614,023 Tapestry, Inc. $TPR Shares Sold by Jefferies Financial Group Inc.

Jefferies Financial Group Inc. lowered its stake in shares of Tapestry, Inc. (NYSE:TPR) by 87.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 85,041 shares of the luxury accessories retailer’s stock after selling 614,023 shares during the period. Jefferies Financial Group Inc.’s holdings in Tapestry were worth $9,783,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Gen Wealth Partners Inc lifted its position in shares of Tapestry by 40,100.0% during the 3rd quarter. Gen Wealth Partners Inc now owns 8,040 shares of the luxury accessories retailer’s stock valued at $925,000 after acquiring an additional 8,020 shares during the period. Kestra Investment Management LLC grew its holdings in shares of Tapestry by 7.2% in the 3rd quarter. Kestra Investment Management LLC now owns 15,746 shares of the luxury accessories retailer’s stock worth $1,812,000 after acquiring an additional 1,059 shares during the period. Ethos Capital Management Inc. grew its holdings in shares of Tapestry by 7.0% in the 3rd quarter. Ethos Capital Management Inc. now owns 17,616 shares of the luxury accessories retailer’s stock worth $2,027,000 after acquiring an additional 1,149 shares during the period. Alps Advisors Inc. increased its stake in Tapestry by 26.2% in the 3rd quarter. Alps Advisors Inc. now owns 7,213 shares of the luxury accessories retailer’s stock valued at $830,000 after purchasing an additional 1,497 shares in the last quarter. Finally, Heritage Family Offices LLP purchased a new position in Tapestry in the 3rd quarter valued at approximately $66,000. 90.77% of the stock is currently owned by institutional investors and hedge funds.

Tapestry Stock Down 1.9%

Shares of NYSE TPR opened at $133.04 on Thursday. Tapestry, Inc. has a 12-month low of $99.00 and a 12-month high of $164.80. The company has a market capitalization of $26.15 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.54 and a beta of 1.44. 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 firm’s 50-day moving average is $118.10 and its two-hundred day moving average is $137.02.

Tapestry (NYSE:TPR) last released its quarterly earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 EPS for the quarter, beating the consensus estimate of $1.56 by $0.26. Tapestry had a net margin of 19.68% and a return on equity of 274.20%. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the prior year, the business earned $1.38 earnings per share. The company’s quarterly revenue was up 11.1% on a year-over-year basis. Equities analysts anticipate that Tapestry, Inc. will post 8.30 EPS for the current fiscal year.

Tapestry Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, December 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. Tapestry’s dividend payout ratio is presently 23.81%.

Analysts Set New Price Targets

Several equities analysts recently issued reports on TPR shares. Wall Street Zen cut Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Daiwa Securities Group raised Tapestry from a “hold” rating to a “strong-buy” rating in a report on Monday, August 17th. Jefferies Financial Group lowered their target price on Tapestry from $144.00 to $125.00 and set a “hold” rating on the stock in a report on Wednesday, October 21st. Barclays raised their price target on Tapestry from $185.00 to $195.00 and gave the company an “overweight” rating in a research report on Friday, November 6th. Finally, Weiss Ratings raised Tapestry from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Tapestry has a consensus rating of “Moderate Buy” and a consensus price target of $167.26.

Insider Buying and Selling

In other news, CEO Joanne C. Crevoiserat sold 27,761 shares of the business’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $132.47, for a total value of $3,677,499.67. Following the completion of the transaction, the chief executive officer directly owned 666,149 shares of the company’s stock, valued at $88,244,758.03. The trade was a 4.00% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider David E. Howard sold 11,188 shares of the business’s 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 transaction, the insider directly owned 58,290 shares of the company’s stock, valued at approximately $7,792,207.20. This trade represents a 16.10% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 86,003 shares of company stock worth $11,420,259 in the last 90 days. Corporate insiders own 1.28% of the company’s stock.

More Tapestry News

These are some of the TPR news items that stood out recently:

• Positive Sentiment: Cantor Fitzgerald initiated coverage with an Overweight rating and a $159 price target, signaling confidence in Tapestry’s prospects. Cantor Fitzgerald coverage
• Positive Sentiment: A report pointed to Coach’s pricing power, Gen Z demand, international expansion, handbag sales and product innovation as growth drivers. Tapestry’s latest reported quarter also beat analyst expectations for EPS and revenue, with sales up 11.1% year over year. Coach growth report
• Negative Sentiment: Three insiders—including CEO Todd Kahn—sold a combined 52,432 shares for approximately $7.1 million in transactions on November 9. The sales reduced their individual holdings and may raise concerns about insider sentiment, though the filings do not state the reasons for the sales. CEO SEC filing Kulikowsky SEC filing Howard SEC filing

Tapestry Profile

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.