California Public Employees Retirement System Has $8.11 Million Stock Position in Chewy $CHWY

Key Points

• CalPERS trimmed its Chewy stake by 20.1% in the first quarter, selling 75,406 shares and ending with 300,272 shares valued at about $8.11 million.
• Institutional ownership remains very high, with hedge funds and large investors holding 93.09% of Chewy shares; several major firms, including Vanguard and Wellington, hold sizeable positions.
• Insiders have recently sold shares, including Chewy’s general counsel and CEO, while analysts currently rate the stock a consensus Moderate Buy with an average price target of $32.05.

California Public Employees Retirement System lessened its stake in shares of Chewy (NYSE:CHWY - Free Report) by 20.1% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 300,272 shares of the company's stock after selling 75,406 shares during the period. California Public Employees Retirement System owned about 0.07% of Chewy worth $8,107,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. increased its position in shares of Chewy by 5.4% during the 4th quarter. Vanguard Group Inc. now owns 19,920,347 shares of the company's stock worth $658,367,000 after purchasing an additional 1,017,214 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of 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 in the last quarter. Viking Global Investors LP boosted its holdings in shares of Chewy by 146.9% in the 4th quarter. Viking Global Investors LP now owns 13,536,645 shares of the company's stock valued at $447,386,000 after buying an additional 8,052,955 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Chewy by 10.0% in the 4th quarter. AQR Capital Management LLC now owns 11,218,840 shares of the company's stock valued at $370,558,000 after buying an additional 1,022,694 shares during the last quarter. Finally, Morgan Stanley grew its stake in shares of Chewy by 33.8% in the fourth quarter. Morgan Stanley now owns 7,660,258 shares of the company's stock valued at $253,172,000 after buying an additional 1,937,014 shares in the last quarter. 93.09% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Chewy

In other Chewy news, General Counsel Da-Wai Hu sold 4,203 shares of the firm'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 sale, the general counsel owned 4,103 shares of the company's stock, valued at $79,967.47. This trade represents a 50.60% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Sumit Singh sold 4,220 shares of Chewy stock in a transaction on Monday, May 4th. The stock was sold at an average price of $25.60, for a total transaction of $108,032.00. Following the transaction, the chief executive officer directly owned 123,955 shares of the company's stock, valued at approximately $3,173,248. This trade represents a 3.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 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. Insiders have sold a total of 91,729 shares of company stock valued at $2,322,582 in the last ninety days. Insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Robert W. Baird lowered their target price on shares of Chewy from $40.00 to $30.00 and set an "outperform" rating on the stock in a report on Thursday, June 11th. JPMorgan Chase & Co. cut their price target on shares of Chewy from $35.00 to $29.00 and set an "overweight" rating for the company in a research note on Thursday, June 11th. TD Cowen reiterated a "buy" rating on shares of Chewy in a research note on Tuesday, June 23rd. Wall Street Zen downgraded shares of Chewy from a "buy" rating to a "hold" rating in a research report on Saturday, May 9th. Finally, Jefferies Financial Group restated a "hold" rating and set a $23.00 price objective on shares of Chewy in a research note on Thursday, June 11th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $32.05.

Chewy Stock Up 2.1%

CHWY opened at $20.89 on Friday. Chewy has a 12-month low of $17.40 and a 12-month high of $43.50. The business has a 50 day moving average of $20.28 and a 200-day moving average of $24.65. The stock has a market cap of $8.55 billion, a price-to-earnings ratio of 34.81, a PEG ratio of 1.05 and a beta of 1.45.

Chewy Company 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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