Empowered Funds LLC Buys New Position in The Chefs' Warehouse, Inc. $CHEF

Key Points

• Empowered Funds LLC initiated a position in Chefs’ Warehouse during the second quarter, purchasing 8,816 shares valued at approximately $847,000. Institutional investors collectively own 91.55% of the company.
• Analyst sentiment is bullish: Chefs’ Warehouse carries an average “Buy” rating and a consensus price target of $114.33, with UBS and TD Cowen recently raising their targets to $125 and $123, respectively.
• The company exceeded quarterly expectations, reporting adjusted EPS of $0.78 versus the $0.59 consensus and revenue of $1.17 billion, up 12.9% year over year. However, insiders sold 137,752 shares worth roughly $15.2 million over the past quarter.

Empowered Funds LLC bought a new position in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 8,816 shares of the company's stock, valued at approximately $847,000.

Several other hedge funds have also made changes to their positions in the stock. Hantz Financial Services Inc. raised its stake in shares of Chefs' Warehouse by 229.5% in the fourth quarter. Hantz Financial Services Inc. now owns 458 shares of the company's stock valued at $29,000 after purchasing an additional 319 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Chefs' Warehouse by 515.3% in the third quarter. Caitong International Asset Management Co. Ltd now owns 523 shares of the company's stock valued at $31,000 after acquiring an additional 438 shares during the period. Global Retirement Partners LLC acquired a new position in Chefs' Warehouse in the fourth quarter worth about $31,000. Public Employees Retirement System of Ohio acquired a new position in shares of Chefs' Warehouse in the 2nd quarter worth approximately $34,000. Finally, Osaic Holdings Inc. boosted its stake in shares of Chefs' Warehouse by 30.7% in the 2nd quarter. Osaic Holdings Inc. now owns 800 shares of the company's stock valued at $51,000 after purchasing an additional 188 shares in the last quarter. Institutional investors own 91.55% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on CHEF shares. Zacks Research raised shares of Chefs' Warehouse from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 11th. UBS Group raised their target price on Chefs' Warehouse from $114.00 to $125.00 and gave the company a "buy" rating in a research note on Thursday, July 30th. Wall Street Zen raised Chefs' Warehouse from a "hold" rating to a "buy" rating in a report on Saturday, July 18th. Weiss Ratings raised Chefs' Warehouse from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Wednesday, August 12th. Finally, TD Cowen upped their target price on shares of Chefs' Warehouse from $110.00 to $123.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, Chefs' Warehouse currently has an average rating of "Buy" and an average target price of $114.33.

Chefs' Warehouse Stock Performance

CHEF stock opened at $114.36 on Friday. The business's 50-day moving average price is $104.71 and its two-hundred day moving average price is $83.79. The Chefs' Warehouse, Inc. has a 1-year low of $53.20 and a 1-year high of $117.65. The company has a current ratio of 2.15, a quick ratio of 1.31 and a debt-to-equity ratio of 1.07. The firm has a market cap of $4.67 billion, a PE ratio of 54.46 and a beta of 1.38.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.59 by $0.19. Chefs' Warehouse had a return on equity of 16.95% and a net margin of 2.09%.The business had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.12 billion. During the same period last year, the company earned $0.52 earnings per share. Chefs' Warehouse's quarterly revenue was up 12.9% on a year-over-year basis. As a group, research analysts forecast that The Chefs' Warehouse, Inc. will post 2.54 earnings per share for the current year.

Insider Activity at Chefs' Warehouse

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

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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