Insider Selling: Tapestry, Inc. (NYSE:TPR) VP Sells 8,872 Shares of Stock

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

Tapestry Stock Performance

NYSE TPR opened at $55.30 on Thursday. The firm has a market capitalization of $12.89 billion, a P/E ratio of 15.98, a PEG ratio of 1.98 and a beta of 1.53. The stock has a 50-day simple moving average of $47.41 and a two-hundred day simple moving average of $43.32. The company has a debt-to-equity ratio of 2.35, a quick ratio of 4.38 and a current ratio of 4.93. Tapestry, Inc. has a fifty-two week low of $30.20 and a fifty-two week high of $58.49.

Tapestry Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Shareholders of record on Friday, December 6th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend is Friday, December 6th. Tapestry’s payout ratio is presently 40.46%.

Analysts Set New Price Targets

TPR has been the subject of several analyst reports. Evercore ISI increased their price objective on Tapestry from $47.00 to $63.00 and gave the company an “outperform” rating in a report on Friday, October 25th. Guggenheim raised their price target on Tapestry from $60.00 to $70.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Barclays reaffirmed an “equal weight” rating and issued a $57.00 price objective on shares of Tapestry in a research report on Wednesday. The Goldman Sachs Group boosted their target price on shares of Tapestry from $58.00 to $66.00 and gave the stock a “buy” rating in a research report on Friday, November 15th. Finally, Robert W. Baird raised their price target on shares of Tapestry from $58.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 15th. Seven research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Tapestry presently has a consensus rating of “Moderate Buy” and an average price target of $57.78.

Institutional Investors Weigh In On Tapestry

Hedge funds have recently bought and sold shares of the stock. Bessemer Group Inc. lifted its stake in shares of Tapestry by 1,328.8% in the 1st quarter. Bessemer Group Inc. now owns 30,148 shares of the luxury accessories retailer’s stock valued at $1,432,000 after purchasing an additional 28,038 shares during the period. Manning & Napier Advisors LLC purchased a new stake in shares of Tapestry during the 2nd quarter worth about $3,718,000. Lazard Asset Management LLC boosted its stake in shares of Tapestry by 611.8% during the 1st quarter. Lazard Asset Management LLC now owns 63,617 shares of the luxury accessories retailer’s stock worth $3,019,000 after acquiring an additional 54,679 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Tapestry during the 1st quarter valued at about $54,055,000. Finally, Fiera Capital Corp raised its holdings in Tapestry by 1.2% in the 2nd quarter. Fiera Capital Corp now owns 1,462,721 shares of the luxury accessories retailer’s stock worth $62,590,000 after purchasing an additional 17,497 shares during the period. 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.