The Chefs' Warehouse, Inc. $CHEF Shares Purchased by California State Teachers Retirement System

Key Points

• Institutional ownership increased: California State Teachers Retirement System raised its Chefs' Warehouse stake by 27.2% to 44,406 shares, while other major investors also added positions. Institutions and hedge funds collectively own 91.55% of the stock.
• Analysts remain moderately bullish: Chefs' Warehouse has a consensus “Moderate Buy” rating and an average price target of $107.43, with BTIG Research and TD Cowen recently raising their targets to $125 and $123, respectively.
• Quarterly results beat expectations: The company reported $0.78 in quarterly EPS versus the $0.59 consensus estimate and $1.17 billion in revenue, up 12.9% year over year. Shares opened at $108.83, near their 52-week high of $117.33.

California State Teachers Retirement System boosted its stake in The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 27.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,406 shares of the company's stock after acquiring an additional 9,490 shares during the quarter. California State Teachers Retirement System owned about 0.11% of Chefs' Warehouse worth $2,640,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the company. Royal Bank of Canada raised its stake in shares of Chefs' Warehouse by 23.9% during the first quarter. Royal Bank of Canada now owns 332,391 shares of the company's stock valued at $19,759,000 after purchasing an additional 64,090 shares during the period. Empowered Funds LLC purchased a new position in shares of Chefs' Warehouse in the first quarter valued at $275,000. Quantinno Capital Management LP boosted its stake in shares of Chefs' Warehouse by 148.7% in the first quarter. Quantinno Capital Management LP now owns 23,100 shares of the company's stock valued at $1,373,000 after purchasing an additional 13,810 shares during the period. Granahan Investment Management LLC grew its holdings in Chefs' Warehouse by 66.5% during the 1st quarter. Granahan Investment Management LLC now owns 114,599 shares of the company's stock valued at $6,813,000 after purchasing an additional 45,776 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in Chefs' Warehouse by 8.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 172,040 shares of the company's stock valued at $10,228,000 after purchasing an additional 13,318 shares in the last quarter. Institutional investors and hedge funds own 91.55% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have commented on the stock. BTIG Research boosted their price objective on shares of Chefs' Warehouse from $100.00 to $125.00 and gave the stock a "buy" rating in a report on Thursday, July 30th. Wall Street Zen raised shares of Chefs' Warehouse from a "hold" rating to a "buy" rating in a research report on Saturday, July 18th. Weiss Ratings restated a "hold (c+)" rating on shares of Chefs' Warehouse in a research note on Wednesday, July 29th. Morgan Stanley lifted their target price on Chefs' Warehouse from $97.00 to $104.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Finally, TD Cowen boosted their price target on Chefs' Warehouse from $110.00 to $123.00 and gave the stock a "buy" rating in a research note on Wednesday, July 29th. Four equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $107.43.

Insiders Place Their Bets

In other news, insider Christina Polychroni sold 4,500 shares of the business's stock in a transaction dated Tuesday, May 19th. The shares were sold at an average price of $79.21, for a total value of $356,445.00. Following the completion of the sale, the insider owned 24,642 shares of the company's stock, valued at approximately $1,951,892.82. The trade was a 15.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 11.10% of the stock is currently owned by corporate insiders.

Chefs' Warehouse Stock Performance

Chefs' Warehouse stock opened at $108.83 on Tuesday. The Chefs' Warehouse, Inc. has a 52 week low of $53.20 and a 52 week high of $117.33. 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 stock has a market cap of $4.44 billion, a P/E ratio of 51.82 and a beta of 1.38. The stock has a 50 day moving average of $96.04 and a 200-day moving average of $77.66.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last issued its quarterly earnings results 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. The business had revenue of $1.17 billion during the quarter, compared to analyst estimates of $1.12 billion. Chefs' Warehouse had a net margin of 2.09% and a return on equity of 16.95%. The business's revenue was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.52 earnings per share. On average, analysts expect that The Chefs' Warehouse, Inc. will post 2.37 EPS for the current fiscal 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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