Tapestry (NYSE:TPR) Stock: Insider David Howard Sells 11,188 Shares

Tapestry, Inc. (NYSE:TPR) insider David Howard sold 11,188 shares of the stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $133.68, for a total value of $1,495,611.84. Following the completion of the transaction, the insider owned 58,290 shares in the company, valued at approximately $7,792,207.20. The trade was a 16.10% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link.

Tapestry Trading Down 1.9%

Shares of Tapestry stock opened at $133.04 on Thursday. The stock has a market capitalization of $26.15 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.44. Tapestry, Inc. has a 52 week low of $99.00 and a 52 week high of $164.80. The stock has a 50 day moving average price of $118.10 and a two-hundred day moving average price of $137.02. The company has a debt-to-equity ratio of 5.70, a quick ratio of 0.76 and a current ratio of 1.24.

Tapestry (NYSE:TPR) last issued its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the firm earned $1.38 earnings per share. Tapestry’s revenue for the quarter was up 11.1% on a year-over-year basis. As a group, equities analysts anticipate that Tapestry, Inc. will post 8.30 earnings per share for the current fiscal year.

Tapestry Announces Dividend

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TPR. Edmond DE Rothschild Holding S.A. grew its stake in shares of 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 acquiring an additional 3,517 shares in the last quarter. Private Wealth Asset Management LLC purchased a new stake in shares of Tapestry in the third quarter valued at about $429,000. Private Advisor Group LLC lifted its position in shares of Tapestry by 37.0% during the third quarter. Private Advisor Group LLC now owns 10,015 shares of the luxury accessories retailer’s stock valued at $1,152,000 after purchasing an additional 2,704 shares in the last quarter. Ieq Capital LLC lifted its position in shares of Tapestry by 6.7% during the third quarter. Ieq Capital LLC now owns 199,409 shares of the luxury accessories retailer’s stock valued at $22,940,000 after purchasing an additional 12,457 shares in the last quarter. Finally, Focus Advisor Solutions LLC lifted its position in shares of Tapestry by 51.9% during the third quarter. Focus Advisor Solutions LLC now owns 33,437 shares of the luxury accessories retailer’s stock valued at $3,847,000 after purchasing an additional 11,431 shares in the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on TPR. Zacks Research lowered shares of Tapestry from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, July 22nd. Argus decreased their target price on shares of Tapestry from $165.00 to $148.00 and set a “buy” rating for the company in a research report on Tuesday, August 18th. Wall Street Zen downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Daiwa Securities Group upgraded shares of Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Finally, BTIG Research dropped their price target on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. One 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. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $167.26.

Key Tapestry News

Here’s some of the latest news about TPR:

• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, signaling confidence in Tapestry’s prospects. Cantor Fitzgerald coverage
• Positive Sentiment: A report pointed to Coach’s pricing power, Gen Z demand, international expansion, handbag sales and product innovation as growth drivers. Tapestry’s latest reported quarter also beat analyst expectations for EPS and revenue, with sales up 11.1% year over year. Coach growth report
• Negative Sentiment: Three insiders—including CEO Todd Kahn—sold a combined 52,432 shares for approximately $7.1 million in transactions on November 9. The sales reduced their individual holdings and may raise concerns about insider sentiment, though the filings do not state the reasons for the sales. CEO SEC filing Kulikowsky SEC filing Howard SEC filing

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.