Bank of America Corp DE Buys 542,298 Shares of Chewy $CHWY

Key Points

• Bank of America increased its Chewy stake by 12.7% in the first quarter, buying 542,298 additional shares to own 4.82 million shares valued at approximately $130.1 million.
• Institutional investors hold 93.09% of Chewy, while an insider sale reduced General Counsel Da-Wai Hu’s position by 50.6%; corporate insiders own 0.34% of the stock.
• Chewy shares opened at $23.48, down 2.3%, while analysts maintained a generally positive outlook with a “Moderate Buy” consensus and an average price target of $32.05.

Bank of America Corp DE lifted its stake in shares of Chewy (NYSE:CHWY - Free Report) by 12.7% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 4,816,924 shares of the company's stock after buying an additional 542,298 shares during the quarter. Bank of America Corp DE owned about 1.16% of Chewy worth $130,057,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. National Bank of Canada FI lifted its holdings in Chewy by 12.5% during the 3rd quarter. National Bank of Canada FI now owns 2,910 shares of the company's stock worth $118,000 after purchasing an additional 324 shares during the last quarter. Dynasty Wealth Management LLC grew its holdings in Chewy by 6.6% in the 4th quarter. Dynasty Wealth Management LLC now owns 6,321 shares of the company's stock valued at $209,000 after buying an additional 394 shares in the last quarter. Harbour Investments Inc. increased its position in Chewy by 81.4% during the 4th quarter. Harbour Investments Inc. now owns 907 shares of the company's stock worth $30,000 after buying an additional 407 shares during the period. waypoint wealth counsel lifted its holdings in shares of Chewy by 3.8% during the fourth quarter. waypoint wealth counsel now owns 11,220 shares of the company's stock worth $371,000 after buying an additional 415 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. lifted its holdings in shares of Chewy by 6.0% during the fourth quarter. Retirement Planning Co of New England Inc. now owns 8,136 shares of the company's stock worth $269,000 after buying an additional 458 shares in the last quarter. Institutional investors own 93.09% of the company's stock.

Insider Buying and Selling at Chewy

In other news, General Counsel Da-Wai Hu sold 4,203 shares of the business's stock in a transaction on Monday, June 29th. The stock was sold at an average price of $19.49, for a total transaction of $81,916.47. Following the completion of the transaction, the general counsel owned 4,103 shares of the company's stock, valued at approximately $79,967.47. The trade was a 50.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.34% of the company's stock.

Chewy Stock Down 2.3%

CHWY opened at $23.48 on Friday. The stock has a market capitalization of $9.61 billion, a price-to-earnings ratio of 39.14, a P/E/G ratio of 1.21 and a beta of 1.42. Chewy has a twelve month low of $17.40 and a twelve month high of $43.50. The company has a 50-day simple moving average of $20.70 and a 200 day simple moving average of $24.00.

Analyst Upgrades and Downgrades

Several research firms recently commented on CHWY. Wolfe Research restated an "outperform" rating and issued a $27.00 price target on shares of Chewy in a research note on Thursday, June 11th. Moffett Nathanson set a $28.00 price objective on shares of Chewy in a research note on Thursday, June 11th. Bank of America dropped their price objective on shares of Chewy from $33.00 to $31.00 in a research note on Thursday, June 11th. Raymond James Financial reissued a "buy" rating on shares of Chewy in a report on Wednesday, June 10th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Chewy from $35.00 to $29.00 and set an "overweight" rating on the stock in a research report on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, four have given a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $32.05.

Chewy Profile

Chewy, Inc NYSE: CHWY is a leading e-commerce retailer specializing in pet food, supplies and services. The company offers a comprehensive assortment of products for dogs, cats, fish, birds and other small animals, including prescription medications, veterinary health products, grooming essentials and toys. Through its online platform and mobile app, Chewy provides an intuitive shopping experience with features such as Autoship, ensuring regular deliveries of pet essentials at schedule intervals.

Founded in 2011 by Ryan Cohen and Michael Day, Chewy initially operated under the name Mr.

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