Tapestry, Inc. (NYSE:TPR - Get Free Report) CEO Joanne Crevoiserat sold 27,762 shares of the company's stock in a transaction that occurred on Wednesday, November 11th. The shares were sold at an average price of $132.46, for a total value of $3,677,354.52. Following the completion of the transaction, the chief executive officer owned 758,841 shares in the company, valued at approximately $100,516,078.86. The trade was a 3.53% decrease in their position. 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.
Tapestry Price Performance
Shares of NYSE TPR opened at $132.44 on Friday. The company has a current ratio of 1.24, a quick ratio of 0.76 and a debt-to-equity ratio of 5.70. The stock has a fifty day simple moving average of $118.28 and a two-hundred day simple moving average of $137.05. Tapestry, Inc. has a 1-year low of $99.00 and a 1-year high of $164.80. The firm has a market cap of $26.03 billion, a price-to-earnings ratio of 17.05, a price-to-earnings-growth ratio of 1.51 and a beta of 1.44.
Tapestry (NYSE:TPR - Get Free Report) last issued its earnings results on Thursday, November 5th. The luxury accessories retailer reported $1.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.26. Tapestry had a return on equity of 274.20% and a net margin of 19.68%. The firm had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.85 billion. During the same period in the previous year, the company posted $1.38 earnings per share. The business's revenue was up 11.1% on a year-over-year basis. Analysts anticipate that Tapestry, Inc. will post 8.30 earnings per share for the current year.
Tapestry Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 21st. Investors of record on Friday, December 4th will be issued a $0.4625 dividend. The ex-dividend date of this dividend 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%.
Institutional Trading of Tapestry
Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. purchased a new stake in Tapestry in the 2nd quarter worth approximately $2,610,995,000. Bank of America Corp DE bought a new position in Tapestry in the 2nd quarter valued at $771,309,000. Bank of New York Mellon Corp bought a new position in shares of Tapestry in the second quarter worth $175,291,000. Amundi raised its position in shares of 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 buying an additional 866,969 shares in the last quarter. Finally, Legal & General Group Plc purchased a new stake in shares of Tapestry in the second quarter worth $118,994,000. Institutional investors own 90.77% of the company's stock.
Analysts Set New Price Targets
A number of equities research analysts recently issued reports on TPR shares. JPMorgan Chase & Co. boosted their price objective on Tapestry from $205.00 to $211.00 and gave the company an "overweight" rating in a research note on Tuesday, August 4th. Cantor Fitzgerald started coverage on shares of Tapestry in a research report on Tuesday. They set an "overweight" rating and a $159.00 target price for the company. Barclays lifted their target price on shares of Tapestry from $185.00 to $195.00 and gave the stock an "overweight" rating in a research note on Friday, November 6th. Morgan Stanley lowered their price target on shares of Tapestry from $164.00 to $159.00 and set an "overweight" rating on the stock in a research report on Friday, August 14th. Finally, BTIG Research lowered their price target 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. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Tapestry currently has a consensus rating of "Moderate Buy" and a consensus price target of $167.26.
Check Out Our Latest Stock Analysis on Tapestry
About Tapestry
(
Get Free Report)
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.
Read More
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
