Insider Selling: Tapestry (NYSE:TPR) CFO Sells $7,404,262.00 in Stock

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

Tapestry Stock Performance

Shares of NYSE TPR traded down $0.90 during trading on Thursday, reaching $132.44. The stock had a trading volume of 1,777,202 shares, compared to its average volume of 2,899,824. Tapestry, Inc. has a one year low of $99.00 and a one year high of $164.80. The company has a debt-to-equity ratio of 5.70, a quick ratio of 0.76 and a current ratio of 1.24. The stock has a market cap of $26.03 billion, a PE ratio of 17.05, a P/E/G ratio of 1.51 and a beta of 1.44. The firm’s 50 day moving average price is $118.28 and its two-hundred day moving average price is $137.05.

Tapestry (NYSE:TPR) last posted its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.26. Tapestry had a return on equity of 274.20% and a net margin of 19.68%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the company posted $1.38 EPS. The business’s revenue was up 11.1% compared to the same quarter last year. On average, research analysts forecast that Tapestry, Inc. will post 8.30 earnings per share for the current fiscal 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 paid 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 presently 23.81%.

Institutional Trading of Tapestry

A number of large investors have recently modified their holdings of TPR. Meeder Advisory Services Inc. increased its stake in shares of Tapestry by 9.8% in the third quarter. Meeder Advisory Services Inc. now owns 5,454 shares of the luxury accessories retailer’s stock valued at $627,000 after purchasing an additional 488 shares during the period. CacheTech Inc. boosted its position in shares of Tapestry by 59.5% during the third quarter. CacheTech Inc. now owns 8,240 shares of the luxury accessories retailer’s stock worth $948,000 after buying an additional 3,075 shares during the period. First Trust Advisors LP boosted its position in shares of Tapestry by 35.9% during the third quarter. First Trust Advisors LP now owns 523,830 shares of the luxury accessories retailer’s stock worth $60,261,000 after buying an additional 138,312 shares during the period. Whittier Trust Co. grew its holdings in Tapestry by 0.8% in the 3rd quarter. Whittier Trust Co. now owns 49,614 shares of the luxury accessories retailer’s stock worth $5,767,000 after buying an additional 392 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. grew its holdings in Tapestry by 69.6% in the 3rd quarter. Edmond DE Rothschild Holding S.A. now owns 8,568 shares of the luxury accessories retailer’s stock worth $986,000 after buying an additional 3,517 shares in the last quarter. Institutional investors and hedge funds own 90.77% of the company’s stock.

Wall Street Analyst Weigh In

TPR has been the topic of a number of research reports. BTIG Research dropped their target price on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a report on Friday, August 14th. BNP Paribas Exane lifted their price target on shares of Tapestry from $185.00 to $187.00 and gave the company an “outperform” rating in a report on Friday, August 14th. Evercore decreased their price target on shares of Tapestry from $175.00 to $160.00 and set an “outperform” rating for the company in a report on Friday, August 14th. Wall Street Zen downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Finally, Telsey Advisory Group increased their price objective on shares of Tapestry from $160.00 to $175.00 and gave the stock an “outperform” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average 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.