Tapestry (NYSE:TPR) CEO Sells 27,762 Shares of Stock

Key Points

• Tapestry CEO Joanne Crevoiserat sold 27,762 shares for about $3.68 million under a pre-arranged Rule 10b5-1 plan, reducing her ownership by 3.53%; she retained 758,841 shares.
• Tapestry beat quarterly expectations, reporting EPS of $1.82 versus the $1.56 consensus and revenue of $1.89 billion, up 11.1% year over year.
• The company announced a quarterly dividend of $0.4625 per share, equivalent to an annualized yield of about 1.4%; analysts’ consensus rating was “Moderate Buy,” with a $167.26 target price.

Tapestry, Inc. (NYSE:TPR - Get Free Report) CEO Joanne Crevoiserat sold 27,762 shares of the business's stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $132.46, for a total value of $3,677,354.52. Following the completion of the sale, the chief executive officer owned 758,841 shares of the company's stock, valued at $100,516,078.86. This trade represents a 3.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Stock Performance

Shares of TPR stock traded down $0.90 on Thursday, hitting $132.44. 1,777,202 shares of the stock traded hands, compared to its average volume of 2,899,824. 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 company has a market capitalization of $26.03 billion, a PE ratio of 17.05, a PEG ratio of 1.51 and a beta of 1.44. Tapestry, Inc. has a 1-year low of $99.00 and a 1-year high of $164.80. The company's fifty day moving average is $118.28 and its 200 day moving average is $137.05.

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

Tapestry Announces Dividend

The firm 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 dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, December 4th. Tapestry's dividend payout ratio is 23.81%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on TPR shares. Argus reduced their price target on shares of Tapestry from $165.00 to $148.00 and set a "buy" rating on the stock in a research report on Tuesday, August 18th. Daiwa Securities Group raised shares of Tapestry from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 17th. JPMorgan Chase & Co. increased their price objective on shares of Tapestry from $205.00 to $211.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 4th. Weiss Ratings upgraded shares of Tapestry from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, October 16th. Finally, Robert W. Baird cut their target price on shares of Tapestry from $165.00 to $150.00 and set an "outperform" rating on the stock in a report on Tuesday, October 27th. One 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 data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $167.26.

Institutional Investors Weigh In On Tapestry

Several large investors have recently added to or reduced their stakes in TPR. BlackRock Inc. bought a new stake in Tapestry in the second quarter valued at $2,610,995,000. Bank of America Corp DE acquired a new position in shares of Tapestry during the second quarter valued at $771,309,000. Bank of New York Mellon Corp acquired a new position in shares of Tapestry during the second quarter valued at $175,291,000. 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, Legal & General Group Plc bought a new position in shares of Tapestry during the second quarter worth about $118,994,000. 90.77% of the stock is owned by institutional investors and hedge funds.

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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