Bank of New York Mellon Corp Raises Stake in Chewy $CHWY

Key Points

• Bank of New York Mellon Corp increased its Chewy stake by 17.4% in the fourth quarter, ending with 4.34 million shares worth about $143.3 million. Institutional investors now own 93.09% of Chewy’s stock.
• Wall Street remains mostly positive on Chewy despite lower price targets from several firms. The stock currently has a consensus rating of “Moderate Buy” and an average target price of $41.24.
• Chewy’s latest earnings missed EPS estimates, reporting $0.09 per share versus expectations of $0.28, while revenue came in at $3.26 billion and was essentially in line with forecasts. The stock was trading around $20.59, near its 52-week low.

Bank of New York Mellon Corp raised its position in shares of Chewy (NYSE:CHWY - Free Report) by 17.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,336,629 shares of the company's stock after purchasing an additional 642,584 shares during the quarter. Bank of New York Mellon Corp owned 1.04% of Chewy worth $143,326,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CHWY. CoreCap Advisors LLC lifted its holdings in Chewy by 306.3% during the fourth quarter. CoreCap Advisors LLC now owns 845 shares of the company's stock valued at $28,000 after purchasing an additional 637 shares in the last quarter. Harbour Investments Inc. raised its position in shares of Chewy by 81.4% during the fourth quarter. Harbour Investments Inc. now owns 907 shares of the company's stock valued at $30,000 after buying an additional 407 shares during the last quarter. Osterweis Capital Management Inc. bought a new stake in shares of Chewy during the second quarter valued at approximately $30,000. Montag A & Associates Inc. raised its position in shares of Chewy by 58.8% during the fourth quarter. Montag A & Associates Inc. now owns 1,270 shares of the company's stock valued at $42,000 after buying an additional 470 shares during the last quarter. Finally, Strategic Advocates LLC bought a new stake in shares of Chewy during the third quarter valued at approximately $43,000. Hedge funds and other institutional investors own 93.09% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently issued reports on CHWY. Morgan Stanley reduced their price objective on shares of Chewy from $49.00 to $43.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. Raymond James Financial restated an "outperform" rating and issued a $25.00 price target on shares of Chewy in a research report on Friday. JPMorgan Chase & Co. reduced their price target on shares of Chewy from $40.00 to $35.00 and set an "overweight" rating on the stock in a research report on Tuesday, June 2nd. Barclays reduced their price target on shares of Chewy from $48.00 to $40.00 and set an "overweight" rating on the stock in a research report on Tuesday, May 26th. Finally, The Goldman Sachs Group reduced their price target on shares of Chewy from $52.00 to $46.00 and set a "buy" rating on the stock in a research report on Thursday, March 26th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $41.24.

Chewy Stock Down 1.1%

CHWY stock opened at $20.59 on Friday. Chewy has a twelve month low of $19.30 and a twelve month high of $48.62. The stock has a market capitalization of $8.58 billion, a price-to-earnings ratio of 39.59, a price-to-earnings-growth ratio of 0.92 and a beta of 1.44. The firm's fifty day simple moving average is $24.17 and its two-hundred day simple moving average is $27.95.

Chewy (NYSE:CHWY - Get Free Report) last issued its earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.28 by ($0.19). The company had revenue of $3.26 billion for the quarter, compared to analysts' expectations of $3.26 billion. Chewy had a net margin of 1.77% and a return on equity of 53.48%. The firm's revenue for the quarter was up .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.28 earnings per share. As a group, equities research analysts expect that Chewy will post 0.87 EPS for the current year.

Insiders Place Their Bets

In related news, CEO Sumit Singh sold 4,220 shares of the company's stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $25.60, for a total value of $108,032.00. Following the completion of the sale, the chief executive officer directly owned 123,955 shares of the company's stock, valued at $3,173,248. This represents a 3.29% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel Da-Wai Hu sold 8,149 shares of the company's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $26.91, for a total transaction of $219,289.59. The disclosure for this sale is available in the SEC filing. Insiders have sold 95,675 shares of company stock valued at $2,459,955 over the last three months. Insiders own 0.34% of the company's stock.

About Chewy

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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