Massachusetts Financial Services Co. MA Acquires 173,155 Shares of The Chefs' Warehouse, Inc. $CHEF

Key Points

• Massachusetts Financial Services boosted its stake in The Chefs' Warehouse by 18.6%, buying 173,155 shares to hold 1,104,826 shares (about 2.72% of the company) valued at roughly $68.9 million, and institutions own about 91.6% of the stock.
• Insider selling was notable: CEO Christopher Pappas sold 95,908 shares (~$6.0 million) and the CAO sold 7,500 shares, with insiders disposing of 139,309 shares (~$9.06 million) in the quarter while insiders still hold 11.1% of the company.
• Fundamentals and analyst views are positive: Chefs' Warehouse beat quarterly EPS and revenue estimates (EPS $0.68 vs $0.62; revenue $1.14B, +10.5% YoY), and the stock carries a consensus "Moderate Buy" rating with a target of about $77.67.

Massachusetts Financial Services Co. MA grew its stake in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 18.6% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 1,104,826 shares of the company's stock after purchasing an additional 173,155 shares during the period. Massachusetts Financial Services Co. MA owned about 2.72% of Chefs' Warehouse worth $68,864,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of CHEF. Vanguard Group Inc. lifted its holdings in shares of Chefs' Warehouse by 0.4% in the third quarter. Vanguard Group Inc. now owns 2,749,647 shares of the company's stock valued at $160,387,000 after purchasing an additional 9,890 shares in the last quarter. Ameriprise Financial Inc. grew its holdings in Chefs' Warehouse by 2.7% during the second quarter. Ameriprise Financial Inc. now owns 2,129,189 shares of the company's stock worth $135,864,000 after buying an additional 55,850 shares in the last quarter. Victory Capital Management Inc. raised its position in Chefs' Warehouse by 2.3% in the 3rd quarter. Victory Capital Management Inc. now owns 1,383,861 shares of the company's stock valued at $80,721,000 after buying an additional 30,684 shares during the last quarter. Alliancebernstein L.P. lifted its stake in Chefs' Warehouse by 6.5% during the 2nd quarter. Alliancebernstein L.P. now owns 1,149,252 shares of the company's stock valued at $73,334,000 after acquiring an additional 70,318 shares in the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in Chefs' Warehouse by 7.7% during the 3rd quarter. Kennedy Capital Management LLC now owns 912,353 shares of the company's stock valued at $53,218,000 after acquiring an additional 65,584 shares in the last quarter. 91.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Chefs' Warehouse

In other news, CEO Christopher Pappas sold 95,908 shares of the firm's stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $62.53, for a total transaction of $5,997,127.24. Following the completion of the sale, the chief executive officer owned 2,398,522 shares in the company, valued at $149,979,580.66. This trade represents a 3.84% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Tim Mccauley sold 7,500 shares of Chefs' Warehouse stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $70.00, for a total transaction of $525,000.00. Following the completion of the sale, the chief accounting officer directly owned 44,662 shares in the company, valued at $3,126,340. This trade represents a 14.38% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 139,309 shares of company stock valued at $9,060,197 over the last quarter. 11.10% of the stock is currently owned by insiders.

Chefs' Warehouse Trading Up 2.4%

Shares of Chefs' Warehouse stock opened at $66.17 on Wednesday. The firm has a market cap of $2.70 billion, a PE ratio of 40.10 and a beta of 1.34. The Chefs' Warehouse, Inc. has a 1 year low of $51.53 and a 1 year high of $73.94. The company has a debt-to-equity ratio of 1.19, a current ratio of 2.05 and a quick ratio of 1.23. The stock has a fifty day moving average price of $64.15 and a 200-day moving average price of $62.00.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last issued its quarterly earnings results on Wednesday, February 11th. The company reported $0.68 earnings per share for the quarter, topping analysts' consensus estimates of $0.62 by $0.06. Chefs' Warehouse had a net margin of 1.74% and a return on equity of 14.75%. The company had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the previous year, the firm earned $0.55 EPS. The firm's quarterly revenue was up 10.5% on a year-over-year basis. Equities research analysts anticipate that The Chefs' Warehouse, Inc. will post 1.73 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Weiss Ratings upgraded shares of Chefs' Warehouse from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Monday. Benchmark reissued a "buy" rating on shares of Chefs' Warehouse in a research report on Thursday, February 12th. UBS Group boosted their price target on shares of Chefs' Warehouse from $80.00 to $83.00 and gave the stock a "buy" rating in a report on Wednesday, January 14th. Wolfe Research set a $84.00 price objective on shares of Chefs' Warehouse in a research report on Thursday, February 12th. Finally, BTIG Research reiterated a "buy" rating and issued a $74.00 price objective on shares of Chefs' Warehouse in a research note on Thursday, February 12th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $77.67.

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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