12,371 Tapestry, Inc. $TPR Shares Sold by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 6.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 188,770 shares of the luxury accessories retailer’s stock after selling 12,371 shares during the period. Illinois Municipal Retirement Fund owned 0.09% of Tapestry worth $21,716,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Cetera Trust Company N.A purchased a new stake in Tapestry in the second quarter worth $26,000. GK Wealth Management LLC bought a new stake in shares of Tapestry in the third quarter valued at $28,000. Keating Financial Advisory Services Inc. bought a new stake in shares of Tapestry in the second quarter valued at $31,000. Virtus Advisers LLC purchased a new position in shares of Tapestry during the 2nd quarter valued at $32,000. Finally, Signature Equity Partners LLC lifted its position in shares of Tapestry by 1,516.7% during the 3rd quarter. Signature Equity Partners LLC now owns 291 shares of the luxury accessories retailer’s stock valued at $34,000 after buying an additional 273 shares during the last quarter. Institutional investors own 90.77% of the company’s stock.

Insider Buying and Selling

In other news, CEO Joanne Crevoiserat sold 27,761 shares of the company’s stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total transaction of $3,677,499.67. Following the sale, the chief executive officer directly owned 666,149 shares in the company, valued at $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David Howard sold 11,188 shares of the stock in a transaction dated Monday, November 9th. The stock was sold at an average price of $133.68, for a total transaction of $1,495,611.84. Following the completion of the sale, the insider directly owned 58,290 shares in the company, valued at approximately $7,792,207.20. The trade was a 16.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 86,003 shares of company stock valued at $11,420,259. Corporate insiders own 1.28% of the company’s stock.

Tapestry Price Performance

Tapestry stock opened at $135.70 on Wednesday. Tapestry, Inc. has a one year low of $99.00 and a one year high of $164.80. The business has a fifty day moving average price of $117.87 and a 200-day moving average price of $137.00. The company has a debt-to-equity ratio of 5.70, a current ratio of 1.24 and a quick ratio of 0.76. The firm has a market capitalization of $27.06 billion, a P/E ratio of 17.46, a PEG ratio of 1.54 and a beta of 1.44.

Tapestry (NYSE:TPR) last announced its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share 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 company had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.85 billion. During the same period in the previous year, the business earned $1.38 earnings per share. The firm’s quarterly revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts forecast that Tapestry, Inc. will post 8.30 EPS for the current year.

Tapestry Dividend Announcement

The business 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. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date of this dividend is Friday, December 4th. Tapestry’s payout ratio is presently 23.81%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on TPR shares. Barclays lifted their price objective on Tapestry from $185.00 to $195.00 and gave the stock an “overweight” rating in a report on Friday, November 6th. Weiss Ratings upgraded Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. Morgan Stanley dropped their price objective on shares of Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. Raymond James Financial cut their target price on shares of Tapestry from $165.00 to $140.00 and set an “outperform” rating for the company in a research report on Friday, October 16th. Finally, Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 17th. 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 company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $167.26.

Trending Headlines about 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.