Tapestry, Inc. (NYSE:TPR) CEO Sells $3,256,000.00 in Stock

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 40,000 shares of the company’s stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the transaction, the chief executive officer now directly owns 116,062 shares in the company, valued at approximately $9,447,446.80. This represents a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Todd Kahn also recently made the following trade(s):

• On Tuesday, February 25th, Todd Kahn sold 21,107 shares of Tapestry stock. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00.
• On Friday, February 21st, Todd Kahn sold 7,786 shares of Tapestry stock. The stock was sold at an average price of $87.59, for a total value of $681,975.74.

Tapestry Price Performance

NYSE:TPR opened at $83.05 on Thursday. Tapestry, Inc. has a 52 week low of $35.23 and a 52 week high of $90.85. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The stock has a market capitalization of $17.19 billion, a PE ratio of 24.07, a price-to-earnings-growth ratio of 2.01 and a beta of 1.41. The stock’s 50-day moving average price is $70.06 and its 200-day moving average price is $68.54.

Tapestry (NYSE:TPR) last posted its quarterly earnings data on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The company had revenue of $1.58 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same period in the previous year, the firm posted $0.81 EPS. Tapestry’s revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts expect that Tapestry, Inc. will post 4.91 EPS for the current fiscal year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Stockholders of record on Friday, June 6th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 1.69%. The ex-dividend date of this dividend is Friday, June 6th. Tapestry’s dividend payout ratio is currently 36.84%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TPR. Ameriprise Financial Inc. raised its position in shares of Tapestry by 4.8% during the 4th quarter. Ameriprise Financial Inc. now owns 8,092,843 shares of the luxury accessories retailer’s stock valued at $527,799,000 after buying an additional 370,784 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Tapestry by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock worth $522,471,000 after acquiring an additional 382,856 shares during the period. Geode Capital Management LLC grew its stake in shares of Tapestry by 3.2% during the fourth quarter. Geode Capital Management LLC now owns 5,765,596 shares of the luxury accessories retailer’s stock worth $376,247,000 after purchasing an additional 176,717 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Tapestry by 15.2% during the fourth quarter. Alliancebernstein L.P. now owns 4,137,521 shares of the luxury accessories retailer’s stock worth $270,304,000 after purchasing an additional 546,497 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Tapestry by 3.0% during the fourth quarter. Northern Trust Corp now owns 2,815,081 shares of the luxury accessories retailer’s stock worth $183,909,000 after purchasing an additional 83,222 shares in the last quarter. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have issued reports on TPR. Citigroup increased their target price on Tapestry from $81.00 to $94.00 and gave the company a “buy” rating in a research report on Friday, May 9th. Robert W. Baird raised their price objective on Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a research report on Thursday, February 20th. Wells Fargo & Company reissued an “overweight” rating and issued a $100.00 price objective (up previously from $90.00) on shares of Tapestry in a research report on Wednesday. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 target price for the company in a research note on Tuesday, February 18th. Finally, UBS Group raised their target price on Tapestry from $68.00 to $73.00 and gave the stock a “neutral” rating in a research note on Friday, May 9th. Four research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $83.89.

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.