5 Best Pet Stocks To Buy Now

In this article, we discuss 5 best pet stocks to buy now. If you want to see more stocks in this selection, check out 11 Best Pet Stocks To Buy Now. 

5. Chewy, Inc. (NYSE:CHWY)

Number of Hedge Fund Holders: 25

Chewy, Inc. (NYSE:CHWY) is a Florida-based company engaged in the pure play e-commerce business in the United States. The company provides pet food and treats, pet supplies, pet medications, and other pet-health products. On October 20, Chewy, Inc. (NYSE:CHWY) announced that it is expanding its insurance and wellness offering, CarePlus, using new plans provided by Lemonade’s pet health insurance product app. 

On November 21, Deutsche Bank analyst Lee Horowitz raised the price target on Chewy, Inc. (NYSE:CHWY) to $50 from $40 and kept a Buy rating on the shares ahead of the Q3 results on December 8. CPI data for the pet category rose 14% year-over-year in the third quarter, up from 10% in the prior quarter, indicating “likely strong NSPAC growth for Chewy in the quarter,” the analyst told investors.

According to Insider Monkey’s data, 25 hedge funds were bullish on Chewy, Inc. (NYSE:CHWY) at the end of Q3 2022, with collective stakes worth $303.6 million, compared to 25 funds in the prior quarter worth $288.5 million. Paul Marshall and Ian Wace’s Marshall Wace LLP is the largest stakeholder of the company, with approximately 2 million shares worth $58.2 million. 

Here is what ClearBridge Mid Cap Growth Strategy Fund has to say about Chewy, Inc. (NYSE:CHWY) in its Q2 2022 investor letter:

“We exited our position in Chewy, Inc. (NYSE:CHWY), in the consumer discretionary sector. While we continue to have a favorable opinion of the online pet products retailer, we decided to consolidate our exposure to the pet industry.”