Bank of New York Mellon Corp Trims Position in Chewy $CHWY

Key Points

• Bank of New York Mellon trimmed its Chewy stake by 1.9% in the first quarter, though it still held over 4.25 million shares worth about $114.8 million.
• Several other institutional investors were buying aggressively, and institutional ownership now stands at 93.09% of Chewy’s stock.
• Chewy shares rose 5.0% to $21.98, while analysts remain broadly positive overall with a Moderate Buy rating and an average price target of $32.05, despite some recent target cuts and one downgrade.

Bank of New York Mellon Corp reduced its stake in Chewy (NYSE:CHWY - Free Report) by 1.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 4,252,907 shares of the company's stock after selling 83,722 shares during the quarter. Bank of New York Mellon Corp owned 1.02% of Chewy worth $114,828,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Wellington Management Group LLP increased its position in Chewy by 295.9% during the 3rd quarter. Wellington Management Group LLP now owns 17,622,768 shares of the company's stock worth $712,841,000 after purchasing an additional 13,171,325 shares during the period. Viking Global Investors LP lifted its holdings in Chewy by 146.9% in the fourth quarter. Viking Global Investors LP now owns 13,536,645 shares of the company's stock valued at $447,386,000 after acquiring an additional 8,052,955 shares during the period. AQR Capital Management LLC boosted its position in shares of Chewy by 120.2% during the 3rd quarter. AQR Capital Management LLC now owns 10,196,146 shares of the company's stock worth $407,948,000 after purchasing an additional 5,564,803 shares in the last quarter. Norges Bank purchased a new stake in shares of Chewy during the 4th quarter worth $154,647,000. Finally, State Street Corp grew its stake in shares of Chewy by 75.5% during the 2nd quarter. State Street Corp now owns 6,170,197 shares of the company's stock worth $262,974,000 after purchasing an additional 2,654,496 shares during the period. Institutional investors and hedge funds own 93.09% of the company's stock.

Chewy Stock Up 5.0%

CHWY stock opened at $21.98 on Tuesday. The stock has a market capitalization of $9.00 billion, a price-to-earnings ratio of 36.64, a price-to-earnings-growth ratio of 1.06 and a beta of 1.45. Chewy has a 52-week low of $17.40 and a 52-week high of $43.50. The stock's fifty day simple moving average is $20.34 and its 200-day simple moving average is $24.94.

Insiders Place Their Bets

In other news, CEO Sumit Singh sold 83,306 shares of Chewy stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $25.60, for a total value of $2,132,633.60. Following the transaction, the chief executive officer directly owned 874,061 shares of the company's stock, valued at $22,375,961.60. The trade was a 8.70% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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 4,203 shares of the business's stock in a transaction dated Monday, June 29th. The stock was sold at an average price of $19.49, for a total value of $81,916.47. Following the sale, the general counsel owned 4,103 shares of the company's stock, valued at $79,967.47. The trade was a 50.60% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 91,729 shares of company stock worth $2,322,582. 0.34% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on CHWY shares. Zacks Research cut shares of Chewy from a "hold" rating to a "strong sell" rating in a report on Thursday, June 25th. TD Cowen restated a "buy" rating on shares of Chewy in a report on Tuesday, June 23rd. Mizuho dropped their price objective on Chewy from $50.00 to $40.00 and set an "outperform" rating for the company in a research note on Wednesday, June 3rd. The Goldman Sachs Group decreased their target price on Chewy from $46.00 to $34.00 and set a "buy" rating on the stock in a research report on Friday, June 12th. Finally, JPMorgan Chase & Co. lowered their target price on Chewy from $35.00 to $29.00 and set an "overweight" rating on the stock in a report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target 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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