Tapestry (NYSE:TPR) CEO Sells $3,677,499.67 in Stock

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,761 shares of Tapestry stock in a transaction on Wednesday, August 19th. The shares were 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 owned 666,149 shares in the company, valued at $88,244,758.03. The trade was a 4.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Trading Down 1.8%

Shares of NYSE:TPR traded down $2.34 during trading on Thursday, reaching $129.38. 4,068,866 shares of the stock were exchanged, compared to its average volume of 2,461,438. The firm has a market cap of $25.80 billion, a price-to-earnings ratio of 17.75, a price-to-earnings-growth ratio of 1.67 and a beta of 1.43. The company has a debt-to-equity ratio of 3.44, a quick ratio of 1.25 and a current ratio of 1.75. Tapestry, Inc. has a 12-month low of $93.00 and a 12-month high of $164.80. The firm’s 50-day moving average price is $145.78 and its 200 day moving average price is $144.84.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 13th. The luxury accessories retailer reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.04. Tapestry had a net margin of 19.09% and a return on equity of 254.95%. The company had revenue of $1.88 billion during the quarter, compared to analyst estimates of $1.87 billion. During the same quarter in the prior year, the business earned $1.04 earnings per share. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. Tapestry has set its FY 2027 guidance at 7.800-7.900 EPS. On average, sell-side analysts anticipate that Tapestry, Inc. will post 7.94 earnings per share for the current fiscal year.

Tapestry Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 21st. Shareholders of record on Friday, September 4th will be issued a $0.4625 dividend. The ex-dividend date is Friday, September 4th. This represents a $1.85 dividend on an annualized basis and a yield of 1.4%. This is a boost from Tapestry’s previous quarterly dividend of $0.40. Tapestry’s dividend payout ratio (DPR) is currently 25.38%.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently made changes to their positions in the company. World Investment Advisors lifted its stake in Tapestry by 3.6% in the 1st quarter. World Investment Advisors now owns 1,979 shares of the luxury accessories retailer’s stock worth $279,000 after acquiring an additional 69 shares in the last quarter. Horizon Bancorp Inc. IN boosted its holdings in shares of Tapestry by 4.7% during the 1st quarter. Horizon Bancorp Inc. IN now owns 1,575 shares of the luxury accessories retailer’s stock worth $222,000 after buying an additional 71 shares during the period. Smartleaf Asset Management LLC grew its position in shares of Tapestry by 2.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 3,682 shares of the luxury accessories retailer’s stock valued at $477,000 after purchasing an additional 73 shares during the last quarter. Eastern Bank boosted its stake in Tapestry by 24.4% during the 2nd quarter. Eastern Bank now owns 392 shares of the luxury accessories retailer’s stock valued at $57,000 after purchasing an additional 77 shares during the period. Finally, NewEdge Wealth LLC boosted its position in shares of Tapestry by 2.7% in the first quarter. NewEdge Wealth LLC now owns 3,186 shares of the luxury accessories retailer’s stock valued at $450,000 after acquiring an additional 85 shares during the period. Hedge funds and other institutional investors own 90.77% of the company’s stock.

Wall Street Analysts Forecast Growth

TPR has been the subject of a number of recent analyst reports. Sanford C. Bernstein restated a “market perform” rating and set a $185.00 price objective (up from $180.00) on shares of Tapestry in a research note on Friday, August 14th. Wells Fargo & Company lowered their price objective on shares of Tapestry from $165.00 to $160.00 and set an “overweight” rating for the company in a research report on Thursday, August 13th. Raymond James Financial reissued an “outperform” rating and set a $165.00 price target on shares of Tapestry in a report on Thursday, April 23rd. Weiss Ratings upgraded shares of Tapestry from a “hold (c)” rating to a “buy (b-)” rating in a research note on Friday, August 14th. Finally, Wall Street Zen cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Sunday. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $175.12.

About Tapestry

Tapestry, Inc is a New York City–based house of fashion brands that designs, produces and distributes a range of accessible luxury and lifestyle products. The company manages a portfolio led by Coach, along with Kate Spade New York and Stuart Weitzman, each offering distinct product lines that include handbags and leather goods, footwear, ready-to-wear apparel, accessories, small leather goods, jewelry and lifestyle items. Tapestry’s operations encompass product design, marketing, wholesale partnerships, retail store operations and digital commerce.

Historically, the Coach brand traces its roots to a leather workshop in New York dating to the mid-20th century.