Deutsche Bank AG Takes $6.50 Million Position in The Chefs' Warehouse, Inc. $CHEF

Key Points

• Deutsche Bank acquired 67,659 shares of Chefs’ Warehouse during the second quarter, valued at approximately $6.5 million. Institutional investors collectively own 91.55% of the company.
• Insiders sold 137,752 shares worth about $15.2 million over the past three months, including significant sales by General Counsel Alexandros Aldous and insider Christina Polychroni.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $107.43. The company recently beat quarterly earnings and revenue estimates, reporting $0.78 EPS and $1.17 billion in revenue.

Deutsche Bank AG acquired a new position in The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 67,659 shares of the company's stock, valued at approximately $6,502,000. Deutsche Bank AG owned approximately 0.17% of Chefs' Warehouse as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in CHEF. TimesSquare Capital Management LLC acquired a new stake in Chefs' Warehouse in the 2nd quarter valued at $37,619,000. Wellington Management Group LLP boosted its stake 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. Millennium Management LLC boosted its stake in shares of 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 buying an additional 242,917 shares during the last quarter. Bessemer Group Inc. grew its holdings in shares of Chefs' Warehouse by 117,849.5% in the 1st 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 in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of Chefs' Warehouse in the 2nd quarter valued at about $22,116,000. Institutional investors and hedge funds own 91.55% of the company's stock.

Insider Activity at Chefs' Warehouse

In related news, insider Christina Polychroni sold 2,752 shares of the firm'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 transaction, the insider directly owned 22,014 shares of the company's stock, valued at approximately $2,465,568. This trade represents a 11.11% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Alexandros Aldous sold 35,000 shares of Chefs' Warehouse stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $110.97, for a total transaction of $3,883,950.00. Following the completion of the sale, the general counsel owned 34,442 shares of the company's stock, valued at $3,822,028.74. This trade represents a 50.40% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 137,752 shares of company stock worth $15,203,174. Corporate insiders own 11.10% of the company's stock.

Wall Street Analyst Weigh In

CHEF has been the topic of several analyst reports. UBS Group upped their target price on Chefs' Warehouse from $114.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Weiss Ratings upgraded Chefs' Warehouse from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 12th. Wall Street Zen raised Chefs' Warehouse from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Morgan Stanley upped their price objective on Chefs' Warehouse from $97.00 to $104.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 30th. Finally, Zacks Research raised Chefs' Warehouse from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $107.43.

Chefs' Warehouse Stock Performance

CHEF opened at $113.45 on Tuesday. The business has a fifty day simple moving average of $101.31 and a 200 day simple moving average of $80.91. The company has a market capitalization of $4.63 billion, a PE ratio of 54.02 and a beta of 1.38. The Chefs' Warehouse, Inc. has a 1 year low of $53.20 and a 1 year high of $117.33. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.15 and a quick ratio of 1.31.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.19. The firm had revenue of $1.17 billion for the quarter, compared to analysts' expectations of $1.12 billion. Chefs' Warehouse had a return on equity of 16.95% and a net margin of 2.09%.The company's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter last year, the business earned $0.52 EPS. Research analysts expect that The Chefs' Warehouse, Inc. will post 2.54 EPS 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.

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