420,110 Chewy $CHWY Shares Sold by Birch Hill Investment Advisors LLC

Key Points

• Birch Hill Investment Advisors cut its Chewy position by 88.5%, selling 420,110 shares in the third quarter and retaining 54,850 shares valued at approximately $998,000.
• Institutional investors and hedge funds own 93.09% of Chewy, with several major firms—including Bank of America, SG Americas Securities, Dimensional Fund Advisors and Amundi—adding to their positions.
• Analysts maintain a generally positive outlook, with Chewy receiving a “Moderate Buy” consensus rating and an average price target of $30.45; the company recently exceeded quarterly earnings expectations with $0.36 in EPS and $3.33 billion in revenue.

Birch Hill Investment Advisors LLC trimmed its holdings in shares of Chewy (NYSE:CHWY - Free Report) by 88.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 54,850 shares of the company's stock after selling 420,110 shares during the period. Birch Hill Investment Advisors LLC's holdings in Chewy were worth $998,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in CHWY. Bank of America Corp DE grew its stake in shares of Chewy by 12.7% in the 1st quarter. Bank of America Corp DE now owns 4,816,924 shares of the company's stock valued at $130,057,000 after buying an additional 542,298 shares in the last quarter. SG Americas Securities LLC lifted its holdings in Chewy by 764.8% in the 1st quarter. SG Americas Securities LLC now owns 2,213,220 shares of the company's stock worth $59,757,000 after purchasing an additional 1,957,284 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Chewy by 49.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,739,267 shares of the company's stock valued at $46,942,000 after purchasing an additional 578,801 shares during the last quarter. Amundi lifted its stake in shares of Chewy by 191.8% in the first quarter. Amundi now owns 1,466,126 shares of the company's stock worth $39,584,000 after buying an additional 963,750 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its stake in Chewy by 0.5% in the 1st quarter. The Manufacturers Life Insurance Company now owns 839,927 shares of the company's stock valued at $22,678,000 after buying an additional 3,942 shares during the last quarter. 93.09% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Robert W. Baird reduced their price target on shares of Chewy from $30.00 to $28.00 and set an "outperform" rating for the company in a report on Thursday, September 10th. Weiss Ratings upgraded shares of Chewy from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Monday, September 28th. Raymond James Financial lifted their price objective on Chewy from $25.00 to $28.00 and gave the company an "outperform" rating in a report on Friday, September 4th. Citizens Jmp restated a "market outperform" rating and issued a $28.00 target price on shares of Chewy in a research note on Thursday, September 10th. Finally, Royal Bank Of Canada dropped their price target on Chewy from $34.00 to $31.00 and set an "outperform" rating for the company in a report on Thursday, September 10th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat, Chewy currently has an average rating of "Moderate Buy" and an average target price of $30.45.

Insiders Place Their Bets

In other Chewy news, CAO William G. Billings sold 17,283 shares of the stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $21.00, for a total transaction of $362,943.00. Following the completion of the transaction, the chief accounting officer owned 39,772 shares in the company, valued at approximately $835,212. This represents a 30.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.34% of the company's stock.

Chewy Price Performance

Chewy stock opened at $20.96 on Friday. The firm has a market capitalization of $8.43 billion, a P/E ratio of 31.76, a PEG ratio of 0.87 and a beta of 1.38. The business has a 50-day moving average of $21.23 and a 200-day moving average of $22.01. The company has a current ratio of 0.84, a quick ratio of 0.42 and a debt-to-equity ratio of 1.59. Chewy has a 1 year low of $17.40 and a 1 year high of $38.25.

Chewy (NYSE:CHWY - Get Free Report) last posted its earnings results on Wednesday, September 9th. The company reported $0.36 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.18. The company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.32 billion. Chewy had a net margin of 2.09% and a return on equity of 60.88%. The business's revenue for the quarter was up 7.3% compared to the same quarter last year. During the same period last year, the business posted $0.33 earnings per share. On average, equities analysts anticipate that Chewy will post 0.76 EPS for the current year.

Chewy Profile

Chewy, Inc is an e-commerce company focused on pet products and services. Through its website and mobile application, the company sells food, treats, toys, supplies, accessories and other products for dogs, cats, fish, birds, reptiles and small pets.

The company also offers prescription and over-the-counter medications through Chewy Pharmacy, as well as pet health products and related services. Its Autoship program allows customers to schedule recurring deliveries of regularly purchased items, while customer support and other digital features are designed to support pet owners throughout the pet-care lifecycle.

Chewy was founded in 2011 by Ryan Cohen and Michael Day and was acquired by PetSmart in 2017.

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