Todd Kahn Sells 40,000 Shares of Tapestry, Inc. (NYSE:TPR) Stock

Tapestry, Inc. (NYSE:TPR) CEO Todd Kahn sold 40,000 shares of the business’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $81.40, for a total value 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. This trade represents a 25.63% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Todd Kahn also recently made the following trade(s):

• On Tuesday, February 25th, Todd Kahn sold 21,107 shares of Tapestry stock. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00.
• On Friday, February 21st, Todd Kahn sold 7,786 shares of Tapestry stock. The shares were sold at an average price of $87.59, for a total value of $681,975.74.

Tapestry Stock Performance

Shares of Tapestry stock opened at $83.67 on Wednesday. Tapestry, Inc. has a 12 month low of $35.23 and a 12 month high of $90.85. The firm has a market capitalization of $17.32 billion, a P/E ratio of 24.25, a P/E/G ratio of 2.01 and a beta of 1.41. The company has a current ratio of 1.58, a quick ratio of 1.05 and a debt-to-equity ratio of 1.78. The business has a fifty day simple moving average of $69.90 and a two-hundred day simple moving average of $68.44.

Tapestry (NYSE:TPR) last issued its quarterly earnings results on Thursday, May 8th. The luxury accessories retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.14. The company had revenue of $1.58 billion during the quarter, compared to analysts’ expectations of $1.53 billion. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. Tapestry’s revenue was up 6.9% on a year-over-year basis. During the same period last year, the company posted $0.81 EPS. On average, equities analysts forecast that Tapestry, Inc. will post 4.91 earnings per share for the current fiscal year.

Tapestry Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wells Fargo & Company cut their target price on shares of Tapestry from $100.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, April 30th. The Goldman Sachs Group raised their price target on shares of Tapestry from $84.00 to $93.00 and gave the stock a “buy” rating in a report on Friday, May 9th. Guggenheim boosted their price objective on shares of Tapestry from $70.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, February 7th. Robert W. Baird increased their target price on shares of Tapestry from $93.00 to $100.00 and gave the stock an “outperform” rating in a report on Thursday, February 20th. Finally, Barclays raised their target price on Tapestry from $83.00 to $98.00 and gave the stock an “overweight” rating in a research note on Monday. Four equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.06.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TPR. Brooklyn Investment Group boosted its holdings in Tapestry by 33.3% in the first quarter. Brooklyn Investment Group now owns 1,433 shares of the luxury accessories retailer’s stock worth $101,000 after acquiring an additional 358 shares in the last quarter. Northwest & Ethical Investments L.P. purchased a new position in shares of Tapestry in the 1st quarter worth about $408,000. Wealthedge Investment Advisors LLC bought a new position in Tapestry in the 1st quarter worth about $438,000. EverSource Wealth Advisors LLC grew its position in Tapestry by 69.2% during the 1st quarter. EverSource Wealth Advisors LLC now owns 22,316 shares of the luxury accessories retailer’s stock valued at $1,571,000 after purchasing an additional 9,124 shares during the last quarter. Finally, Fox Run Management L.L.C. increased its stake in Tapestry by 55.6% during the 1st quarter. Fox Run Management L.L.C. now owns 8,066 shares of the luxury accessories retailer’s stock valued at $568,000 after purchasing an additional 2,881 shares in the last quarter. Institutional investors own 90.77% of the company’s stock.

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.