PDT Partners LLC Takes $3.27 Million Position in The Chefs’ Warehouse, Inc. $CHEF

PDT Partners LLC acquired a new position in shares of The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 34,082 shares of the company’s stock, valued at approximately $3,275,000. PDT Partners LLC owned 0.08% of Chefs’ Warehouse at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. TimesSquare Capital Management LLC acquired a new position in Chefs’ Warehouse during the second quarter worth approximately $37,619,000. Wellington Management Group LLP increased its holdings in shares of Chefs’ Warehouse by 12.2% during the 4th quarter. Wellington Management Group LLP now owns 2,930,463 shares of the company’s stock worth $182,656,000 after buying an additional 318,942 shares during the last quarter. The Manufacturers Life Insurance Company purchased a new position in shares of Chefs’ Warehouse in the 2nd quarter worth $28,010,000. Millennium Management LLC boosted its holdings in Chefs’ Warehouse by 2,871.7% in the fourth quarter. Millennium Management LLC now owns 251,376 shares of the company’s stock valued at $15,668,000 after acquiring an additional 242,917 shares during the last quarter. Finally, Bessemer Group Inc. grew its position in Chefs’ Warehouse by 117,849.5% during the first quarter. Bessemer Group Inc. now owns 231,181 shares of the company’s stock valued at $13,744,000 after acquiring an additional 230,985 shares during the period. 91.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHEF has been the subject of several research reports. Zacks Research upgraded shares of Chefs’ Warehouse from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 11th. Wall Street Zen upgraded Chefs’ Warehouse from a “hold” rating to a “buy” rating in a report on Saturday, July 18th. Benchmark boosted their price objective on Chefs’ Warehouse from $106.00 to $125.00 and gave the stock a “buy” rating in a research note on Thursday, July 30th. Morgan Stanley increased their target price on Chefs’ Warehouse from $97.00 to $104.00 and gave the company an “equal weight” rating in a research note on Thursday, July 30th. Finally, UBS Group boosted their price target on Chefs’ Warehouse from $114.00 to $125.00 and gave the stock a “buy” rating in a research report on Thursday, July 30th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $114.33.

Chefs’ Warehouse Price Performance

CHEF stock opened at $112.01 on Thursday. The stock’s 50 day moving average is $102.07 and its two-hundred day moving average is $81.58. The Chefs’ Warehouse, Inc. has a 52-week low of $53.20 and a 52-week high of $117.33. The company has a market capitalization of $4.57 billion, a PE ratio of 53.34 and a beta of 1.39. The company has a quick ratio of 1.31, a current ratio of 2.15 and a debt-to-equity ratio of 1.07.

Chefs’ Warehouse (NASDAQ:CHEF) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.19. The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.12 billion. Chefs’ Warehouse had a net margin of 2.09% and a return on equity of 16.95%. The business’s quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 earnings per share. Analysts predict that The Chefs’ Warehouse, Inc. will post 2.54 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Christopher Pappas sold 100,000 shares of Chefs’ Warehouse stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $110.11, for a total value of $11,011,000.00. Following the completion of the transaction, the chief executive officer directly owned 2,105,480 shares in the company, valued at approximately $231,834,402.80. This trade represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Alexandros Aldous sold 35,000 shares of the business’s stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $110.97, for a total value of $3,883,950.00. Following the completion of the sale, the general counsel directly owned 34,442 shares of the company’s stock, valued at approximately $3,822,028.74. This represents a 50.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 137,752 shares of company stock valued at $15,203,174 in the last ninety days. Corporate insiders own 11.10% of the company’s stock.

Chefs’ Warehouse 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.