Get Free Report) insider David Howard sold 11,188 shares of the company’s stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $133.68, for a total value of $1,495,611.84. Following the transaction, the insider owned 58,290 shares of the company’s stock, valued at approximately $7,792,207.20. This represents a 16.10% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Tapestry Trading Down 0.3%
TPR stock traded down $0.37 on Tuesday, reaching $135.70. The company’s stock had a trading volume of 2,517,527 shares, compared to its average volume of 2,610,306. The business has a fifty day simple moving average of $117.62 and a two-hundred day simple moving average of $136.97. Tapestry, Inc. has a 12-month low of $99.00 and a 12-month high of $164.80. The firm has a market cap of $27.06 billion, a PE ratio of 17.46, a PEG ratio of 1.58 and a beta of 1.44. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75.
Tapestry (NYSE:TPR – Get Free Report) last issued its quarterly earnings data on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.26. The business had revenue of $1.89 billion for the quarter, compared to the consensus estimate of $1.85 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company’s quarterly revenue was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.38 EPS. As a group, research analysts forecast that Tapestry, Inc. will post 8.29 EPS for the current 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 given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, December 4th. Tapestry’s dividend payout ratio (DPR) is currently 23.81%.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. World Investment Advisors raised its holdings in Tapestry by 3.6% in the first quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after buying an additional 69 shares during the last quarter. Eastern Bank lifted its stake in shares of Tapestry by 24.4% in the second quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock worth $57,000 after buying an additional 77 shares in the last quarter. NewEdge Wealth LLC lifted its stake in shares of Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock worth $450,000 after buying an additional 85 shares in the last quarter. Ashton Thomas Securities LLC lifted its stake in shares of Tapestry by 4.7% in the first quarter. Ashton Thomas Securities LLC now owns 2,002 shares of the luxury accessories retailer’s stock worth $283,000 after buying an additional 90 shares in the last quarter. Finally, Allworth Financial LP grew 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 valued at $1,775,000 after buying an additional 95 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.
Analyst Upgrades and Downgrades
TPR has been the topic of several research analyst reports. Evercore reduced their price target on shares of Tapestry from $175.00 to $160.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. Sanford C. Bernstein reissued a “market perform” rating and issued a $185.00 price target (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Cantor Fitzgerald initiated coverage on Tapestry in a research report on Tuesday. They set an “overweight” rating and a $159.00 price objective on the stock. Finally, Wells Fargo & Company lifted their price objective on Tapestry from $150.00 to $155.00 and gave the company an “overweight” rating in a research report on Friday. One equities research 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, Tapestry currently has a consensus rating of “Moderate Buy” and an average target price of $167.26.
Get Our Latest Report on Tapestry
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.
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