Picton Mahoney Asset Management Trims Position in Chewy (NYSE:CHWY)

Key Points

• Picton Mahoney Asset Management reduced its holdings in Chewy (NYSE:CHWY) by 33.6%, selling 390,597 shares and retaining a total of 770,701 shares valued at approximately $25 million.
• Analysts have shown a positive outlook on Chewy, with multiple firms raising their price targets; JPMorgan increased its target from $36.00 to $47.00, and Morgan Stanley raised its target from $39.00 to $50.00.
• Insider trading activity included a major shareholder selling 29.9 million shares at an average price of $41.75, totaling over $1.25 billion, while CEO Sumit Singh also sold 148,063 shares.

Picton Mahoney Asset Management lessened its holdings in shares of Chewy (NYSE:CHWY - Free Report) by 33.6% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 770,701 shares of the company's stock after selling 390,597 shares during the period. Picton Mahoney Asset Management owned approximately 0.19% of Chewy worth $25,056,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC grew its stake in shares of Chewy by 150.2% in the 1st quarter. Parallel Advisors LLC now owns 788 shares of the company's stock valued at $26,000 after purchasing an additional 473 shares during the period. Banque Transatlantique SA bought a new stake in shares of Chewy in the 4th quarter valued at approximately $30,000. Golden State Wealth Management LLC grew its stake in shares of Chewy by 104.6% in the 1st quarter. Golden State Wealth Management LLC now owns 941 shares of the company's stock valued at $31,000 after purchasing an additional 481 shares during the period. North Star Investment Management Corp. grew its stake in shares of Chewy by 26.6% in the 1st quarter. North Star Investment Management Corp. now owns 1,678 shares of the company's stock valued at $55,000 after purchasing an additional 353 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Chewy by 225.7% in the 1st quarter. UMB Bank n.a. now owns 1,866 shares of the company's stock valued at $61,000 after purchasing an additional 1,293 shares during the period. Institutional investors and hedge funds own 93.09% of the company's stock.

Insider Buying and Selling at Chewy

In related news, major shareholder Argos Holdings Gp Llc sold 29,940,120 shares of the firm's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $41.75, for a total value of $1,250,000,010.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Sumit Singh sold 148,063 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $40.67, for a total transaction of $6,021,722.21. Following the completion of the transaction, the chief executive officer directly owned 705,252 shares of the company's stock, valued at approximately $28,682,598.84. This trade represents a 17.35% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,150,508 shares of company stock worth $1,258,478,067. Insiders own 0.43% of the company's stock.

Chewy Stock Down 2.3%

Shares of NYSE:CHWY traded down $0.84 during trading on Friday, hitting $35.86. 2,171,508 shares of the company were exchanged, compared to its average volume of 6,286,851. The business's 50 day moving average is $41.43 and its 200-day moving average is $38.03. The company has a market capitalization of $14.89 billion, a P/E ratio of 40.24, a price-to-earnings-growth ratio of 7.51 and a beta of 1.71. Chewy has a 1-year low of $19.75 and a 1-year high of $48.62.

Chewy (NYSE:CHWY - Get Free Report) last announced its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. Chewy had a net margin of 3.21% and a return on equity of 35.04%. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the business earned $0.31 earnings per share. The business's quarterly revenue was up 6.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that Chewy will post 0.24 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the company. Mizuho lowered Chewy from an "outperform" rating to a "neutral" rating and increased their price target for the stock 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 restated a "hold" rating and set a $43.00 price target (up from $41.00) on shares of Chewy in a research report on Thursday, June 5th. Evercore ISI set a $52.00 price target on Chewy and gave the stock an "outperform" rating in a research report on Thursday, June 12th. Finally, Deutsche Bank Aktiengesellschaft set a $27.00 price target on Chewy and gave the stock a "hold" rating in a research report on Monday, April 14th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $43.89.

Chewy Company 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.