Insider Selling: Tapestry, Inc. (NYSE:TPR) CEO Sells 7,786 Shares of Stock

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 7,786 shares of the stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $87.59, for a total transaction of $681,975.74. Following the completion of the sale, the chief executive officer now owns 201,531 shares of the company’s stock, valued at approximately $17,652,100.29. The trade was a 3.72 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Tapestry Price Performance

TPR stock traded down $0.30 during midday trading on Monday, reaching $84.29. 5,740,820 shares of the company’s stock traded hands, compared to its average volume of 5,118,729. The company has a quick ratio of 1.05, a current ratio of 1.58 and a debt-to-equity ratio of 1.78. The company has a market cap of $17.45 billion, a price-to-earnings ratio of 24.43, a PEG ratio of 2.01 and a beta of 1.58. The company has a 50-day simple moving average of $72.63 and a two-hundred day simple moving average of $56.75. Tapestry, Inc. has a 1-year low of $35.23 and a 1-year high of $90.85.

Tapestry (NYSE:TPR) last announced its earnings results on Thursday, February 6th. The luxury accessories retailer reported $2.00 earnings per share for the quarter, beating analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a return on equity of 44.00% and a net margin of 11.74%. During the same period last year, the firm earned $1.63 earnings per share. On average, analysts anticipate that Tapestry, Inc. will post 4.91 earnings per share for the current year.

Tapestry Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Thursday, March 6th will be paid a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.66%. The ex-dividend date is Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Analyst Ratings Changes

TPR has been the subject of a number of research reports. Redburn Atlantic upgraded Tapestry from a “neutral” rating to a “buy” rating and set a $110.00 price objective for the company in a research report on Tuesday, February 18th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $65.00 target price on shares of Tapestry in a research report on Tuesday, January 21st. Barclays boosted their price target on shares of Tapestry from $87.00 to $100.00 and gave the company an “overweight” rating in a report on Friday, February 7th. StockNews.com downgraded shares of Tapestry from a “buy” rating to a “hold” rating in a report on Saturday, February 15th. Finally, Wells Fargo & Company lifted their target price on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, Tapestry presently has an average rating of “Moderate Buy” and a consensus target price of $78.53.

Institutional Trading of Tapestry

Several hedge funds have recently modified their holdings of TPR. Victory Capital Management Inc. lifted its holdings in Tapestry by 7.5% during the 3rd quarter. Victory Capital Management Inc. now owns 433,825 shares of the luxury accessories retailer’s stock worth $20,381,000 after buying an additional 30,121 shares in the last quarter. Apollon Wealth Management LLC bought a new stake in shares of Tapestry during the fourth quarter worth $328,000. Assenagon Asset Management S.A. acquired a new position in shares of Tapestry during the third quarter valued at $5,446,000. Valley Wealth Managers Inc. boosted its holdings in Tapestry by 2.1% in the third quarter. Valley Wealth Managers Inc. now owns 425,105 shares of the luxury accessories retailer’s stock valued at $19,971,000 after acquiring an additional 8,833 shares during the last quarter. Finally, Decker Retirement Planning Inc. bought a new position in Tapestry in the fourth quarter valued at about $3,437,000. 90.77% of the stock is owned by institutional investors.

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.