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

Jennison Associates LLC lessened its holdings in shares of The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) by 46.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 744,248 shares of the company’s stock after selling 655,250 shares during the period. Jennison Associates LLC owned approximately 1.88% of Chefs’ Warehouse worth $21,903,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Chefs’ Warehouse by 32.5% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,984 shares of the company’s stock worth $148,000 after purchasing an additional 1,713 shares in the last quarter. Mesirow Financial Investment Management Inc. purchased a new stake in shares of Chefs’ Warehouse in the 3rd quarter worth about $223,000. Keybank National Association OH grew its stake in Chefs’ Warehouse by 4.8% in the 3rd quarter. Keybank National Association OH now owns 10,648 shares of the company’s stock valued at $226,000 after acquiring an additional 489 shares during the last quarter. Everence Capital Management Inc. purchased a new position in Chefs’ Warehouse during the 4th quarter valued at about $245,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Chefs’ Warehouse by 19.7% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,358 shares of the company’s stock valued at $246,000 after purchasing an additional 1,374 shares in the last quarter. Hedge funds and other institutional investors own 91.55% of the company’s stock.

Wall Street Analyst Weigh In

CHEF has been the topic of a number of analyst reports. Benchmark reaffirmed a “buy” rating and set a $49.00 price objective on shares of Chefs’ Warehouse in a research note on Friday, January 12th. BMO Capital Markets raised their price objective on Chefs’ Warehouse from $35.00 to $50.00 and gave the stock an “outperform” rating in a report on Friday, February 16th. Finally, UBS Group upped their target price on Chefs’ Warehouse from $36.00 to $44.00 and gave the company a “buy” rating in a research note on Thursday, February 15th.

Chefs’ Warehouse Stock Performance

NASDAQ:CHEF opened at $32.86 on Friday. The firm’s fifty day simple moving average is $36.03 and its 200 day simple moving average is $30.15. The company has a current ratio of 1.89, a quick ratio of 1.16 and a debt-to-equity ratio of 1.46. The Chefs’ Warehouse, Inc. has a twelve month low of $17.29 and a twelve month high of $39.00. The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of 38.21 and a beta of 2.21.

Chefs’ Warehouse (NASDAQ:CHEF) last issued its earnings results on Wednesday, February 14th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.04. Chefs’ Warehouse had a return on equity of 12.30% and a net margin of 1.01%. The company had revenue of $950.50 million during the quarter, compared to the consensus estimate of $910.67 million. During the same quarter in the prior year, the business earned $0.48 earnings per share. The company’s revenue was up 20.1% compared to the same quarter last year. As a group, equities research analysts expect that The Chefs’ Warehouse, Inc. will post 1.33 earnings per share for the current fiscal year.

Chefs’ Warehouse Company 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.