The Manufacturers Life Insurance Company Trims Holdings in The Chefs' Warehouse, Inc. $CHEF

Key Points

• The Manufacturers Life Insurance Company reduced its stake in The Chefs' Warehouse by 17.4%, owning approximately 1.01% of the company after selling over 86,000 shares.
• Analyst ratings for Chefs' Warehouse have been predominantly positive, with several upgrades leading to a consensus price target of $69.67 and multiple "buy" ratings.
• In its latest earnings report, The Chefs' Warehouse reported $0.52 earnings per share, exceeding estimates, and highlighted an 8.4% year-over-year revenue increase.

The Manufacturers Life Insurance Company trimmed its holdings in The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 17.4% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 409,363 shares of the company's stock after selling 86,268 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 1.01% of Chefs' Warehouse worth $22,294,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CHEF. Ameriprise Financial Inc. boosted its stake in Chefs' Warehouse by 389.5% in the 1st quarter. Ameriprise Financial Inc. now owns 2,073,339 shares of the company's stock worth $112,914,000 after purchasing an additional 1,649,811 shares during the period. Massachusetts Financial Services Co. MA bought a new position in Chefs' Warehouse in the 1st quarter worth approximately $42,866,000. Nuveen LLC bought a new position in Chefs' Warehouse in the 1st quarter worth approximately $26,263,000. Cercano Management LLC purchased a new stake in shares of Chefs' Warehouse during the 4th quarter worth approximately $18,481,000. Finally, Wellington Management Group LLP raised its holdings in shares of Chefs' Warehouse by 9.2% during the 1st quarter. Wellington Management Group LLP now owns 2,669,580 shares of the company's stock worth $145,385,000 after acquiring an additional 223,954 shares in the last quarter. 91.55% of the stock is currently owned by institutional investors.

Chefs' Warehouse Trading Down 2.0%

NASDAQ:CHEF traded down $1.28 during midday trading on Friday, hitting $63.97. 357,054 shares of the company traded hands, compared to its average volume of 353,474. The firm's fifty day moving average is $63.92 and its 200-day moving average is $60.33. The Chefs' Warehouse, Inc. has a 12-month low of $37.72 and a 12-month high of $68.94. The firm has a market capitalization of $2.61 billion, a P/E ratio of 39.98 and a beta of 1.76. The company has a current ratio of 2.01, a quick ratio of 1.17 and a debt-to-equity ratio of 1.24.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last released its quarterly earnings results on Wednesday, July 30th. The company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.07. Chefs' Warehouse had a return on equity of 13.60% and a net margin of 1.76%.The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the firm posted $0.40 EPS. Chefs' Warehouse's quarterly revenue was up 8.4% compared to the same quarter last year. Chefs' Warehouse has set its FY 2025 guidance at EPS. On average, sell-side analysts predict that The Chefs' Warehouse, Inc. will post 1.73 EPS for the current year.

Insiders Place Their Bets

In related news, CAO Tim Mccauley sold 17,500 shares of the stock in a transaction on Monday, July 14th. The stock was sold at an average price of $65.07, for a total transaction of $1,138,725.00. Following the sale, the chief accounting officer owned 52,050 shares in the company, valued at approximately $3,386,893.50. This represents a 25.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 11.90% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. BTIG Research reaffirmed a "buy" rating on shares of Chefs' Warehouse in a report on Friday, May 23rd. Benchmark upped their price objective on Chefs' Warehouse from $68.00 to $79.00 and gave the stock a "buy" rating in a report on Thursday, July 31st. Zacks Research raised Chefs' Warehouse from a "hold" rating to a "strong-buy" rating in a report on Thursday, August 28th. Piper Sandler assumed coverage on Chefs' Warehouse in a report on Wednesday, August 27th. They set a "neutral" rating and a $66.00 price objective on the stock. Finally, UBS Group upped their price objective on Chefs' Warehouse from $68.00 to $72.00 and gave the stock a "buy" rating in a report on Monday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $69.67.

Chefs' Warehouse Profile

The Chefs' Warehouse, Inc, together with its subsidiaries, distributes specialty food and center-of-the-plate products in the United States, the Middle East, and Canada. The company's product portfolio includes specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products; and center-of-the-plate products consisting of custom cut beef, seafood, and hormone-free poultry, as well as broadline food products comprising cooking oils, butter, eggs, milk, and flour.