Sanctuary Advisors LLC acquired a new stake in shares of CAVA Group, Inc. (NYSE:CAVA – Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The fund acquired 10,902 shares of the company’s stock, valued at approximately $856,000.
Several other large investors have also made changes to their positions in CAVA. BlackRock Inc. purchased a new position in shares of CAVA Group during the second quarter worth $757,013,000. Capital Research Global Investors lifted its position in CAVA Group by 27.2% during the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock valued at $495,344,000 after purchasing an additional 1,805,174 shares during the period. Capital International Investors boosted its holdings in CAVA Group by 15.5% in the fourth quarter. Capital International Investors now owns 4,885,317 shares of the company’s stock valued at $286,718,000 after purchasing an additional 656,581 shares during the last quarter. Morgan Stanley boosted its holdings in CAVA Group by 33.7% in the fourth quarter. Morgan Stanley now owns 3,318,894 shares of the company’s stock valued at $194,786,000 after purchasing an additional 835,628 shares during the last quarter. Finally, State Street Corp grew its position in 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 purchasing an additional 36,508 shares during the period. 73.15% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
CAVA has been the subject of a number of recent research reports. Royal Bank Of Canada lifted their price objective on CAVA Group from $90.00 to $95.00 and gave the company an “outperform” rating in a research note on Wednesday, August 12th. Wolfe Research upped their target price on CAVA Group from $79.00 to $82.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 12th. Roth Capital reaffirmed a “buy” rating and set a $95.00 target price (down from $106.00) on shares of CAVA Group in a report on Wednesday, August 12th. Robert W. Baird upgraded CAVA Group to a “strong-buy” rating in a research report on Monday, August 24th. Finally, Freedom Capital raised CAVA Group to a “hold” rating in a report on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $89.44.
CAVA Group Stock Performance
CAVA opened at $67.08 on Friday. The company has a fifty day moving average of $69.99 and a two-hundred day moving average of $77.32. The stock has a market capitalization of $7.84 billion, a price-to-earnings ratio of 121.97, a PEG ratio of 4.56 and a beta of 1.74. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79.
CAVA Group (NYSE:CAVA – Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The business had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. During the same period in the prior year, the company posted $0.16 EPS. The company’s revenue for the quarter was up 31.3% on a year-over-year basis. On average, equities research analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share for the current year.
Insider Activity at CAVA Group
In other CAVA Group news, CFO Tricia K. Tolivar sold 4,969 shares of the stock in a transaction that occurred 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 transaction, the chief financial officer owned 234,931 shares in the company, valued at approximately $21,009,879.33. This represents a 2.07% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the sale, the director directly owned 3,074 shares in the company, valued at approximately $276,660. The trade was a 76.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 67,512 shares of company stock valued at $6,050,417 in the last ninety days. 6.70% of the stock is currently owned by company insiders.
About CAVA Group
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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