Chewy dips as BC Partners to carve stake in secondary offering, stock buyback
** Shares of Chewy CHWY.N down 3.2% post-market to $41.97 after online pet products retailer announces secondary offering, concurrent buyback
** Co commences $1 bln share offering by BC Partners
** In addition, Chewy to repurchase $100 mln worth of shares from the private equity firm
** JP Morgan sole underwriter for stock offering
** Following the transactions, BC Partners would own ~47% of CHWY, or roughly 193.5 mln shares, per the prospectus filing
** Plantation, Florida-based Chewy has ~415.2 mln shares outstanding for ~$18 bln market cap
** CHWY shares closed up 3.5% at $43.36 on Mon, up ~29% YTD
** Earlier this month, co reiterated its annual sales forecast of $12.3-$12.45 bln, sending its stock down 11% in a single session
** Avg rating among 31 analysts covering CHWY is "buy" and median PT is $45.50, per LSEG data
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