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The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.
Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.
In addition to the Zacks Rank, investors looking for stocks with specific traits can utilize our Style Scores system. Of course, value investors will be most interested in the system's "Value" category. Stocks with "A" grades for Value and high Zacks Ranks are among the best value stocks available at any given moment.
One company value investors might notice is Petco Health and Wellness Co. (WOOF). WOOF is currently sporting a Zacks Rank of #2 (Buy), as well as an A grade for Value.
Value investors also love the P/S ratio, which is calculated by simply dividing a stock's price with the company's sales. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. WOOF has a P/S ratio of 0.25. This compares to its industry's average P/S of 0.72.
Finally, we should also recognize that WOOF has a P/CF ratio of 13.42. This figure highlights a company's operating cash flow and can be used to find firms that are undervalued when considering their impressive cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 19.66. Within the past 12 months, WOOF's P/CF has been as high as 13.42 and as low as 2.74, with a median of 4.63.
Value investors will likely look at more than just these metrics, but the above data helps show that Petco Health and Wellness Co. Is likely undervalued currently. And when considering the strength of its earnings outlook, WOOF sticks out at as one of the market's strongest value stocks.
Zacks Investment Research
The Retail-Wholesale group has plenty of great stocks, but investors should always be looking for companies that are outperforming their peers. Is Texas Roadhouse (TXRH) one of those stocks right now? A quick glance at the company's year-to-date performance in comparison to the rest of the Retail-Wholesale sector should help us answer this question.
Texas Roadhouse is one of 211 companies in the Retail-Wholesale group. The Retail-Wholesale group currently sits at #9 within the Zacks Sector Rank. The Zacks Sector Rank includes 16 different groups and is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors.
The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. Texas Roadhouse is currently sporting a Zacks Rank of #2 (Buy).
Over the past 90 days, the Zacks Consensus Estimate for TXRH's full-year earnings has moved 4.4% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.
Our latest available data shows that TXRH has returned about 34.1% since the start of the calendar year. Meanwhile, the Retail-Wholesale sector has returned an average of 17.8% on a year-to-date basis. This means that Texas Roadhouse is performing better than its sector in terms of year-to-date returns.
Petco Health & Wellness (WOOF) is another Retail-Wholesale stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 44.9%.
In Petco Health & Wellness' case, the consensus EPS estimate for the current year increased 4.1% over the past three months. The stock currently has a Zacks Rank #2 (Buy).
Looking more specifically, Texas Roadhouse belongs to the Retail - Restaurants industry, a group that includes 43 individual stocks and currently sits at #153 in the Zacks Industry Rank. On average, stocks in this group have gained 3.7% this year, meaning that TXRH is performing better in terms of year-to-date returns.
Petco Health & Wellness, however, belongs to the Retail - Miscellaneous industry. Currently, this 18-stock industry is ranked #140. The industry has moved -3.8% so far this year.
Investors with an interest in Retail-Wholesale stocks should continue to track Texas Roadhouse and Petco Health & Wellness. These stocks will be looking to continue their solid performance.
Zacks Investment Research
These ten large-cap stocks were the best performers in the last week. Are they in your portfolio?
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Chewy Inc. CHWY has been riding a wave of momentum, posting a 22.5% gain in the past month. Investors are excited, wondering if the pet e-commerce giant has more room to grow. With Chewy's stock already performing well in the broader market, the key question remains — should you buy more, hold tight or consider cashing out while the momentum lasts?
The stock has comfortably outpaced the industry’s modest rise of 5%. Chewy’s unmatched scale and operational capabilities have also helped it outperform the Retail-Wholesale sector and the S&P 500 index, which posted respective gains of 5% and 0.8%.
The company’s performance is fueled by strong demand for pet products and services, buoyed by a loyal customer base and a growing subscription model. While the numbers are promising, there are challenges on the horizon. Macroeconomic pressures and rising competition in the e-commerce space could influence the stock’s future growth trajectory.
Chewy stock closed at $30.24 during yesterday’s trading session, sitting 22.7% below its 52-week high of $39.10, reached on June 27, 2024. CHWY recently overtook the 20-day moving average, and this suggests a bullish trend. With that in mind, let’s dive into CHWY’s prospects and determine the best course of action for your portfolio.
Chewy's Autoship and Expanding Services Propel Growth
Chewy has established itself as a formidable player in the online pet retail market, and recent performance metrics indicate that the company is well-positioned for long-term growth. This makes it an attractive prospect for investors seeking both stability and upside potential.
In the second quarter of 2024, Chewy reported decent financial results, with net sales reaching $2.86 billion, marking a 2.6% year-over-year increase. While this growth appears modest, it hit the high end of the company’s guidance, demonstrating the resilience of Chewy’s business model, even as the broader pet care market shows signs of normalization.
A primary factor behind this growth was the strength of Chewy’s Autoship program, which saw a 5.8% year-over-year increase in sales, contributing a significant 78.4% of total net sales. Autoship, which functions as a subscription-based service, has become a core component of Chewy’s revenue strategy. The program’s growth is driven by robust demand for non-discretionary categories like consumables and healthcare, which accounted for 85% of total sales during the quarter.
Chewy’s Net Sales Per Active Customer hit a new record at $565, reflecting a 6.2% increase compared to the prior year. This surge is fueled by the company’s premium product offerings, such as high-end pet food and healthcare products, along with strong repeat purchasing from its loyal customer base. At the close of the quarter, Chewy boasted about 20 million active customers.
Chewy’s expansion into veterinary services is another key driver of customer acquisition and retention. In the quarter under discussion, the company opened two more Vet Care clinics, bringing its total to six locations. These clinics not only enhance customer loyalty but also act as strategic entry points for new customers, embedding them into the Chewy ecosystem.
The company’s Sponsored Ads business has exceeded expectations and is on track to reach the lower end of the company’s long-term target of 1% to 3% of net sales by the end of 2024. This growth is supported by expanded inventory, increasing advertiser demand and improved customer relevancy, signaling another strong revenue stream for the future.
Chewy’s Financial Snapshot
Chewy’s strong financial position is validated by its free cash flow generation of $91 million in the second quarter. The company’s ability to consistently generate free cash flow allows it to fund strategic investments, such as expanding its Vet Care clinics and advancing its Sponsored Ads platform.
Chewy ended the quarter with $695 million in cash, cash equivalents and marketable securities while remaining debt-free, which provides it with significant financial flexibility. Chewy also returned capital to shareholders, repurchasing approximately 17.6 million shares for $500 million in a transaction separate from its existing $500 million share repurchase program. It bought back 1.3 million shares for $32.7 million under its authorized program.
Chewy Foresees Sales Growth and Margin Expansion
For the third quarter of fiscal 2024, Chewy anticipates net sales between $2.84 billion and $2.86 billion, which implies year-over-year growth of 3% to 4%. The company also reaffirmed its fiscal 2024 net sales forecast of $11.6 billion to $11.8 billion, suggesting a 4% to 6% increase from the last year.
The adjusted EBITDA margin is now projected between 4.5% and 4.7% for the current fiscal. This marks the second upward revision in the current fiscal year, driven by continued success in improving the product mix and leveraging operational efficiencies.
With capital expenditures projected at 1.5% to 2% of net sales and free cash flow conversion expected to remain above 80%, Chewy is well-positioned to maintain its financial stability and support its strategic growth initiatives.
Is CHWY Still Attractive After Recent Spike in Stock Price?
From a valuation perspective, Chewy shares present an attractive opportunity, trading at a discount relative to historical and industry benchmarks. With a forward 12-month price-to-sales ratio of 1.04, below the five-year median of 1.70 and the industry’s average of 1.72, the stock offers compelling value for investors seeking exposure to the sector. The company currently has a Value Score of B, further validating its appeal.
How are Zacks Consensus Estimates Faring for CHWY?
Reflecting the positive sentiment around Chewy, the Zacks Consensus Estimate for earnings per share has seen upward revisions. Over the past 30 days, analysts have increased their estimates for the current and next fiscal year by 34.1% to $1.14 and 19.4% to $1.23 per share, respectively. These estimates indicate expected year-over-year growth rates of 65.2% and 8.1%, respectively.
Your Best Investment Play for CHWY Stock
Chewy has showcased strong performance, marked by substantial stock appreciation, robust financial metrics and strategic initiatives aimed at driving future growth in a competitive landscape that includes Petco Health and Wellness Company, Inc. WOOF, Central Garden & Pet Company CENT and BARK, Inc. BARK. The company’s ability to expand high-margin businesses like Vet Care and Sponsored Ads, along with disciplined cost management, supports margin expansion and free cash flow generation.
With a solid balance sheet, consistent capital returns and an optimistic outlook for the remainder of 2024, Chewy presents a compelling investment play for shareholders looking for long-term growth. CHWY currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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