Tapestry (NYSE:TPR) Insider Denise Kulikowsky Sells 11,244 Shares of Company Stock

Tapestry, Inc. (NYSE:TPR) insider Denise Kulikowsky sold 11,244 shares of the company’s stock in a transaction dated Monday, November 9th. The shares were sold at an average price of $135.04, for a total value of $1,518,389.76. Following the completion of the sale, the insider directly owned 15,721 shares of the company’s stock, valued at approximately $2,122,963.84. This trade represents a 41.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Denise Kulikowsky also recently made the following trade(s):

• On Wednesday, September 9th, Denise Kulikowsky sold 5,810 shares of Tapestry stock. The shares were sold at an average price of $115.38, for a total transaction of $670,357.80.

Tapestry Stock Performance

Shares of NYSE:TPR opened at $135.70 on Wednesday. The firm’s 50 day simple moving average is $117.87 and its 200 day simple moving average is $137.00. Tapestry, Inc. has a fifty-two week low of $99.00 and a fifty-two week high of $164.80. The company has a market capitalization of $27.06 billion, a price-to-earnings ratio of 17.46, a P/E/G ratio of 1.54 and a beta of 1.44. The company has a debt-to-equity ratio of 5.70, a current ratio of 1.24 and a quick ratio of 0.76.

Tapestry (NYSE:TPR) 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. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The firm had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same quarter in the previous year, the company earned $1.38 earnings per share. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, sell-side analysts forecast that Tapestry, Inc. will post 8.30 earnings per share for the current year.

Tapestry Announces Dividend

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

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of research analyst reports. Barclays boosted their target price on Tapestry from $185.00 to $195.00 and gave the company an “overweight” rating in a research note on Friday, November 6th. Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. TD Cowen assumed coverage on Tapestry in a report on Friday, October 30th. They set a “strong-buy” rating on the stock. Robert W. Baird cut their price objective on Tapestry from $165.00 to $150.00 and set an “outperform” rating on the stock in a report on Tuesday, October 27th. Finally, BTIG Research decreased their price objective on Tapestry from $180.00 to $175.00 and set a “buy” rating for the company in a research 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. Based on data from MarketBeat, Tapestry currently has an average rating of “Moderate Buy” and an average price target of $167.26.

Institutional Investors Weigh In On Tapestry

Several institutional investors have recently added to or reduced their stakes in the stock. World Investment Advisors increased its holdings in 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 raised its stake in shares of Tapestry by 24.4% in the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock valued at $57,000 after purchasing an additional 77 shares during the period. NewEdge Wealth LLC raised its stake in shares of Tapestry by 2.7% in the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after purchasing an additional 85 shares during the period. Ashton Thomas Securities LLC lifted its holdings 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 valued at $283,000 after purchasing an additional 90 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in shares of Tapestry by 0.6% in the third quarter. Allworth Financial LP now owns 15,429 shares of the luxury accessories retailer’s stock valued at $1,775,000 after purchasing an additional 95 shares in the last quarter. 90.77% of the stock is owned by institutional investors.

Key Stories Impacting Tapestry

Here are the key news stories impacting Tapestry this week:

• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, implying roughly 17% upside from the cited $135.70 price. Cantor Fitzgerald coverage
• Positive Sentiment: A growth-focused report highlights Coach’s pricing power, demand from Gen Z, international expansion, handbag sales and product innovation as potential supports for Tapestry’s growth. Coach growth report
• Negative Sentiment: Three company insiders sold a combined 52,432 shares for about $7.1 million. CEO Todd Kahn sold 30,000 shares, while Denise Kulikowsky and David Howard sold 11,244 and 11,188 shares, respectively. The sales reduced their individual holdings and could raise concerns about insider sentiment, although the filings do not establish the reason for the transactions. Kahn SEC filing Kulikowsky SEC filing Howard SEC filing

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.