Canada Pension Plan Investment Board Decreases Position in Chewy $CHWY

Key Points

• The Canada Pension Plan Investment Board reduced its stake in Chewy by 18.7%, now holding 661,900 shares worth approximately $21.52 million.
• Chewy's quarterly earnings exceeded analysts' expectations, with an EPS of $0.35 and revenue of $3.12 billion, marking a 6.3% year-over-year increase.
• Multiple analysts upgraded their ratings and target prices for Chewy, with Citigroup reaffirming an "outperform" rating and other firms setting target prices as high as $52.00.

Canada Pension Plan Investment Board reduced its position in Chewy (NYSE:CHWY - Free Report) by 18.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 661,900 shares of the company's stock after selling 152,700 shares during the period. Canada Pension Plan Investment Board owned approximately 0.16% of Chewy worth $21,518,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Aigen Investment Management LP purchased a new position in Chewy during the first quarter valued at $791,000. Jefferies Financial Group Inc. purchased a new position in Chewy during the first quarter valued at $3,251,000. D.A. Davidson & CO. lifted its position in Chewy by 38.7% during the first quarter. D.A. Davidson & CO. now owns 43,725 shares of the company's stock valued at $1,422,000 after purchasing an additional 12,206 shares in the last quarter. Polar Asset Management Partners Inc. lifted its position in Chewy by 26.5% during the fourth quarter. Polar Asset Management Partners Inc. now owns 288,733 shares of the company's stock valued at $9,670,000 after purchasing an additional 60,533 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Chewy by 74.5% during the first quarter. Victory Capital Management Inc. now owns 139,889 shares of the company's stock valued at $4,548,000 after purchasing an additional 59,711 shares in the last quarter. 93.09% of the stock is currently owned by hedge funds and other institutional investors.

Chewy Trading Up 0.9%

Shares of NYSE CHWY traded up $0.38 during trading hours on Thursday, reaching $41.13. The stock had a trading volume of 4,903,452 shares, compared to its average volume of 6,287,192. The firm has a market cap of $17.08 billion, a price-to-earnings ratio of 46.22, a P/E/G ratio of 8.55 and a beta of 1.65. The business's fifty day moving average price is $38.89 and its two-hundred day moving average price is $38.17. Chewy has a 52-week low of $25.19 and a 52-week high of $48.62.

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

Insiders Place Their Bets

In other Chewy news, CAO William G. Billings sold 20,142 shares of the company's stock in a transaction on Monday, August 4th. The shares were sold at an average price of $35.57, for a total value of $716,450.94. Following the sale, the chief accounting officer directly owned 29,464 shares of the company's stock, valued at approximately $1,048,034.48. This represents a 40.60% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Satish Mehta sold 8,727 shares of the company's stock in a transaction on 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 directly owned 276,467 shares in the company, valued at approximately $9,903,047.94. The trade was a 3.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,008,777 shares of company stock valued at $1,252,444,321. Company insiders own 0.43% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CHWY shares. Mizuho downgraded Chewy from an "outperform" rating to a "neutral" rating and lifted their target price for the company from $43.00 to $47.00 in a research report on Monday, June 9th. Citizens Jmp upgraded Chewy to a "strong-buy" rating in a research report on Thursday, July 10th. Jefferies Financial Group reiterated a "hold" rating and set a $43.00 target price (up from $41.00) on shares of Chewy in a research report on Thursday, June 5th. Cowen reissued a "buy" rating on shares of Chewy in a report on Friday, June 6th. Finally, Citigroup reissued an "outperform" rating on shares of Chewy in a report on Thursday, July 10th. One analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $43.78.

Chewy Profile

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.