Capital Research Global Investors Purchases 1,469,758 Shares of CAVA Group, Inc. $CAVA

Capital Research Global Investors boosted its holdings in CAVA Group, Inc. (NYSE:CAVA) by 28.5% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 6,634,866 shares of the company’s stock after acquiring an additional 1,469,758 shares during the quarter. Capital Research Global Investors owned 0.06% of CAVA Group worth $400,801,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cornerstone Planning Group LLC grew its stake in CAVA Group by 378.7% in the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock valued at $27,000 after acquiring an additional 356 shares during the period. Atlantic Union Bankshares Corp acquired a new position in CAVA Group during the second quarter worth $31,000. Toth Financial Advisory Corp grew its holdings in shares of CAVA Group by 656.7% in the 3rd quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock valued at $31,000 after acquiring an additional 440 shares in the last quarter. Western Pacific Wealth Management LP bought a new position in CAVA Group in the third quarter valued at approximately $33,000. Finally, CNB Bank increased its holdings in CAVA Group by 275.8% during the third quarter. CNB Bank now owns 575 shares of the company’s stock worth $35,000 after buying an additional 422 shares during the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Down 2.1%

Shares of CAVA Group stock opened at $80.08 on Wednesday. The stock has a fifty day simple moving average of $69.10 and a 200 day simple moving average of $62.14. The company has a market capitalization of $9.32 billion, a P/E ratio of 148.31, a price-to-earnings-growth ratio of 7.04 and a beta of 2.16. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $101.50.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, February 24th. The company reported $0.04 earnings per share (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 firm had revenue of $274.99 million during the quarter, compared to the consensus estimate of $268.04 million. During the same quarter in the prior year, the company earned $0.05 EPS. The business’s revenue for the quarter was up 20.9% on a year-over-year basis. On average, analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Mizuho lifted their price objective on shares of CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a research report on Friday, January 9th. Argus reissued a “hold” rating on shares of CAVA Group in a report on Friday, February 27th. Wolfe Research initiated coverage on shares of CAVA Group in a research report on Monday. They set an “outperform” rating and a $93.00 price objective for the company. Johnson Rice set a $72.00 target price on CAVA Group in a research note on Monday, January 5th. Finally, KeyCorp increased their price target on CAVA Group from $65.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, March 3rd. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $84.04.

Insider Buying and Selling at CAVA Group

In other news, CAO Adam David Phillips sold 774 shares of the company’s stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $48,096.36. Following the sale, the chief accounting officer directly owned 10,435 shares in the company, valued at $648,430.90. This represents a 6.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Brett Schulman sold 4,542 shares of the stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $282,239.88. Following the completion of the sale, the chief executive officer directly owned 802,783 shares in the company, valued at approximately $49,884,935.62. The trade was a 0.56% 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. 12.10% of the stock is currently owned by corporate insiders.

CAVA Group 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.