Polymer Capital Management HK LTD Buys Shares of 13,400 The Chefs’ Warehouse, Inc. $CHEF

Polymer Capital Management HK LTD purchased a new stake in shares of The Chefs’ Warehouse, Inc. (NASDAQ:CHEF) during the 2nd quarter, HoldingsChannel.com reports. The institutional investor purchased 13,400 shares of the company’s stock, valued at approximately $1,288,000.

A number of other hedge funds have also modified their holdings of the stock. TimesSquare Capital Management LLC purchased a new stake in shares of Chefs’ Warehouse during the second quarter worth $37,619,000. Wellington Management Group LLP grew its stake in Chefs’ Warehouse by 12.2% in the fourth quarter. Wellington Management Group LLP now owns 2,930,463 shares of the company’s stock valued at $182,656,000 after purchasing an additional 318,942 shares in the last quarter. Millennium Management LLC increased its position in Chefs’ Warehouse by 2,871.7% in the 4th quarter. Millennium Management LLC now owns 251,376 shares of the company’s stock worth $15,668,000 after purchasing an additional 242,917 shares during the last quarter. Bessemer Group Inc. increased its position in Chefs’ Warehouse by 117,849.5% in the 1st quarter. Bessemer Group Inc. now owns 231,181 shares of the company’s stock worth $13,744,000 after purchasing an additional 230,985 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Chefs’ Warehouse in the 2nd quarter worth about $22,116,000. 91.55% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

CHEF has been the subject of several research reports. Benchmark lifted their price target on Chefs’ Warehouse from $106.00 to $125.00 and gave the company a “buy” rating in a report on Thursday, July 30th. BTIG Research increased their price objective on Chefs’ Warehouse from $100.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday, July 30th. Weiss Ratings raised shares of Chefs’ Warehouse from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 12th. UBS Group lifted their target price on shares of Chefs’ Warehouse from $114.00 to $125.00 and gave the company a “buy” rating in a research note on Thursday, July 30th. Finally, TD Cowen boosted their target price on shares of Chefs’ Warehouse from $110.00 to $123.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $107.43.

Insider Buying and Selling

In other news, CEO Christopher Pappas sold 100,000 shares of Chefs’ Warehouse stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $110.11, for a total value of $11,011,000.00. Following the transaction, the chief executive officer owned 2,105,480 shares of the company’s stock, valued at $231,834,402.80. This trade represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, General Counsel Alexandros Aldous sold 35,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $110.97, for a total transaction of $3,883,950.00. Following the completion of the sale, the general counsel owned 34,442 shares of the company’s stock, valued at $3,822,028.74. The trade was a 50.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 137,752 shares of company stock worth $15,203,174. 11.10% of the stock is currently owned by insiders.

Chefs’ Warehouse Price Performance

NASDAQ CHEF opened at $110.61 on Monday. The Chefs’ Warehouse, Inc. has a fifty-two week low of $53.20 and a fifty-two week high of $117.33. The stock’s 50-day moving average is $100.92 and its two-hundred day moving average is $80.56. The firm has a market cap of $4.51 billion, a P/E ratio of 52.67 and a beta of 1.38. The company has a debt-to-equity ratio of 1.07, a current ratio of 2.15 and a quick ratio of 1.31.

Chefs’ Warehouse (NASDAQ:CHEF) last released its quarterly earnings results on Wednesday, July 29th. The company reported $0.78 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.19. The company had revenue of $1.17 billion during the quarter, compared to the consensus estimate of $1.12 billion. Chefs’ Warehouse had a return on equity of 16.95% and a net margin of 2.09%.The firm’s revenue was up 12.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.52 EPS. On average, analysts anticipate that The Chefs’ Warehouse, Inc. will post 2.54 earnings per share for the current fiscal year.

Chefs’ Warehouse Company Profile

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.