Insider Selling: Tapestry, Inc. (NYSE:TPR) General Counsel Sells 11,917 Shares of Stock

Tapestry, Inc. (NYSE:TPR) General Counsel David E. Howard sold 11,917 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The stock was sold at an average price of $88.00, for a total transaction of $1,048,696.00. Following the sale, the general counsel now owns 38,609 shares in the company, valued at $3,397,592. This trade represents a 23.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.

Tapestry Price Performance

Shares of TPR opened at $84.60 on Friday. The company has a market cap of $17.51 billion, a price-to-earnings ratio of 24.52, a PEG ratio of 2.01 and a beta of 1.58. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85. The company’s fifty day simple moving average is $72.63 and its 200 day simple moving average is $56.61. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the prior year, the business earned $1.63 EPS. On average, research analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Investors of record on Thursday, March 6th will be issued a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, March 6th. This represents a $1.40 dividend on an annualized basis and a yield of 1.65%. Tapestry’s payout ratio is 40.58%.

Hedge Funds Weigh In On Tapestry

A number of institutional investors have recently added to or reduced their stakes in the company. Southpoint Capital Advisors LP bought a new position in Tapestry during the fourth quarter worth $130,660,000. Price T Rowe Associates Inc. MD boosted its position in Tapestry by 593.3% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,191,904 shares of the luxury accessories retailer’s stock worth $143,198,000 after purchasing an additional 1,875,753 shares during the period. Norges Bank bought a new position in Tapestry during the fourth quarter worth $114,199,000. Point72 Asset Management L.P. bought a new position in Tapestry during the fourth quarter worth $101,433,000. Finally, Erste Asset Management GmbH bought a new position in Tapestry during the third quarter worth $64,016,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have commented on TPR shares. Jefferies Financial Group raised their target price on shares of Tapestry from $80.00 to $83.00 and gave the stock a “buy” rating in a report on Tuesday, January 28th. BMO Capital Markets raised their target price on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a report on Monday, November 18th. UBS Group raised their target price on shares of Tapestry from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, February 7th. Robert W. Baird raised their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday. Finally, JPMorgan Chase & Co. raised their target price on shares of Tapestry from $88.00 to $104.00 and gave the stock an “overweight” rating in a report on Wednesday, February 12th. Six investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. According to data from MarketBeat.com, Tapestry has an average rating of “Moderate Buy” and a consensus price target of $78.53.

Tapestry Company Profile

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.