Wealth Enhancement Advisory Services LLC Reduces Position in CAVA Group, Inc. $CAVA

Wealth Enhancement Advisory Services LLC decreased its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 26.9% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 22,788 shares of the company’s stock after selling 8,386 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in CAVA Group were worth $1,337,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of the company. Bison Wealth LLC purchased a new position in shares of CAVA Group during the fourth quarter worth approximately $208,000. Goldman Sachs Group Inc. raised its position in CAVA Group by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock valued at $52,432,000 after purchasing an additional 75,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in CAVA Group by 17.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company’s stock worth $20,447,000 after purchasing an additional 34,860 shares during the period. Norges Bank acquired a new stake in CAVA Group during the 2nd quarter worth $56,277,000. Finally, New York State Common Retirement Fund grew its position in CAVA Group by 117.5% during the 2nd quarter. New York State Common Retirement Fund now owns 88,980 shares of the company’s stock worth $7,495,000 after purchasing an additional 48,071 shares during the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

Insider Activity at CAVA Group

In other news, CFO Tricia K. Tolivar sold 2,404 shares of the stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $149,384.56. Following the completion of the transaction, the chief financial officer directly owned 231,934 shares of the company’s stock, valued at approximately $14,412,378.76. This represents a 1.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Kelly Costanza sold 1,707 shares of the firm’s stock in a transaction that occurred on Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total value of $106,072.98. Following the completion of the sale, the insider directly owned 119,139 shares of the company’s stock, valued at $7,403,297.46. This represents a 1.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 39,055 shares of company stock worth $2,572,303 in the last three months. 6.80% of the stock is currently owned by corporate insiders.

CAVA Group Stock Down 0.1%

Shares of CAVA Group stock opened at $79.51 on Friday. The firm has a market cap of $9.25 billion, a price-to-earnings ratio of 147.25, a price-to-earnings-growth ratio of 6.79 and a beta of 2.03. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $101.50. The company’s 50-day simple moving average is $74.59 and its 200-day simple moving average is $64.28.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Tuesday, February 24th. The company reported $0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.03 by $0.01. The firm had revenue of $274.99 million during the quarter, compared to analysts’ expectations of $268.04 million. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The firm’s revenue for the quarter was up 20.9% on a year-over-year basis. During the same period in the prior year, the company posted $0.05 earnings per share. Equities research analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current year.

Wall Street Analyst Weigh In

CAVA has been the topic of a number of recent research reports. KeyCorp lifted their price objective on shares of CAVA Group from $65.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. BNP Paribas Exane assumed coverage on CAVA Group in a report on Monday, March 30th. They set a “neutral” rating and a $91.00 price target on the stock. Citigroup boosted their price target on CAVA Group from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, February 25th. DA Davidson assumed coverage on CAVA Group in a research note on Friday, March 6th. They set a “neutral” rating and a $80.00 price objective for the company. Finally, Royal Bank Of Canada increased their price objective on CAVA Group from $80.00 to $90.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 25th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and eleven have issued a Hold rating to the company. Based on data from MarketBeat.com, CAVA Group currently has an average rating of “Moderate Buy” and an average price target of $85.92.

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.