Jennison Associates LLC Has $43.76 Million Stock Position in The Chefs’ Warehouse, Inc. $CHEF

Jennison Associates LLC lowered its holdings in shares of The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) by 4.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 702,128 shares of the company’s stock after selling 34,888 shares during the period. Jennison Associates LLC owned about 1.73% of Chefs’ Warehouse worth $43,764,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the business. Keybank National Association OH raised its holdings in shares of Chefs’ Warehouse by 8.7% during the 4th quarter. Keybank National Association OH now owns 16,961 shares of the company’s stock worth $1,057,000 after buying an additional 1,355 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in Chefs’ Warehouse by 1.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 402,095 shares of the company’s stock worth $25,063,000 after purchasing an additional 6,560 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in Chefs’ Warehouse by 4.0% in the 4th quarter. Teachers Retirement System of The State of Kentucky now owns 39,958 shares of the company’s stock worth $2,492,000 after purchasing an additional 1,552 shares in the last quarter. Vanguard Group Inc. increased its holdings in Chefs’ Warehouse by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 2,807,801 shares of the company’s stock worth $175,010,000 after purchasing an additional 58,154 shares in the last quarter. Finally, Asset Management One Co. Ltd. acquired a new position in Chefs’ Warehouse in the 4th quarter worth about $76,000. Institutional investors and hedge funds own 91.55% of the company’s stock.

Wall Street Analyst Weigh In

CHEF has been the subject of a number of recent research reports. BTIG Research upped their target price on Chefs’ Warehouse from $74.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday. Wall Street Zen raised Chefs’ Warehouse from a “hold” rating to a “buy” rating in a report on Saturday. Wolfe Research set a $84.00 target price on Chefs’ Warehouse in a report on Thursday, February 12th. UBS Group lowered their target price on Chefs’ Warehouse from $83.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 23rd. Finally, Zacks Research raised Chefs’ Warehouse from a “strong sell” rating to a “hold” rating in a report on Monday, April 13th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Chefs’ Warehouse has a consensus rating of “Moderate Buy” and a consensus target price of $80.83.

Insiders Place Their Bets

In other Chefs’ Warehouse news, CEO Christopher Pappas sold 95,908 shares of the stock in a transaction that occurred on Tuesday, March 3rd. The stock was sold at an average price of $62.53, for a total value of $5,997,127.24. Following the transaction, the chief executive officer owned 2,398,522 shares in the company, valued at approximately $149,979,580.66. This represents a 3.84% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Tim Mccauley sold 7,500 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $70.00, for a total value of $525,000.00. Following the completion of the transaction, the chief accounting officer owned 44,662 shares in the company, valued at approximately $3,126,340. The trade was a 14.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 139,309 shares of company stock worth $9,060,197 in the last quarter. 11.10% of the stock is currently owned by company insiders.

Chefs’ Warehouse Trading Up 1.6%

Shares of CHEF stock opened at $78.83 on Friday. The stock has a market cap of $3.21 billion, a price-to-earnings ratio of 43.79 and a beta of 1.34. The stock has a 50-day moving average of $64.18 and a 200-day moving average of $62.82. The company has a current ratio of 2.18, a quick ratio of 1.23 and a debt-to-equity ratio of 1.18. The Chefs’ Warehouse, Inc. has a 1-year low of $53.20 and a 1-year high of $79.40.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its quarterly earnings results on Wednesday, April 29th. The company reported $0.40 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.17. Chefs’ Warehouse had a return on equity of 15.54% and a net margin of 1.87%.The company had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The business’s quarterly revenue was up 11.4% on a year-over-year basis. On average, equities research analysts forecast that The Chefs’ Warehouse, Inc. will post 2.17 earnings per share for the current year.

About Chefs’ Warehouse

Chefs’ Warehouse, Inc is a specialty food distributor that supplies a broad range of high‐end ingredients and culinary products to professional chefs, restaurants, hotels, and other foodservice operators. Headquartered in Maspeth, New York, the company sources its portfolio from local artisans, boutique producers and leading global suppliers. Its core offerings include fresh and frozen proteins, specialty cuts of meat and seafood, handcrafted cheeses and charcuterie, seasonal produce, value‐added preparations, pantry staples and premium desserts and beverages.

The company operates a network of distribution centers strategically located in major metropolitan markets across North America.