PNC Financial Services Group Inc. Increases Position in Chewy (NYSE:CHWY)

PNC Financial Services Group Inc. increased its stake in shares of Chewy (NYSE:CHWY) by 49.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,442 shares of the company’s stock after buying an additional 2,792 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Chewy were worth $274,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Jefferies Financial Group Inc. purchased a new stake in shares of 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 during the period. 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 during the period. 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 during the period. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in Chewy during the first quarter valued at $11,326,000. 93.09% of the stock is owned by hedge funds and other institutional investors.

Chewy Stock Up 4.0%

CHWY opened at $40.49 on Friday. Chewy has a twelve month low of $25.19 and a twelve month high of $48.62. The company has a market cap of $16.81 billion, a PE ratio of 45.49, a price-to-earnings-growth ratio of 8.45 and a beta of 1.67. The company has a 50-day moving average price of $39.42 and a 200 day moving average price of $37.95.

Chewy (NYSE:CHWY) last announced its quarterly earnings data on Wednesday, June 11th. The company reported $0.35 earnings per share (EPS) 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 company had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the company earned $0.31 EPS. Chewy’s revenue was up 6.3% compared to the same quarter last year. As a group, sell-side analysts expect that Chewy will post 0.24 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on CHWY. JMP Securities boosted their target price on shares of Chewy from $39.00 to $48.00 and gave the company a “market outperform” rating in a research report on Thursday, July 10th. Cowen restated a “buy” rating on shares of Chewy in a research report on Friday, June 6th. Mizuho downgraded shares of Chewy from an “outperform” rating to a “neutral” rating and boosted their target price for the company from $43.00 to $47.00 in a research report on Monday, June 9th. Wall Street Zen downgraded shares of Chewy from a “buy” rating to a “hold” rating in a research report on Saturday, June 14th. Finally, Jefferies Financial Group restated 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. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $43.78.

Insider Activity

In other news, major shareholder Argos Holdings Gp Llc sold 29,940,120 shares of the company’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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Sumit Singh sold 4,264 shares of the stock in a transaction that occurred on Monday, August 4th. The stock was sold at an average price of $35.57, for a total transaction of $151,670.48. Following the sale, the chief executive officer owned 72,549 shares in the company, valued at approximately $2,580,567.93. This trade represents a 5.55% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 30,008,777 shares of company stock worth $1,252,444,321. Corporate insiders own 0.43% of the company’s stock.

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.