Tapestry Target of Unusually High Options Trading (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR - Get Free Report) was the recipient of some unusual options trading activity on Monday. Investors acquired 16,170 call options on the stock. This represents an increase of approximately 96% compared to the average volume of 8,269 call options.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Cowen upgraded shares of Tapestry from a "hold" rating to a "buy" rating in a research report on Thursday, June 12th. 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 report on Friday, May 9th. Wall Street Zen upgraded Tapestry from a "hold" rating to a "buy" rating in a report on Tuesday, May 13th. Argus raised their price target on shares of Tapestry from $78.00 to $92.00 and gave the stock a "buy" rating in a report on Tuesday, June 17th. Finally, UBS Group upped their target price on Tapestry from $68.00 to $73.00 and gave the company a "neutral" rating in a report on Friday, May 9th. Three equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $88.78.

Tapestry Stock Performance

Shares of TPR stock traded down $0.46 on Monday, reaching $83.87. The stock had a trading volume of 927,183 shares, compared to its average volume of 4,281,770. The company has a debt-to-equity ratio of 1.59, a quick ratio of 1.22 and a current ratio of 1.76. Tapestry has a 1 year low of $35.23 and a 1 year high of $90.85. The stock has a market cap of $17.42 billion, a P/E ratio of 22.07, a price-to-earnings-growth ratio of 1.87 and a beta of 1.46. The company has a 50 day simple moving average of $76.11 and a 200 day simple moving average of $73.48.

Tapestry (NYSE:TPR - Get Free Report) last announced 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. Tapestry had a return on equity of 51.84% and a net margin of 12.50%. The business had revenue of $1.58 billion for the quarter, compared to analysts' expectations of $1.53 billion. During the same period last year, the firm posted $0.81 earnings per share. The business's revenue for the quarter was up 6.9% on a year-over-year basis. Equities research analysts expect that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 23rd. Shareholders of record on Friday, June 6th will be given a $0.35 dividend. The ex-dividend date of this dividend is Friday, June 6th. This represents a $1.40 annualized dividend and a yield of 1.67%. Tapestry's payout ratio is presently 36.84%.

Insider Activity

In other Tapestry news, CEO Todd Kahn sold 40,000 shares of the business's stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $81.40, for a total transaction of $3,256,000.00. Following the completion of the sale, the chief executive officer now directly owns 116,062 shares of the company's stock, valued at approximately $9,447,446.80. The trade was a 25.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, VP Manesh Dadlani sold 1,399 shares of Tapestry stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $81.88, for a total value of $114,550.12. Following the transaction, the vice president now directly owns 40,922 shares in the company, valued at approximately $3,350,693.36. The trade was a 3.31% decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.18% of the company's stock.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently bought and sold shares of the stock. Principal Securities Inc. lifted its stake in shares of Tapestry by 45.7% during the 4th quarter. Principal Securities Inc. now owns 1,633 shares of the luxury accessories retailer's stock valued at $107,000 after buying an additional 512 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Tapestry by 14.6% in the 4th quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer's stock worth $20,195,000 after purchasing an additional 39,298 shares in the last quarter. Sanctuary Advisors LLC boosted its stake in Tapestry by 1.5% in the 4th quarter. Sanctuary Advisors LLC now owns 41,464 shares of the luxury accessories retailer's stock worth $2,709,000 after purchasing an additional 625 shares during the period. Venturi Wealth Management LLC grew its holdings in Tapestry by 78.0% during the 4th quarter. Venturi Wealth Management LLC now owns 575 shares of the luxury accessories retailer's stock valued at $38,000 after buying an additional 252 shares in the last quarter. Finally, Atria Wealth Solutions Inc. bought a new stake in shares of Tapestry during the fourth quarter valued at approximately $340,000. 90.77% of the stock is currently owned by hedge funds and other institutional investors.

Tapestry Company Profile

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.

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