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NEW YORK—Todd Kahn, CEO and Brand President of Coach at Tapestry, Inc. (NYSE:TPR), recently sold a significant portion of his holdings in the company. According to a recent SEC filing, Kahn sold a total of 42,214 shares over two consecutive days, February 25 and 26, at prices ranging from $84.00 to $85.41 per share. The total value of these transactions amounted to approximately $3.58 million. The sales occurred as TPR shares have shown remarkable strength, with a 109.5% surge over the past six months. InvestingPro analysis shows the stock is currently trading near its 52-week high of $90.85.
Following these sales, Kahn retains ownership of 155,878 shares in the company. The transactions were conducted as part of Kahn’s direct ownership in Tapestry, a leading player in the luxury fashion industry, known for its brands like Coach, Kate Spade, and Stuart Weitzman. According to InvestingPro data, the company maintains impressive gross profit margins of 74.8% and has earned a "GOOD" Financial Health rating. For deeper insights into insider trading patterns and 14+ additional ProTips, consider exploring the comprehensive Pro Research Report.
Tapestry, Inc., headquartered in New York, continues to be a significant name in the leather and leather products sector, with a market capitalization of $17.9 billion. The company has been navigating the challenges and opportunities presented by the evolving retail landscape while maintaining a consistent dividend yield of 1.7%.
In other recent news, Tapestry Inc. has seen several analyst firms raise their price targets, reflecting positive sentiment towards the company’s financial prospects. Redburn-Atlantic upgraded Tapestry’s stock rating to Buy and set a new price target of $110, citing strong brand momentum and growth potential for the Coach brand. Similarly, JPMorgan increased its price target to $104, maintaining an Overweight rating and highlighting the company’s significant growth and strategic investments. TD Cowen also raised its price target to $90, noting the company’s strong second-quarter results and Coach brand’s exceptional performance. Telsey Advisory Group adjusted its price target to $92, maintaining an Outperform rating, and emphasized Tapestry’s robust gross margin expansion and elevated fiscal year outlook. Citi raised its target to $85, reiterating a Buy rating and expecting second-quarter sales and earnings to outperform consensus estimates. These updates come as Tapestry continues to focus on operational efficiency and strategic brand investments, which have contributed to its recent successes. Analysts have noted the positive impact of Tapestry’s Accelerated Share Repurchase program and anticipate further profit improvements from the Kate Spade brand. Despite a challenging macroeconomic environment, Tapestry’s proactive management and strong brand performance have positioned the company favorably in the luxury market.
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