Principal Financial Group Inc. Has $40.85 Million Position in CAVA Group, Inc. $CAVA

Principal Financial Group Inc. increased its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 215.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 695,961 shares of the company’s stock after buying an additional 475,189 shares during the quarter. Principal Financial Group Inc.’s holdings in CAVA Group were worth $40,846,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of CAVA Group by 3.5% in the third quarter. Vanguard Group Inc. now owns 9,345,976 shares of the company’s stock valued at $564,590,000 after purchasing an additional 313,938 shares during the period. Capital Research Global Investors raised its position in shares of CAVA Group by 28.5% in the third quarter. Capital Research Global Investors now owns 6,634,866 shares of the company’s stock valued at $400,801,000 after purchasing an additional 1,469,758 shares during the period. Capital International Investors raised its position in shares of CAVA Group by 105.4% in the third quarter. Capital International Investors now owns 4,228,736 shares of the company’s stock valued at $255,451,000 after purchasing an additional 2,169,553 shares during the period. Alliancebernstein L.P. raised its position in shares of CAVA Group by 118.3% in the third quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock valued at $178,432,000 after purchasing an additional 1,600,630 shares during the period. Finally, State Street Corp raised its position in shares of CAVA Group by 5.0% in the second quarter. State Street Corp now owns 2,543,335 shares of the company’s stock valued at $214,225,000 after purchasing an additional 122,163 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

CAVA Group Trading Down 5.9%

Shares of NYSE:CAVA opened at $79.52 on Friday. The stock has a market capitalization of $9.26 billion, a P/E ratio of 147.27, a P/E/G ratio of 5.65 and a beta of 1.90. CAVA Group, Inc. has a 1-year low of $43.41 and a 1-year high of $101.50. The business has a 50-day moving average price of $85.49 and a two-hundred day moving average price of $68.47.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, February 24th. The company reported $0.04 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.01. CAVA Group had a return on equity of 8.43% and a net margin of 5.40%.The company had revenue of $274.99 million during the quarter, compared to analysts’ expectations of $268.04 million. During the same period in the prior year, the business posted $0.05 EPS. CAVA Group’s revenue was up 20.9% on a year-over-year basis. As a group, equities analysts predict that CAVA Group, Inc. will post 0.52 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on CAVA shares. Wolfe Research started coverage on shares of CAVA Group in a research note on Monday, March 9th. They issued an “outperform” rating and a $93.00 price objective on the stock. Telsey Advisory Group raised their price objective on shares of CAVA Group from $85.00 to $88.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 25th. DA Davidson started coverage on shares of CAVA Group in a research note on Friday, March 6th. They issued a “neutral” rating and a $80.00 price objective on the stock. Piper Sandler raised their price objective on shares of CAVA Group from $71.00 to $85.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of CAVA Group in a research note on Wednesday, January 21st. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and an average target price of $89.70.

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.