Insider Selling: Tapestry (NYSE:TPR) Insider Sells 11,188 Shares of Company Stock

Key Points

• Tapestry insider David Howard sold 11,188 shares for about $1.50 million, reducing his holdings by 16.1% to 58,290 shares.
• The company beat quarterly expectations, reporting EPS of $1.82 versus $1.56 forecast and revenue of $1.89 billion; revenue grew 11.1% year over year.
• Tapestry declared a quarterly dividend of $0.4625 per share, equivalent to an annualized yield of 1.4%. Analysts’ consensus rating is “Moderate Buy,” with a $167.26 average price target.

Tapestry, Inc. (NYSE:TPR - Get Free Report) insider David Howard sold 11,188 shares of the stock in a transaction 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 sale, the insider owned 58,290 shares in the company, valued at $7,792,207.20. This trade represents a 16.10% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Tapestry Price Performance

NYSE:TPR traded down $0.37 during trading hours on Tuesday, hitting $135.70. 2,517,527 shares of the company's stock traded hands, compared to its average volume of 2,610,306. The firm has a market cap of $27.06 billion, a P/E ratio of 17.46, a P/E/G ratio of 1.58 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 business's fifty day simple moving average is $117.62 and its two-hundred day simple moving average is $136.97. The company has a quick ratio of 1.25, a current ratio of 1.75 and a debt-to-equity ratio of 3.44.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, topping the consensus estimate of $1.56 by $0.26. The business had revenue of $1.89 billion during the quarter, compared to analysts' expectations of $1.85 billion. Tapestry had a return on equity of 254.95% and a net margin of 19.09%. The firm's revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $1.38 earnings per share. On average, research analysts anticipate that Tapestry, Inc. will post 8.29 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. Stockholders of record on Friday, December 4th will be given 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 is Friday, December 4th. Tapestry's dividend payout ratio (DPR) is 23.81%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. World Investment Advisors increased its holdings in Tapestry by 3.6% during the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer's stock valued at $279,000 after purchasing an additional 69 shares during the period. Eastern Bank raised its position in Tapestry by 24.4% during the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer's stock valued at $57,000 after purchasing an additional 77 shares during the last quarter. NewEdge Wealth LLC raised its position in Tapestry by 2.7% during the 1st quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer's stock valued at $450,000 after purchasing an additional 85 shares during the last quarter. Ashton Thomas Securities LLC raised its position in Tapestry by 4.7% during the 1st quarter. Ashton Thomas Securities LLC now owns 2,002 shares of the luxury accessories retailer's stock valued at $283,000 after purchasing an additional 90 shares during the last quarter. Finally, Allworth Financial LP lifted its holdings in Tapestry by 0.6% in the 3rd quarter. Allworth Financial LP now owns 15,429 shares of the luxury accessories retailer's stock worth $1,775,000 after buying an additional 95 shares during the period. Institutional investors own 90.77% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on TPR shares. Robert W. Baird decreased 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. Argus dropped 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. Morgan Stanley dropped their target price on shares of Tapestry from $164.00 to $159.00 and set an "overweight" rating for the company in a research report on Friday, August 14th. Wells Fargo & Company boosted their price target on shares of Tapestry from $150.00 to $155.00 and gave the stock an "overweight" rating in a research note on Friday. Finally, UBS Group decreased their price target on shares of Tapestry from $232.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, October 20th. One 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 company. According to MarketBeat, the company presently has a consensus 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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