Jennison Associates LLC Lowers Holdings in The Chefs' Warehouse, Inc. (NASDAQ:CHEF)

Jennison Associates LLC lowered its position in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 46.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 744,248 shares of the company's stock after selling 655,250 shares during the period. Jennison Associates LLC owned 1.88% of Chefs' Warehouse worth $21,903,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Chefs' Warehouse by 19.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,358 shares of the company's stock worth $246,000 after purchasing an additional 1,374 shares in the last quarter. Everence Capital Management Inc. acquired a new position in Chefs' Warehouse in the fourth quarter valued at $245,000. Louisiana State Employees Retirement System acquired a new position in Chefs' Warehouse in the fourth quarter valued at $521,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Chefs' Warehouse by 4.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,141 shares of the company's stock valued at $475,000 after acquiring an additional 671 shares in the last quarter. Finally, Mesirow Financial Investment Management Inc. boosted its stake in Chefs' Warehouse by 14.0% in the fourth quarter. Mesirow Financial Investment Management Inc. now owns 11,998 shares of the company's stock valued at $354,000 after acquiring an additional 1,473 shares in the last quarter. Institutional investors and hedge funds own 91.55% of the company's stock.

Chefs' Warehouse Stock Performance

Shares of NASDAQ:CHEF traded up $0.70 on Friday, reaching $33.56. The company's stock had a trading volume of 211,747 shares, compared to its average volume of 364,080. The stock's 50-day moving average is $36.03 and its two-hundred day moving average is $30.15. The Chefs' Warehouse, Inc. has a 52-week low of $17.29 and a 52-week high of $39.00. The company has a debt-to-equity ratio of 1.46, a current ratio of 1.89 and a quick ratio of 1.16. The stock has a market capitalization of $1.34 billion, a P/E ratio of 38.21 and a beta of 2.21.

Chefs' Warehouse (NASDAQ:CHEF - Get Free Report) last announced its earnings results on Wednesday, February 14th. The company reported $0.47 EPS for the quarter, beating analysts' consensus estimates of $0.43 by $0.04. Chefs' Warehouse had a net margin of 1.01% and a return on equity of 12.30%. The business had revenue of $950.50 million during the quarter, compared to analysts' expectations of $910.67 million. During the same period in the prior year, the company earned $0.48 earnings per share. The business's revenue was up 20.1% compared to the same quarter last year. As a group, sell-side analysts forecast that The Chefs' Warehouse, Inc. will post 1.33 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have issued reports on CHEF shares. UBS Group upped their price objective on shares of Chefs' Warehouse from $36.00 to $44.00 and gave the company a "buy" rating in a research note on Thursday, February 15th. Benchmark restated a "buy" rating and issued a $49.00 price objective on shares of Chefs' Warehouse in a research note on Friday, January 12th. Finally, BMO Capital Markets upped their price objective on shares of Chefs' Warehouse from $35.00 to $50.00 and gave the company an "outperform" rating in a research note on Friday, February 16th.

About Chefs' Warehouse

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.