Bank of America Corp DE cut its stake in shares of CAVA Group, Inc. (NYSE:CAVA – Free Report) by 37.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,297,361 shares of the company’s stock after selling 781,634 shares during the quarter. Bank of America Corp DE’s holdings in CAVA Group were worth $104,957,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of the stock. Capital Research Global Investors increased its stake in shares of CAVA Group by 27.2% in the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock worth $495,344,000 after acquiring an additional 1,805,174 shares during the last quarter. Capital International Investors lifted its position in shares of CAVA Group by 15.5% in the fourth quarter. Capital International Investors now owns 4,885,317 shares of the company’s stock worth $286,718,000 after buying an additional 656,581 shares during the last quarter. Morgan Stanley lifted its position in shares of CAVA Group by 33.7% in the fourth quarter. Morgan Stanley now owns 3,318,894 shares of the company’s stock worth $194,786,000 after buying an additional 835,628 shares during the last quarter. State Street Corp boosted its stake in shares of CAVA Group by 1.3% during the 4th quarter. State Street Corp now owns 2,920,442 shares of the company’s stock worth $171,401,000 after acquiring an additional 36,508 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its stake in shares of CAVA Group by 28.1% during the 4th quarter. William Blair Investment Management LLC now owns 2,419,247 shares of the company’s stock worth $141,986,000 after acquiring an additional 530,524 shares in the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.
Analysts Set New Price Targets
CAVA has been the topic of several analyst reports. UBS Group upgraded CAVA Group from a “neutral” rating to a “buy” rating and increased their price target for the company from $85.00 to $90.00 in a report on Wednesday, June 10th. The Goldman Sachs Group raised their price target on CAVA Group from $75.00 to $86.00 and gave the company a “neutral” rating in a research report on Monday, April 13th. DA Davidson lifted their price objective on CAVA Group from $80.00 to $84.00 and gave the stock a “neutral” rating in a research note on Thursday, May 21st. Freedom Capital raised CAVA Group to a “hold” rating in a research report on Wednesday, July 1st. Finally, Argus set a $92.00 price target on CAVA Group in a research report on Friday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $92.46.
CAVA Group Price Performance
NYSE CAVA opened at $62.33 on Friday. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $98.79. The stock’s 50 day simple moving average is $73.56 and its 200 day simple moving average is $76.86. The firm has a market cap of $7.26 billion, a PE ratio of 119.86, a price-to-earnings-growth ratio of 4.29 and a beta of 1.74.
CAVA Group (NYSE:CAVA – Get Free Report) last posted its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $438.27 million during the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. CAVA Group’s revenue for the quarter was up 32.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.22 earnings per share. As a group, equities analysts expect that CAVA Group, Inc. will post 0.54 earnings per share for the current year.
Insiders Place Their Bets
In related news, CFO Tricia K. Tolivar sold 4,969 shares of the firm’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $444,377.67. Following the sale, the chief financial officer owned 234,931 shares of the company’s stock, valued at approximately $21,009,879.33. This trade represents a 2.07% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kelly Costanza sold 12,490 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total value of $1,124,100.00. Following the completion of the transaction, the insider directly owned 98,490 shares of the company’s stock, valued at approximately $8,864,100. The trade was a 11.25% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 91,747 shares of company stock worth $7,970,838 over the last 90 days. 6.70% of the stock is currently owned by corporate insiders.
CAVA Group Company Profile
CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.
Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.
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