Tapestry (NYSE:TPR) CEO Joanne Crevoiserat Sells 27,762 Shares of Company Stock

Tapestry, Inc. (NYSE:TPR) CEO Joanne Crevoiserat sold 27,762 shares of Tapestry stock in a transaction on Wednesday, November 11th. The stock was sold at an average price of $132.46, for a total transaction of $3,677,354.52. Following the transaction, the chief executive officer directly owned 758,841 shares in the company, valued at $100,516,078.86. This represents a 3.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Tapestry Stock Performance

NYSE TPR opened at $132.44 on Friday. The company has a fifty day moving average price of $118.28 and a 200-day moving average price of $137.05. The firm has a market cap of $26.03 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 1.51 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. Tapestry, Inc. has a 1 year low of $99.00 and a 1 year high of $164.80.

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

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Shareholders of record on Friday, December 4th will be paid a $0.4625 dividend. The ex-dividend date is Friday, December 4th. This represents a $1.85 annualized dividend and a yield of 1.4%. Tapestry’s dividend payout ratio (DPR) is 23.81%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. BTIG Research dropped their target price on shares of Tapestry from $180.00 to $175.00 and set a “buy” rating on the stock in a research report on Friday, August 14th. Jefferies Financial Group cut their target price on Tapestry from $144.00 to $125.00 and set a “hold” rating on the stock in a research note on Wednesday, October 21st. Wall Street Zen lowered Tapestry from a “buy” rating to a “hold” rating in a report on Sunday, August 16th. Argus decreased their price target on Tapestry from $165.00 to $148.00 and set a “buy” rating for the company in a research report on Tuesday, August 18th. Finally, Morgan Stanley dropped their price target on Tapestry from $164.00 to $159.00 and set an “overweight” rating on the stock in a report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $167.26.

Hedge Funds Weigh In On Tapestry

A number of hedge funds and other institutional investors have recently made changes to their positions in TPR. BlackRock Inc. bought a new position in Tapestry during the second quarter valued at about $2,610,995,000. Bank of America Corp DE bought a new stake in Tapestry in the second quarter worth about $771,309,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Tapestry by 53.8% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,169,602 shares of the luxury accessories retailer’s stock worth $317,586,000 after acquiring an additional 758,915 shares during the period. Amundi raised its position in Tapestry by 96.0% in the first quarter. Amundi now owns 1,769,905 shares of the luxury accessories retailer’s stock worth $249,751,000 after acquiring an additional 866,969 shares during the period. Finally, Bank of New York Mellon Corp bought a new stake in Tapestry in the second quarter worth about $175,291,000. 90.77% of the stock is owned by hedge funds and other institutional investors.

About Tapestry

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.