Dadlani Manesh, Vice President, Controller and Principal Accounting Officer at Tapestry, Inc. (NYSE:), recently executed a series of stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. On November 15, Manesh sold a total of 8,872 shares of Tapestry common stock at prices ranging from $57.78 to $58.07, generating approximately $514,219.
In addition to the sales, Manesh also acquired shares through the exercise of stock options. The transactions included the acquisition of 11,262 shares at prices between $15.83 and $20.97, totaling $214,267. These acquisitions were followed by the sale of 7,890 shares to cover the costs and taxes associated with the option exercises, amounting to $455,884 at a price of $57.78 per share.
Following these transactions, Manesh’s direct ownership of Tapestry stock stands at 35,003 shares.
In other recent news, Tapestry Inc. has seen several adjustments in its financial outlook following robust first-quarter results. Baird maintained an Outperform rating and increased the price target to $64, citing the company’s plans for stock repurchases and focus on sustainable revenue growth for its Kate Spade brand. Telsey Advisory Group also raised Tapestry’s price target to $67, emphasizing the potential for earnings growth due to the new share buyback authorization.
Moreover, Tapestry reported a 27% increase in total revenue in Europe, despite a 5% decrease in Greater China. The company aims for a full-year revenue growth of 1-2% and expects to expand its gross margin by over 50 basis points by fiscal 2025.
Analysts from both Baird and Telsey Advisory Group highlighted Tapestry’s decision to terminate a potential merger deal, focusing instead on its internal growth strategy. This move, along with the expanded buyback program, are seen as positive drivers for the company.
Finally, Tapestry’s Coach brand demonstrated resilience with a 2% increase in constant currency in the last quarter, while the Stuart Weitzman brand saw an unexpected sales increase. However, Kate Spade experienced a sales dip. Despite these mixed results, Tapestry remains optimistic about its future.
InvestingPro Insights
The recent stock transactions by Tapestry’s Vice President and Controller Dadlani Manesh come at a time when the company’s stock is showing strong performance. According to InvestingPro data, Tapestry’s stock has seen impressive returns, with a 92.68% price total return over the past year and a 57.37% return year-to-date. This aligns with an InvestingPro Tip indicating that Tapestry has experienced a “high return over the last year.”
The company’s financial health appears robust, with a market capitalization of $13.19 billion and a P/E ratio of 16.07. Tapestry’s gross profit margin stands at an impressive 73.91% for the last twelve months as of Q1 2023, which is reflected in the InvestingPro Tip highlighting the company’s “impressive gross profit margins.”
Additionally, Tapestry has demonstrated a commitment to shareholder returns, with an InvestingPro Tip noting that the company “has raised its dividend for 4 consecutive years” and “has maintained dividend payments for 16 consecutive years.” The current dividend yield is 2.48%, offering investors a steady income stream alongside potential capital appreciation.
It’s worth noting that Tapestry is trading near its 52-week high, with the stock price at 96.68% of its highest point over the past year. This information, coupled with the strong recent performance, suggests that investors and insiders like Manesh may be capitalizing on the stock’s upward momentum.
For readers interested in a more comprehensive analysis, InvestingPro offers 13 additional tips on Tapestry, providing a deeper insight into the company’s financial position and market performance.
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