Norges Bank Takes $154.65 Million Position in Chewy $CHWY

Key Points

• Norges Bank disclosed a new fourth-quarter stake in Chewy, buying 4.68 million shares valued at about $154.65 million, or roughly 1.13% of the company.
• Chewy recently reported Q1 earnings of $0.09 per share, missing analyst expectations of $0.28, while revenue came in at $3.26 billion, essentially in line with estimates.
• Analysts remain broadly positive despite recent cuts to price targets, with the stock carrying a Moderate Buy consensus and an average target price of $41.45.

Norges Bank acquired a new stake in Chewy (NYSE:CHWY - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 4,679,171 shares of the company's stock, valued at approximately $154,647,000. Norges Bank owned about 1.13% of Chewy as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Osterweis Capital Management Inc. purchased a new position in Chewy during the 2nd quarter worth approximately $30,000. CoreCap Advisors LLC grew its stake in Chewy by 306.3% during the 4th quarter. CoreCap Advisors LLC now owns 845 shares of the company's stock worth $28,000 after buying an additional 637 shares during the last quarter. Harbour Investments Inc. grew its stake 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 last quarter. Strategic Advocates LLC purchased a new position in Chewy during the 3rd quarter worth approximately $43,000. Finally, EverSource Wealth Advisors LLC grew its stake in Chewy by 412.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,091 shares of the company's stock worth $46,000 after buying an additional 878 shares during the last quarter. Hedge funds and other institutional investors own 93.09% of the company's stock.

Chewy Stock Performance

Chewy stock opened at $21.07 on Thursday. The stock has a fifty day moving average of $24.34 and a two-hundred day moving average of $28.10. The company has a market capitalization of $8.78 billion, a price-to-earnings ratio of 40.51, a PEG ratio of 0.94 and a beta of 1.44. Chewy has a fifty-two week low of $19.30 and a fifty-two week high of $48.62.

Chewy (NYSE:CHWY - Get Free Report) last released its quarterly earnings results on Wednesday, March 25th. The company reported $0.09 earnings per share for the quarter, missing the consensus estimate 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 return on equity of 53.48% and a net margin of 1.77%.The business's quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.28 EPS. On average, analysts forecast that Chewy will post 0.88 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, 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 value of $108,032.00. Following the transaction, the chief executive officer owned 123,955 shares in the company, valued at approximately $3,173,248. This trade represents a 3.29% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 business's stock in a transaction dated Wednesday, April 1st. The stock was sold at an average price of $26.91, for a total value of $219,289.59. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 95,675 shares of company stock valued at $2,459,955. Company insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CHWY. JPMorgan Chase & Co. dropped their price target on Chewy from $40.00 to $35.00 and set an "overweight" rating on the stock in a research note on Tuesday. Morgan Stanley decreased their price objective on Chewy from $49.00 to $43.00 and set an "overweight" rating for the company in a research report on Tuesday, May 26th. Citizens Jmp reduced their price target on Chewy from $48.00 to $45.00 and set a "market outperform" rating for the company in a report on Thursday, March 26th. BNP Paribas Exane reissued a "neutral" rating and issued a $28.00 price target (down from $38.00) on shares of Chewy in a report on Thursday, March 26th. Finally, Raymond James Financial raised Chewy from a "market perform" rating to an "outperform" rating and set a $28.00 price target for the company in a report on Thursday, February 19th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and six have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $41.45.

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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