Tapestry, Inc. $TPR Stock Position Lowered by Jefferies Financial Group Inc.

Key Points

• Jefferies Financial Group cut its Tapestry stake by 87.8% in the third quarter, selling 614,023 shares and retaining 85,041 shares valued at about $9.8 million.
• Tapestry reported quarterly earnings of $1.82 per share, above the $1.56 analyst consensus, while revenue rose 11.1% year over year to $1.89 billion.
• Company insiders sold 86,003 shares worth approximately $11.4 million over the past 90 days. Analysts’ consensus rating remained “Moderate Buy,” with an average price target of $167.26.

Jefferies Financial Group Inc. reduced its position in Tapestry, Inc. (NYSE:TPR - Free Report) by 87.8% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 85,041 shares of the luxury accessories retailer's stock after selling 614,023 shares during the period. Jefferies Financial Group Inc.'s holdings in Tapestry were worth $9,783,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in Tapestry during the second quarter worth approximately $2,610,995,000. Bank of America Corp DE acquired a new stake in shares of Tapestry in the second quarter valued at approximately $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Tapestry by 53.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer's stock valued at $317,586,000 after acquiring an additional 758,915 shares during the period. Amundi grew its position in shares of Tapestry by 96.0% during the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer's stock worth $249,751,000 after acquiring an additional 866,969 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tapestry during the second quarter worth approximately $175,291,000. 90.77% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CEO Todd Kahn sold 30,000 shares of the firm's stock in a transaction that occurred on Monday, November 9th. The stock was sold at an average price of $135.28, for a total value of $4,058,400.00. Following the completion of the sale, the chief executive officer directly owned 92,368 shares of the company's stock, valued at $12,495,543.04. This trade represents a 24.52% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider David Howard sold 11,188 shares of Tapestry stock in a transaction that occurred on Monday, November 9th. The shares were sold at an average price of $133.68, for a total value of $1,495,611.84. Following the completion of the sale, the insider owned 58,290 shares in the company, valued at approximately $7,792,207.20. This trade represents a 16.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 86,003 shares of company stock valued at $11,420,259 over the last 90 days. 1.28% of the stock is owned by corporate insiders.

Tapestry Trading Down 1.9%

Shares of Tapestry stock opened at $133.04 on Thursday. The firm has a market cap of $26.15 billion, a price-to-earnings 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 company's 50-day simple moving average is $118.10 and its 200-day simple moving average is $137.02. The company has a quick ratio of 0.76, a current ratio of 1.24 and a debt-to-equity ratio of 5.70.

Tapestry (NYSE:TPR - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.26. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The firm had revenue of $1.89 billion during the quarter, compared to the consensus estimate of $1.85 billion. During the same quarter last year, the firm earned $1.38 earnings per share. The firm's revenue was up 11.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Tapestry, Inc. will post 8.30 earnings per share for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Stockholders 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 dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, December 4th. Tapestry's dividend payout ratio is 23.81%.

Trending Headlines about Tapestry

Investors following TPR have been watching these headlines:

• 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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Zacks Research cut shares of Tapestry from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 22nd. Telsey Advisory Group increased their price target 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. Robert W. Baird lowered their price objective on shares of Tapestry from $165.00 to $150.00 and set an "outperform" rating on the stock in a research report on Tuesday, October 27th. Cantor Fitzgerald initiated coverage on shares of Tapestry in a research note on Tuesday. They issued an "overweight" rating and a $159.00 price objective on the stock. Finally, Wells Fargo & Company upped their target price on shares of Tapestry from $150.00 to $155.00 and gave the company an "overweight" rating in a report on Friday, November 6th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Tapestry currently has an average rating of "Moderate Buy" and a consensus price target of $167.26.

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.

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