Tapestry, Inc. (NYSE:TPR) VP Manesh Dadlani Sells 8,872 Shares

Tapestry, Inc. (NYSE:TPR) VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $57.96, for a total value of $514,221.12. Following the transaction, the vice president now directly owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. The trade was a 20.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Tapestry Trading Down 1.2 %

Shares of TPR stock traded down $0.68 during trading hours on Monday, hitting $56.55. 3,249,395 shares of the company’s stock traded hands, compared to its average volume of 3,336,579. The stock has a market cap of $13.18 billion, a PE ratio of 16.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.53. The stock’s 50 day simple moving average is $46.55 and its 200 day simple moving average is $42.99. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. Tapestry, Inc. has a 12 month low of $30.19 and a 12 month high of $58.49.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, August 15th. The luxury accessories retailer reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company had revenue of $1.59 billion during the quarter, compared to analyst estimates of $1.58 billion. During the same quarter in the previous year, the business posted $0.95 EPS. Tapestry’s revenue for the quarter was down 1.8% compared to the same quarter last year. On average, sell-side analysts anticipate that Tapestry, Inc. will post 4.56 EPS for the current year.

Tapestry Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be given a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is 40.46%.

Institutional Trading of Tapestry

Several hedge funds and other institutional investors have recently modified their holdings of TPR. Waldron Private Wealth LLC bought a new position in shares of Tapestry during the 3rd quarter valued at $25,000. Massmutual Trust Co. FSB ADV increased its position in Tapestry by 54.0% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 935 shares of the luxury accessories retailer’s stock valued at $40,000 after purchasing an additional 328 shares during the period. Brooklyn Investment Group purchased a new stake in shares of Tapestry in the 3rd quarter worth about $47,000. Blue Trust Inc. grew its position in Tapestry by 111.9% during the 2nd quarter. Blue Trust Inc. now owns 1,053 shares of the luxury accessories retailer’s stock valued at $50,000 after purchasing an additional 556 shares during the last quarter. Finally, MUFG Securities EMEA plc lifted its stake in Tapestry by 34.9% during the 2nd quarter. MUFG Securities EMEA plc now owns 1,226 shares of the luxury accessories retailer’s stock valued at $52,000 after acquiring an additional 317 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on TPR. Raymond James reissued an “outperform” rating and set a $57.00 target price (up from $55.00) on shares of Tapestry in a research note on Friday, November 8th. Guggenheim increased their target price on shares of Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday. BMO Capital Markets boosted their price objective on shares of Tapestry from $55.00 to $60.00 and gave the stock a “market perform” rating in a research note on Monday. The Goldman Sachs Group upped their price target on Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a report on Friday. Finally, JPMorgan Chase & Co. boosted their price target on Tapestry from $51.00 to $66.00 and gave the company an “overweight” rating in a research note on Friday, October 25th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $57.82.

Tapestry Company Profile

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.