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Todd Kahn, CEO and Brand President of Coach , a subsidiary of Tapestry, Inc. (NYSE:TPR), recently sold 7,786 shares of the company’s common stock, netting approximately $681,975. The shares were sold at an average price of $87.59 each, close to the 52-week high of $90.85. Following this transaction, Kahn retains ownership of 201,531 shares of Tapestry stock, amid the company’s impressive 106% price return over the past six months.
In addition to the sale, Kahn made a charitable donation of 2,800 shares to a Donor Advised Fund and gifted 639 shares, both transactions recorded at no monetary value. These non-sale transactions did not involve any compensation to Kahn. The company maintains strong financial health with a current ratio of 1.58, indicating solid liquidity.
Tapestry, Inc., known for its luxury leather products, continues to be a prominent player in the fashion industry, boasting impressive gross profit margins of 75% and maintaining dividend payments for 17 consecutive years. Investors may find these insider transactions noteworthy as they reflect the executive’s current holdings and philanthropic activities. InvestingPro analysis reveals 15 additional key insights about Tapestry’s financial health and market position, available in the comprehensive Pro Research Report.
In other recent news, Tapestry Inc. has seen several positive developments concerning its financial outlook and market performance. Redburn-Atlantic upgraded Tapestry’s stock rating from Neutral to Buy, setting a new price target of $110, citing strong growth prospects and brand momentum, particularly for the Coach brand. JPMorgan also increased its price target to $104, maintaining an Overweight rating, and noted the significant growth of the Coach brand following strategic investments. TD Cowen raised its price target to $90 while keeping a Hold rating, highlighting Tapestry’s strong second-quarter results, which exceeded market expectations with an EPS of $2.00, higher than the forecasted $1.75.
Telsey Advisory Group adjusted its price target to $92, maintaining an Outperform rating, and recognized Tapestry’s robust performance in a challenging economic environment, with notable growth across various regions and gross margin expansion. Citi raised its price target to $85, reiterating a Buy rating, and expects Tapestry’s second-quarter sales and EPS to surpass consensus estimates. Analysts have also noted the potential for further profit improvements from the Kate Spade brand. Overall, these recent upgrades and positive earnings reports indicate a favorable outlook for Tapestry, driven by strong brand performance and strategic initiatives.
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