Corebridge Financial Inc. Buys Shares of 185,359 Chewy, Inc. (NYSE:CHWY)

Corebridge Financial Inc. acquired a new stake in shares of Chewy, Inc. (NYSE:CHWY - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 185,359 shares of the company's stock, valued at approximately $6,208,000.

Other hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in Chewy by 6.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 824,824 shares of the company's stock valued at $24,159,000 after acquiring an additional 46,629 shares in the last quarter. Cerity Partners LLC raised its stake in shares of Chewy by 42.4% in the third quarter. Cerity Partners LLC now owns 15,324 shares of the company's stock valued at $449,000 after purchasing an additional 4,559 shares in the last quarter. Bank of Montreal Can raised its stake in shares of Chewy by 261.2% in the third quarter. Bank of Montreal Can now owns 158,166 shares of the company's stock valued at $4,739,000 after purchasing an additional 256,275 shares in the last quarter. FMR LLC lifted its position in Chewy by 166.8% in the third quarter. FMR LLC now owns 3,995,329 shares of the company's stock worth $117,023,000 after purchasing an additional 2,497,689 shares during the period. Finally, D.A. Davidson & CO. boosted its stake in Chewy by 5.0% during the third quarter. D.A. Davidson & CO. now owns 26,219 shares of the company's stock worth $768,000 after buying an additional 1,244 shares in the last quarter. Institutional investors own 93.09% of the company's stock.

Chewy Stock Performance

CHWY traded down $0.39 during mid-day trading on Thursday, reaching $33.61. The stock had a trading volume of 8,011,153 shares, compared to its average volume of 7,529,688. The firm's fifty day simple moving average is $35.59 and its two-hundred day simple moving average is $33.26. The stock has a market capitalization of $13.68 billion, a P/E ratio of 36.93, a P/E/G ratio of 2.21 and a beta of 1.68. Chewy, Inc. has a 52 week low of $14.69 and a 52 week high of $40.09.

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Chewy (NYSE:CHWY - Get Free Report) last posted its quarterly earnings results on Wednesday, March 26th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.03 by $0.25. Chewy had a return on equity of 24.47% and a net margin of 3.51%. The business had revenue of $3.25 billion for the quarter, compared to analysts' expectations of $3.20 billion. During the same quarter last year, the business earned $0.07 earnings per share. The firm's quarterly revenue was up 15.0% compared to the same quarter last year. As a group, analysts expect that Chewy, Inc. will post 0.24 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on CHWY shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $42.00 price objective on shares of Chewy in a report on Thursday, March 27th. JMP Securities reissued a "market outperform" rating and issued a $37.00 price target on shares of Chewy in a research report on Monday, December 16th. Seaport Res Ptn raised Chewy to a "hold" rating in a report on Monday, March 24th. JPMorgan Chase & Co. increased their target price on Chewy from $38.00 to $40.00 and gave the stock an "overweight" rating in a report on Thursday, March 27th. Finally, Evercore ISI upgraded Chewy from an "in-line" rating to an "outperform" rating and raised their target price for the stock from $34.00 to $47.00 in a research report on Monday, January 13th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, Chewy currently has an average rating of "Moderate Buy" and an average target price of $38.68.

Insider Buying and Selling at Chewy

In other news, CEO Sumit Singh sold 63,187 shares of the firm's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $37.62, for a total value of $2,377,094.94. Following the transaction, the chief executive officer now directly owns 643,939 shares in the company, valued at $24,224,985.18. This trade represents a 8.94 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Satish Mehta sold 71,365 shares of the company's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $35.60, for a total value of $2,540,594.00. Following the completion of the sale, the chief technology officer now owns 262,853 shares of the company's stock, valued at $9,357,566.80. This represents a 21.35 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,083,269 shares of company stock valued at $290,611,129. 2.10% of the stock is currently owned by insiders.

About Chewy

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.