Joanne Crevoiserat Sells 27,761 Shares of Tapestry (NYSE:TPR) Stock

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,761 shares of the stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at approximately $88,244,758.03. This represents a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Trading Up 0.6%

Shares of TPR stock opened at $130.66 on Friday. Tapestry, Inc. has a fifty-two week low of $93.00 and a fifty-two week high of $164.80. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. The stock’s fifty day moving average is $145.13 and its two-hundred day moving average is $144.76. The firm has a market capitalization of $26.05 billion, a P/E ratio of 17.92, a PEG ratio of 1.64 and a beta of 1.43.

Tapestry (NYSE:TPR) last released its earnings results on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.04. The business had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.04 earnings per share. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. Research analysts expect that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Friday, September 4th. This is a positive change from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s payout ratio is currently 21.95%.

Institutional Trading of Tapestry

Several hedge funds have recently made changes to their positions in the company. Syon Capital LLC raised its position in shares of Tapestry by 3.5% during the 2nd quarter. Syon Capital LLC now owns 6,338 shares of the luxury accessories retailer’s stock valued at $928,000 after buying an additional 212 shares during the period. TD Waterhouse Canada Inc. grew its position in Tapestry by 9.4% in the second quarter. TD Waterhouse Canada Inc. now owns 206,832 shares of the luxury accessories retailer’s stock worth $29,786,000 after acquiring an additional 17,776 shares during the period. Concurrent Investment Advisors LLC grew its position in Tapestry by 250.2% in the second quarter. Concurrent Investment Advisors LLC now owns 38,611 shares of the luxury accessories retailer’s stock worth $5,652,000 after acquiring an additional 27,585 shares during the period. NEOS Investment Management LLC grew its position in Tapestry by 4.9% in the second quarter. NEOS Investment Management LLC now owns 32,502 shares of the luxury accessories retailer’s stock worth $4,758,000 after acquiring an additional 1,517 shares during the period. Finally, AXQ Capital LP increased its stake in Tapestry by 57.5% during the second quarter. AXQ Capital LP now owns 14,465 shares of the luxury accessories retailer’s stock worth $2,117,000 after acquiring an additional 5,283 shares during the last quarter. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on TPR. Sanford C. Bernstein restated a “market perform” rating and set a $185.00 target price (up from $180.00) on shares of Tapestry in a report on Friday, August 14th. Weiss Ratings raised Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a report on Friday, August 14th. Wall Street Zen downgraded Tapestry from a “buy” rating to a “hold” rating in a research report on Sunday, August 16th. Wells Fargo & Company lowered their price objective on Tapestry from $165.00 to $160.00 and set an “overweight” rating on the stock in a research note on Thursday, August 13th. Finally, Telsey Advisory Group upped their target price on Tapestry from $160.00 to $175.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Tapestry has an average rating of “Moderate Buy” and a consensus price target of $175.12.

Tapestry Company Profile

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.