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

Tapestry, Inc. (NYSE:TPR) VP Manesh Dadlani sold 8,872 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $57.96, for a total transaction of $514,221.12. Following the transaction, the vice president now owns 35,003 shares of the company’s stock, valued at approximately $2,028,773.88. This trade represents a 20.22 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Tapestry Stock Down 1.2 %

TPR traded down $0.68 during trading hours on Monday, hitting $56.55. 3,249,395 shares of the company’s stock were exchanged, compared to its average volume of 3,336,579. The firm has a 50 day moving average of $46.55 and a 200 day moving average of $42.99. The firm has a market cap of $13.18 billion, a P/E ratio of 16.50, a price-to-earnings-growth ratio of 1.99 and a beta of 1.53. The company has a current ratio of 4.93, a quick ratio of 4.38 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 (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $1.59 billion during the quarter, compared to analysts’ expectations of $1.58 billion. Tapestry had a net margin of 12.12% and a return on equity of 36.26%. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. During the same period in the previous year, the company earned $0.95 EPS. Analysts predict that Tapestry, Inc. will post 4.56 EPS for the current fiscal year.

Tapestry Dividend Announcement

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

Analyst Upgrades and Downgrades

TPR has been the subject of a number of research analyst reports. Wells Fargo & Company increased their target price on Tapestry from $65.00 to $75.00 and gave the company an “overweight” rating in a report on Friday. Guggenheim increased their price objective on Tapestry from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday. StockNews.com cut shares of Tapestry from a “buy” rating to a “hold” rating in a research note on Monday, October 28th. TD Cowen downgraded shares of Tapestry from a “buy” rating to a “hold” rating and set a $52.00 price target on the stock. in a research note on Tuesday, October 29th. Finally, Citigroup upped their price objective on shares of Tapestry from $49.00 to $55.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Six research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $57.82.

Institutional Investors Weigh In On Tapestry

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