Stock Traders Purchase Large Volume of Put Options on Tapestry (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) saw some unusual options trading on Wednesday. Investors bought 12,322 put options on the company. This is an increase of 49% compared to the typical volume of 8,261 put options.

Tapestry Stock Performance

Shares of NYSE TPR opened at $72.78 on Friday. 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 company has a market capitalization of $15.07 billion, a P/E ratio of 21.10, a P/E/G ratio of 2.01 and a beta of 1.57. Tapestry has a 12 month low of $35.23 and a 12 month high of $90.85. The stock has a 50 day moving average of $77.67 and a 200-day moving average of $62.59.

Tapestry (NYSE:TPR) last released its quarterly earnings data on Thursday, February 6th. The luxury accessories retailer reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.70 by $0.30. Tapestry had a net margin of 11.74% and a return on equity of 44.00%. During the same quarter in the previous year, the business earned $1.63 earnings per share. As a group, equities research analysts predict that Tapestry will post 4.91 EPS for the current year.

Tapestry Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 24th. Stockholders of record on Thursday, March 6th were issued a dividend of $0.35 per share. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend was Thursday, March 6th. Tapestry’s dividend payout ratio is presently 40.58%.

Insider Activity

In other news, General Counsel David E. Howard sold 11,917 shares of the business’s stock in a transaction on Thursday, February 20th. The shares were sold at an average price of $88.00, for a total value of $1,048,696.00. Following the completion of the transaction, the general counsel now owns 38,609 shares of the company’s stock, valued at $3,397,592. The trade was a 23.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Todd Kahn sold 21,107 shares of Tapestry stock in a transaction dated Tuesday, February 25th. The stock was sold at an average price of $84.00, for a total value of $1,772,988.00. Following the transaction, the chief executive officer now owns 176,985 shares in the company, valued at approximately $14,866,740. This represents a 10.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,537 shares of company stock valued at $5,730,589 in the last ninety days. 1.18% of the stock is owned by insiders.

Hedge Funds Weigh In On Tapestry

Institutional investors and hedge funds have recently made changes to their positions in the company. Apollon Wealth Management LLC bought a new stake in Tapestry in the 4th quarter valued at $328,000. Charles Schwab Investment Management Inc. boosted its position in shares of Tapestry by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,997,414 shares of the luxury accessories retailer’s stock valued at $522,471,000 after acquiring an additional 382,856 shares during the period. Decker Retirement Planning Inc. acquired a new position in shares of Tapestry in the fourth quarter valued at about $3,437,000. Principal Financial Group Inc. increased its position in Tapestry by 14.6% during the fourth quarter. Principal Financial Group Inc. now owns 309,119 shares of the luxury accessories retailer’s stock worth $20,195,000 after acquiring an additional 39,298 shares during the period. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Tapestry in the 3rd quarter worth about $2,064,000. Institutional investors and hedge funds own 90.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on TPR shares. Wells Fargo & Company lifted their price target on shares of Tapestry from $75.00 to $90.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. The Goldman Sachs Group upped their target price on shares of Tapestry from $72.00 to $98.00 and gave the stock a “buy” rating in a research note on Friday, February 7th. UBS Group lifted their price target on Tapestry from $70.00 to $80.00 and gave the company a “neutral” rating in a research note on Friday, February 7th. Raymond James reaffirmed an “outperform” rating and set a $88.00 price objective (up from $79.00) on shares of Tapestry in a research report on Friday, February 7th. Finally, Robert W. Baird lifted their target price on Tapestry from $93.00 to $100.00 and gave the company an “outperform” rating in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Tapestry currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.53.

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.