Principal Financial Group Inc. Raises Stock Position in Chewy $CHWY

Key Points

• Principal Financial Group increased its Chewy stake by 11.1% in the first quarter, buying 53,586 additional shares and bringing its total holding to 535,915 shares worth about $14.47 million.
• Chewy remains heavily owned by institutions, with hedge funds and other institutional investors holding about 93.09% of the stock overall.
• Analysts are mixed but still broadly constructive: Chewy has a Moderate Buy consensus rating, though several firms cut price targets and one downgraded the stock to strong sell.

Principal Financial Group Inc. increased its position in shares of Chewy (NYSE:CHWY - Free Report) by 11.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 535,915 shares of the company's stock after acquiring an additional 53,586 shares during the quarter. Principal Financial Group Inc. owned about 0.13% of Chewy worth $14,470,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. National Bank of Canada FI grew its holdings in Chewy by 12.5% in the third quarter. National Bank of Canada FI now owns 2,910 shares of the company's stock worth $118,000 after purchasing an additional 324 shares during the last quarter. Dynasty Wealth Management LLC lifted its holdings in shares of Chewy by 6.6% during the 4th quarter. Dynasty Wealth Management LLC now owns 6,321 shares of the company's stock valued at $209,000 after purchasing an additional 394 shares during the last quarter. Harbour Investments Inc. lifted its holdings in shares of Chewy by 81.4% during the 4th quarter. Harbour Investments Inc. now owns 907 shares of the company's stock valued at $30,000 after purchasing an additional 407 shares during the last quarter. waypoint wealth counsel boosted its position in shares of Chewy by 3.8% in the 4th quarter. waypoint wealth counsel now owns 11,220 shares of the company's stock worth $371,000 after purchasing an additional 415 shares in the last quarter. Finally, Retirement Planning Co of New England Inc. boosted its position in shares of Chewy by 6.0% in the 4th quarter. Retirement Planning Co of New England Inc. now owns 8,136 shares of the company's stock worth $269,000 after purchasing an additional 458 shares in the last quarter. Hedge funds and other institutional investors own 93.09% of the company's stock.

Chewy Price Performance

NYSE:CHWY opened at $20.44 on Friday. The firm has a market capitalization of $8.37 billion, a P/E ratio of 34.07, a PEG ratio of 1.09 and a beta of 1.45. Chewy has a 1-year low of $17.40 and a 1-year high of $43.50. The company's fifty day moving average price is $20.28 and its 200-day moving average price is $24.68.

Analysts Set New Price Targets

CHWY has been the topic of several recent analyst reports. Robert W. Baird reduced their target price on Chewy from $40.00 to $30.00 and set an "outperform" rating on the stock in a research report on Thursday, June 11th. Zacks Research downgraded Chewy from a "hold" rating to a "strong sell" rating in a report on Thursday, June 25th. Deutsche Bank Aktiengesellschaft dropped their price target on Chewy from $45.00 to $32.00 and set a "buy" rating on the stock in a research note on Thursday, June 11th. Raymond James Financial restated a "buy" rating on shares of Chewy in a report on Wednesday, June 10th. Finally, Moffett Nathanson set a $28.00 price objective on shares of Chewy in a research report on Thursday, June 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Chewy has a consensus rating of "Moderate Buy" and a consensus price target of $32.05.

Insider Buying and Selling at Chewy

In other Chewy news, CEO Sumit Singh sold 4,220 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 transaction of $108,032.00. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through 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 shares were sold at an average price of $19.49, for a total value of $81,916.47. Following the completion of the transaction, the general counsel directly owned 4,103 shares of the company's stock, valued at approximately $79,967.47. This trade represents a 50.60% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 91,729 shares of company stock worth $2,322,582. 0.34% of the stock is owned by corporate insiders.

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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