Concentric Capital Strategies LP Acquires New Position in Chewy $CHWY

Key Points

• Concentric Capital Strategies LP acquired 51,145 shares of Chewy, valued at approximately $1.66 million, marking a significant addition to the company's institutional ownership, which is at 93.09%.
• Chewy's insider trading activity has seen major shareholder Argos Holdings sell over 29 million shares for a total of about $1.25 billion, while CEO Sumit Singh sold 4,264 shares.
• Chewy's stock is currently trading at around $40.70, with a market capitalization of $16.90 billion and a recent earnings beat where the company reported $0.35 EPS, exceeding analysts' estimates.

Concentric Capital Strategies LP bought a new stake in Chewy (NYSE:CHWY - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 51,145 shares of the company's stock, valued at approximately $1,663,000.

Several other large investors have also recently bought and sold shares of CHWY. Dimensional Fund Advisors LP increased its holdings in Chewy by 158.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 554,100 shares of the company's stock valued at $18,561,000 after buying an additional 340,016 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Chewy by 8.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 41,768 shares of the company's stock valued at $1,399,000 after buying an additional 3,100 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in Chewy by 336.4% in the fourth quarter. The Manufacturers Life Insurance Company now owns 113,955 shares of the company's stock valued at $3,816,000 after buying an additional 87,843 shares during the last quarter. Northern Trust Corp increased its holdings in Chewy by 151.7% in the fourth quarter. Northern Trust Corp now owns 921,580 shares of the company's stock valued at $30,864,000 after buying an additional 555,372 shares during the last quarter. Finally, Comerica Bank increased its holdings in Chewy by 172.9% in the fourth quarter. Comerica Bank now owns 67,773 shares of the company's stock valued at $2,270,000 after buying an additional 42,935 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company's stock.

Chewy Trading Up 0.5%

Shares of CHWY traded up $0.21 during mid-day trading on Tuesday, hitting $41.83. 4,882,218 shares of the company's stock were exchanged, compared to its average volume of 6,286,128. Chewy has a fifty-two week low of $26.28 and a fifty-two week high of $48.62. The firm has a market capitalization of $17.37 billion, a P/E ratio of 46.98, a P/E/G ratio of 8.84 and a beta of 1.65. The business's 50 day moving average is $38.82 and its two-hundred day moving average is $38.28.

Chewy (NYSE:CHWY - Get Free Report) last announced its earnings results on Wednesday, June 11th. The company reported $0.35 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.01. Chewy had a net margin of 3.21% and a return on equity of 35.04%. The business had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm earned $0.31 earnings per share. The business's quarterly revenue was up 6.3% compared to the same quarter last year. Chewy has set its FY 2025 guidance at EPS. On average, equities research analysts forecast that Chewy will post 0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wall Street Zen lowered Chewy from a "buy" rating to a "hold" rating in a report on Saturday, June 14th. Needham & Company LLC reaffirmed a "hold" rating on shares of Chewy in a report on Thursday, June 12th. Mizuho raised Chewy from a "neutral" rating to an "outperform" rating and raised their price objective for the stock from $44.00 to $50.00 in a report on Monday. Evercore ISI set a $52.00 price objective on Chewy and gave the stock an "outperform" rating in a report on Thursday, June 12th. Finally, Guggenheim reaffirmed a "buy" rating and set a $45.00 price objective (up previously from $42.00) on shares of Chewy in a report on Thursday, June 12th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.94.

Insider Buying and Selling at Chewy

In related news, CEO Sumit Singh sold 4,264 shares of the firm's stock in a transaction dated Monday, August 4th. The shares were sold at an average price of $35.57, for a total value of $151,670.48. Following the completion of the sale, the chief executive officer owned 72,549 shares in the company, valued at $2,580,567.93. This trade represents a 5.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Satish Mehta sold 8,727 shares of the firm's stock in a transaction dated Tuesday, August 5th. The shares were sold at an average price of $35.82, for a total transaction of $312,601.14. Following the completion of the sale, the chief technology officer owned 276,467 shares of the company's stock, valued at approximately $9,903,047.94. The trade was a 3.06% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,008,777 shares of company stock worth $1,252,444,321 over the last three months. 0.43% of the stock is currently owned by corporate insiders.

About Chewy

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. It provides pet food and treats, pet supplies and pet medications, and other pet-health products, as well as pet services for dogs, cats, fish, birds, small pets, horses, and reptiles through its retail websites and mobile applications.