Chefs’ Warehouse (NASDAQ:CHEF) Hits New 12-Month High – Here’s Why

The Chefs’ Warehouse, Inc. (NASDAQ:CHEF)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $92.24 and last traded at $92.9720, with a volume of 19851 shares traded. The stock had previously closed at $90.75.

Analysts Set New Price Targets

CHEF has been the subject of a number of recent analyst reports. Weiss Ratings downgraded Chefs’ Warehouse from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday, May 1st. Morgan Stanley reiterated an “overweight” rating and set a $83.00 price target on shares of Chefs’ Warehouse in a report on Thursday, April 30th. BTIG Research upped their price objective on Chefs’ Warehouse from $82.00 to $100.00 and gave the company a “buy” rating in a research note on Thursday, June 11th. UBS Group reduced their target price on shares of Chefs’ Warehouse from $83.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 23rd. Finally, Benchmark lifted their price objective on shares of Chefs’ Warehouse from $84.00 to $90.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, Chefs’ Warehouse presently has an average rating of “Moderate Buy” and a consensus target price of $83.83.

Chefs’ Warehouse Stock Down 1.0%

The company has a market capitalization of $3.80 billion, a PE ratio of 51.74 and a beta of 1.44. The firm has a 50-day simple moving average of $75.01 and a 200 day simple moving average of $67.45. The company has a debt-to-equity ratio of 1.18, a current ratio of 2.18 and a quick ratio of 1.33.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its earnings results on Wednesday, April 29th. The company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.17. The business had revenue of $1.06 billion during the quarter, compared to analysts’ expectations of $1.01 billion. Chefs’ Warehouse had a return on equity of 15.54% and a net margin of 1.87%.Chefs’ Warehouse’s quarterly revenue was up 11.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.25 EPS. On average, research analysts predict that The Chefs’ Warehouse, Inc. will post 2.37 EPS for the current fiscal year.

Insider Activity at Chefs’ Warehouse

In related news, insider Christina Polychroni sold 4,500 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $79.21, for a total transaction of $356,445.00. Following the transaction, the insider directly owned 24,642 shares of the company’s stock, valued at approximately $1,951,892.82. This trade represents a 15.44% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Christopher Pappas sold 125,000 shares of Chefs’ Warehouse stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $78.00, for a total transaction of $9,750,000.00. Following the transaction, the chief executive officer owned 2,189,453 shares in the company, valued at approximately $170,777,334. This trade represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. 11.10% of the stock is owned by corporate insiders.

Institutional Trading of Chefs’ Warehouse

Several large investors have recently modified their holdings of the business. Wellington Management Group LLP increased its stake in shares of Chefs’ Warehouse by 12.2% in the fourth quarter. Wellington Management Group LLP now owns 2,930,463 shares of the company’s stock worth $182,656,000 after purchasing an additional 318,942 shares during the period. Millennium Management LLC increased its stake in Chefs’ Warehouse by 2,871.7% during the 4th quarter. Millennium Management LLC now owns 251,376 shares of the company’s stock worth $15,668,000 after acquiring an additional 242,917 shares during the period. Bessemer Group Inc. grew its holdings in shares of Chefs’ Warehouse by 117,849.5% during the 1st quarter. Bessemer Group Inc. now owns 231,181 shares of the company’s stock valued at $13,744,000 after purchasing an additional 230,985 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Chefs’ Warehouse by 18.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,104,826 shares of the company’s stock valued at $68,864,000 after purchasing an additional 173,155 shares in the last quarter. Finally, Jefferies Financial Group Inc. boosted its stake in Chefs’ Warehouse by 230.8% during the third quarter. Jefferies Financial Group Inc. now owns 85,000 shares of the company’s stock worth $4,958,000 after acquiring an additional 150,000 shares in the last quarter. 91.55% of the stock is currently owned by institutional investors and hedge funds.

Chefs’ Warehouse Company Profile

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.