Investors Buy Large Volume of Tapestry Put Options (NYSE:TPR)

Tapestry, Inc. (NYSE:TPR) was the recipient of unusually large options trading on Monday. Traders purchased 10,607 put options on the company. This represents an increase of 84% compared to the average volume of 5,772 put options.

Tapestry Stock Down 1.6 %

Shares of NYSE TPR opened at $55.62 on Wednesday. Tapestry has a 52 week low of $30.19 and a 52 week high of $58.49. The business has a 50-day simple moving average of $47.14 and a two-hundred day simple moving average of $43.23. The company has a quick ratio of 4.38, a current ratio of 4.93 and a debt-to-equity ratio of 2.35. The company has a market cap of $12.96 billion, a P/E ratio of 16.08, a P/E/G ratio of 1.98 and a beta of 1.53.

Tapestry Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 6th will be given a dividend of $0.35 per share. The ex-dividend date is Friday, December 6th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 2.52%. Tapestry’s dividend payout ratio (DPR) is presently 40.46%.

Insiders Place Their Bets

In related news, VP Manesh Dadlani sold 8,872 shares of the stock in a transaction on Friday, November 15th. The stock was 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 in the company, valued at $2,028,773.88. This trade represents a 20.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.18% of the company’s stock.

Institutional Trading of Tapestry

A number of large investors have recently modified their holdings of TPR. Charles Schwab Investment Management Inc. raised its holdings in shares of Tapestry by 3.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,614,558 shares of the luxury accessories retailer’s stock valued at $357,732,000 after buying an additional 272,007 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Tapestry by 8.5% during the 1st quarter. Capital Research Global Investors now owns 6,238,670 shares of the luxury accessories retailer’s stock valued at $296,212,000 after buying an additional 489,933 shares in the last quarter. Pacer Advisors Inc. raised its holdings in shares of Tapestry by 1.0% during the 3rd quarter. Pacer Advisors Inc. now owns 6,078,760 shares of the luxury accessories retailer’s stock valued at $285,580,000 after buying an additional 58,135 shares in the last quarter. Geode Capital Management LLC increased its stake in Tapestry by 1.5% in the 3rd quarter. Geode Capital Management LLC now owns 5,588,879 shares of the luxury accessories retailer’s stock worth $262,156,000 after purchasing an additional 80,681 shares during the period. Finally, Dimensional Fund Advisors LP increased its stake in Tapestry by 4.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,551,778 shares of the luxury accessories retailer’s stock worth $151,965,000 after purchasing an additional 165,406 shares during the period. Institutional investors own 90.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TPR. StockNews.com cut Tapestry from a “buy” rating to a “hold” rating in a report on Monday, October 28th. Citigroup increased their target price on Tapestry from $49.00 to $55.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Bank of America increased their target price on Tapestry from $52.00 to $60.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Evercore ISI increased their target price on Tapestry from $47.00 to $63.00 and gave the stock an “outperform” rating in a report on Friday, October 25th. Finally, Raymond James reiterated an “outperform” rating and issued a $57.00 target price (up from $55.00) on shares of Tapestry in a report on Friday, November 8th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.82.

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.