Insider Selling: Tapestry, Inc. (NYSE:TPR) CEO Sells 40,000 Shares of Stock

Tapestry, Inc. (NYSE:TPR - Get Free Report) CEO Todd Kahn sold 40,000 shares of Tapestry stock in a transaction on Monday, May 12th. The shares were sold at an average price of $81.40, for a total value of $3,256,000.00. Following the completion of the transaction, the chief executive officer now owns 116,062 shares in the company, valued at $9,447,446.80. This represents a 25.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Todd Kahn also recently made the following trade(s):

• On Tuesday, February 25th, Todd Kahn sold 21,107 shares of Tapestry stock. The shares were sold at an average price of $84.00, for a total value of $1,772,988.00.
• On Friday, February 21st, Todd Kahn sold 7,786 shares of Tapestry stock. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74.

Tapestry Trading Down 0.4%

Tapestry stock traded down $0.37 during midday trading on Thursday, hitting $82.89. 1,350,339 shares of the stock were exchanged, compared to its average volume of 4,215,696. Tapestry, Inc. has a fifty-two week low of $35.23 and a fifty-two week high of $90.85. The stock has a market capitalization of $17.16 billion, a price-to-earnings ratio of 24.03, a PEG ratio of 2.01 and a beta of 1.41. The stock's 50-day simple moving average is $70.06 and its 200 day simple moving average is $68.54. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78.

Tapestry (NYSE:TPR - Get Free Report) last posted its earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analysts' expectations of $1.53 billion. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. The firm's quarterly revenue was up 6.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.81 earnings per share. On average, equities analysts anticipate that Tapestry, Inc. will post 4.91 EPS for the current year.

Tapestry Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.69%. Tapestry's dividend payout ratio (DPR) is 36.84%.

Institutional Investors Weigh In On Tapestry

Institutional investors have recently modified their holdings of the company. Coppell Advisory Solutions LLC boosted its stake in shares of Tapestry by 40.7% in the fourth quarter. Coppell Advisory Solutions LLC now owns 519 shares of the luxury accessories retailer's stock valued at $34,000 after purchasing an additional 150 shares during the period. Private Trust Co. NA boosted its stake in shares of Tapestry by 27.2% in the first quarter. Private Trust Co. NA now owns 715 shares of the luxury accessories retailer's stock valued at $50,000 after purchasing an additional 153 shares during the period. Checchi Capital Advisers LLC grew its stake in Tapestry by 1.9% during the 4th quarter. Checchi Capital Advisers LLC now owns 8,878 shares of the luxury accessories retailer's stock worth $580,000 after purchasing an additional 163 shares in the last quarter. Mather Group LLC. grew its stake in Tapestry by 2.8% during the 1st quarter. Mather Group LLC. now owns 6,018 shares of the luxury accessories retailer's stock worth $424,000 after purchasing an additional 165 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. grew its stake in Tapestry by 0.9% during the 4th quarter. Robeco Institutional Asset Management B.V. now owns 19,303 shares of the luxury accessories retailer's stock worth $1,261,000 after purchasing an additional 170 shares in the last quarter. 90.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Guggenheim increased their target price on shares of Tapestry from $70.00 to $90.00 and gave the company a "buy" rating in a research report on Friday, February 7th. Raymond James restated an "outperform" rating and set a $85.00 target price (up from $74.00) on shares of Tapestry in a research note on Friday, May 9th. Morgan Stanley upgraded Tapestry from an "equal weight" rating to an "overweight" rating and set a $90.00 target price on the stock in a research note on Thursday, May 8th. Citigroup boosted their target price on Tapestry from $81.00 to $94.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Finally, The Goldman Sachs Group boosted their target price on Tapestry from $84.00 to $93.00 and gave the stock a "buy" rating in a research note on Friday, May 9th. Four research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $83.89.

About Tapestry

Tapestry, Inc provides luxury accessories and branded lifestyle products in the United States, Japan, Greater China, and internationally. The company operates in three segments: Coach, Kate Spade, and Stuart Weitzman. It offers women's handbags; and women's accessories, such as small leather goods which includes mini and micro handbags, money pieces, wristlets, pouches, and cosmetic cases, as well as novelty accessories including address books, time management and travel accessories, sketchbooks, and portfolios; and belts, key rings, and charms.