BidaskClub Downgrades Chefs’ Warehouse (NASDAQ:CHEF) to Buy

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Chefs’ Warehouse (NASDAQ:CHEF) was downgraded by equities researchers at BidaskClub from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday, June 1st, BidAskClub reports.

A number of other research analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of Chefs’ Warehouse from a “sell” rating to a “hold” rating in a report on Tuesday, April 16th. TheStreet cut shares of Chefs’ Warehouse from a “b+” rating to a “c+” rating in a report on Monday, May 6th. ValuEngine cut shares of Chefs’ Warehouse from a “strong-buy” rating to a “buy” rating in a report on Thursday, March 21st. BMO Capital Markets upgraded shares of Chefs’ Warehouse from a “market perform” rating to an “outperform” rating and set a $33.31 price target for the company in a report on Wednesday, May 1st. Finally, Barclays reiterated a “hold” rating on shares of Chefs’ Warehouse in a report on Sunday, May 5th. Two investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $33.66.

Shares of CHEF stock opened at $32.23 on Friday. The stock has a market cap of $964.89 million, a price-to-earnings ratio of 41.32, a PEG ratio of 2.09 and a beta of 0.82. Chefs’ Warehouse has a 12 month low of $26.25 and a 12 month high of $39.26. The company has a current ratio of 2.31, a quick ratio of 1.42 and a debt-to-equity ratio of 0.91.

Chefs’ Warehouse (NASDAQ:CHEF) last released its quarterly earnings results on Wednesday, May 1st. The company reported $0.05 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). The company had revenue of $357.03 million during the quarter, compared to analysts’ expectations of $348.33 million. Chefs’ Warehouse had a net margin of 1.42% and a return on equity of 8.02%. Chefs’ Warehouse’s revenue was up 12.1% on a year-over-year basis. During the same period last year, the firm posted $0.03 earnings per share. On average, research analysts anticipate that Chefs’ Warehouse will post 1.03 EPS for the current fiscal year.

In related news, Director Joseph M. Cugine bought 905 shares of the stock in a transaction dated Thursday, May 9th. The stock was acquired at an average price of $33.01 per share, for a total transaction of $29,874.05. Following the acquisition, the director now owns 21,336 shares in the company, valued at approximately $704,301.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Tim Mccauley sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $33.99, for a total transaction of $33,990.00. Following the completion of the transaction, the insider now owns 13,931 shares of the company’s stock, valued at approximately $473,514.69. The disclosure for this sale can be found here. Insiders own 15.90% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in CHEF. Marshall Wace LLP purchased a new position in Chefs’ Warehouse in the first quarter valued at approximately $580,000. BlueCrest Capital Management Ltd purchased a new position in Chefs’ Warehouse in the first quarter valued at approximately $262,000. Goldman Sachs Group Inc. raised its holdings in Chefs’ Warehouse by 36.0% in the first quarter. Goldman Sachs Group Inc. now owns 95,907 shares of the company’s stock valued at $2,977,000 after buying an additional 25,389 shares during the period. Wellington Management Group LLP raised its holdings in Chefs’ Warehouse by 45.0% in the first quarter. Wellington Management Group LLP now owns 607,666 shares of the company’s stock valued at $18,867,000 after buying an additional 188,650 shares during the period. Finally, Geode Capital Management LLC raised its holdings in Chefs’ Warehouse by 7.7% in the first quarter. Geode Capital Management LLC now owns 271,704 shares of the company’s stock valued at $8,436,000 after buying an additional 19,487 shares during the period. Hedge funds and other institutional investors own 81.65% of the company’s stock.

Chefs’ Warehouse Company Profile

The Chefs' Warehouse, Inc, together with its subsidiaries, distributes specialty food products in the United States and Canada. Its product portfolio includes approximately 55,000 stock-keeping units comprising specialty food products, such as artisan charcuterie, specialty cheeses, unique oils and vinegars, truffles, caviar, chocolate, and pastry products.

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