Bank of New York Mellon Corp Takes $22.12 Million Position in The Chefs' Warehouse, Inc. $CHEF

Key Points

• Bank of New York Mellon acquired 230,130 shares of Chefs’ Warehouse worth approximately $22.12 million, giving it a 0.56% stake. Institutional investors collectively own 91.55% of the company.
• Chefs’ Warehouse exceeded quarterly expectations, reporting $0.78 in EPS versus a $0.59 estimate and $1.17 billion in revenue, up 12.9% year over year.
• Analysts maintain a favorable outlook, with the stock carrying a consensus “Buy” rating and an average target price of $114.33, while insiders sold $15.2 million worth of shares over the past three months.

Bank of New York Mellon Corp bought a new stake in The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The fund bought 230,130 shares of the company's stock, valued at approximately $22,116,000. Bank of New York Mellon Corp owned 0.56% of Chefs' Warehouse at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. HighTower Advisors LLC boosted its position in Chefs' Warehouse by 1.7% during the fourth quarter. HighTower Advisors LLC now owns 9,536 shares of the company's stock worth $594,000 after purchasing an additional 161 shares in the last quarter. Osaic Holdings Inc. lifted its position in shares of Chefs' Warehouse by 30.7% during the 2nd quarter. Osaic Holdings Inc. now owns 800 shares of the company's stock valued at $51,000 after buying an additional 188 shares in the last quarter. CWM LLC lifted its position in shares of Chefs' Warehouse by 10.5% during the 4th quarter. CWM LLC now owns 2,133 shares of the company's stock valued at $133,000 after buying an additional 203 shares in the last quarter. Tidal Investments LLC grew its stake in Chefs' Warehouse by 4.9% in the 2nd quarter. Tidal Investments LLC now owns 4,341 shares of the company's stock valued at $277,000 after acquiring an additional 204 shares during the period. Finally, ProShare Advisors LLC grew its stake in Chefs' Warehouse by 3.2% in the 4th quarter. ProShare Advisors LLC now owns 7,089 shares of the company's stock valued at $442,000 after acquiring an additional 220 shares during the period. 91.55% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Chefs' Warehouse

In other Chefs' Warehouse news, General Counsel Alexandros Aldous sold 35,000 shares of Chefs' Warehouse stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $110.97, for a total transaction of $3,883,950.00. Following the transaction, the general counsel directly owned 34,442 shares of the company's stock, valued at $3,822,028.74. The trade was a 50.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Christina Polychroni sold 2,752 shares of the business's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $112.00, for a total transaction of $308,224.00. Following the completion of the transaction, the insider owned 22,014 shares in the company, valued at $2,465,568. The trade was a 11.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 137,752 shares of company stock worth $15,203,174 in the last three months. 11.10% of the stock is owned by corporate insiders.

Chefs' Warehouse Stock Performance

CHEF opened at $115.00 on Monday. The firm has a market capitalization of $4.69 billion, a PE ratio of 54.76 and a beta of 1.38. The Chefs' Warehouse, Inc. has a twelve month low of $53.20 and a twelve month high of $117.33. The firm's 50-day moving average price is $102.78 and its 200 day moving average price is $82.24. The company has a current ratio of 2.15, a quick ratio of 1.31 and a debt-to-equity ratio of 1.07.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.78 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.19. The company 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%. Chefs' Warehouse's quarterly revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.52 EPS. As a group, sell-side analysts expect that The Chefs' Warehouse, Inc. will post 2.54 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. BTIG Research lifted their target price on shares of Chefs' Warehouse from $100.00 to $125.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Benchmark upped their price target on shares of Chefs' Warehouse from $106.00 to $125.00 and gave the stock a "buy" rating in a research report on Thursday, July 30th. Zacks Research raised shares of Chefs' Warehouse from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 11th. Morgan Stanley lifted their price objective on Chefs' Warehouse from $97.00 to $104.00 and gave the stock an "equal weight" rating in a report on Thursday, July 30th. Finally, TD Cowen boosted their price objective on Chefs' Warehouse from $110.00 to $123.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $114.33.

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.

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