Jennison Associates LLC Reduces Stock Position in The Chefs' Warehouse, Inc. (NASDAQ:CHEF)

Jennison Associates LLC cut its holdings in shares of The Chefs' Warehouse, Inc. (NASDAQ:CHEF - Free Report) by 2.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 711,062 shares of the company's stock after selling 18,584 shares during the period. Jennison Associates LLC owned approximately 1.80% of Chefs' Warehouse worth $35,070,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in CHEF. GAMMA Investing LLC boosted its holdings in Chefs' Warehouse by 24.6% during the fourth quarter. GAMMA Investing LLC now owns 1,202 shares of the company's stock worth $59,000 after purchasing an additional 237 shares during the last quarter. KBC Group NV boosted its holdings in Chefs' Warehouse by 67.1% during the fourth quarter. KBC Group NV now owns 2,100 shares of the company's stock worth $104,000 after purchasing an additional 843 shares during the last quarter. ORG Wealth Partners LLC purchased a new position in Chefs' Warehouse in the third quarter valued at about $130,000. iSAM Funds UK Ltd purchased a new position in Chefs' Warehouse in the third quarter valued at about $225,000. Finally, FMR LLC boosted its stake in Chefs' Warehouse by 95.0% in the third quarter. FMR LLC now owns 5,890 shares of the company's stock valued at $247,000 after acquiring an additional 2,870 shares during the last quarter. 91.55% of the stock is owned by institutional investors.

Chefs' Warehouse Price Performance

Chefs' Warehouse stock traded down $1.73 during midday trading on Friday, reaching $54.21. 548,311 shares of the stock were exchanged, compared to its average volume of 366,379. The company's fifty day moving average is $50.64 and its 200-day moving average is $44.21. The company has a debt-to-equity ratio of 1.39, a quick ratio of 1.06 and a current ratio of 1.85. The firm has a market cap of $2.14 billion, a PE ratio of 47.55 and a beta of 2.29. The Chefs' Warehouse, Inc. has a 52 week low of $31.96 and a 52 week high of $56.65.

Insider Buying and Selling

In other news, CFO James Leddy sold 4,000 shares of the stock in a transaction on Thursday, December 12th. The shares were sold at an average price of $48.85, for a total value of $195,400.00. Following the transaction, the chief financial officer now owns 145,589 shares of the company's stock, valued at $7,112,022.65. This represents a 2.67 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Alexandros Aldous sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $45.00, for a total transaction of $225,000.00. Following the completion of the transaction, the general counsel now directly owns 114,342 shares in the company, valued at $5,145,390. The trade was a 4.19 % decrease in their position. The disclosure for this sale can be found here. 11.90% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on CHEF. Jefferies Financial Group boosted their target price on shares of Chefs' Warehouse from $58.00 to $60.00 and gave the company a "buy" rating in a research note on Wednesday, January 15th. BMO Capital Markets upped their price target on shares of Chefs' Warehouse from $50.00 to $55.00 and gave the company an "outperform" rating in a research note on Thursday, October 31st. Finally, Lake Street Capital upped their price target on shares of Chefs' Warehouse from $48.00 to $60.00 and gave the company a "buy" rating in a research note on Monday, December 16th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $53.80.

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.