Retirement Systems of Alabama Has $17 Million Stock Position in CAVA Group, Inc. $CAVA

Retirement Systems of Alabama grew its position in CAVA Group, Inc. (NYSE:CAVA) by 10.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 289,576 shares of the company’s stock after buying an additional 26,870 shares during the period. Retirement Systems of Alabama’s holdings in CAVA Group were worth $16,995,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of the company. Bison Wealth LLC acquired a new position in shares of CAVA Group in the fourth quarter valued at $208,000. Goldman Sachs Group Inc. lifted its position in CAVA Group by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock worth $52,432,000 after purchasing an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in CAVA Group by 17.3% during the first 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 buying an additional 34,860 shares in the last quarter. Quadrant Capital Group LLC boosted its stake in CAVA Group by 10,096.3% during the second quarter. Quadrant Capital Group LLC now owns 5,506 shares of the company’s stock worth $464,000 after buying an additional 5,452 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System increased its holdings in CAVA Group by 15.4% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 77,745 shares of the company’s stock valued at $6,548,000 after buying an additional 10,360 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on CAVA shares. Royal Bank Of Canada increased their price objective on shares of CAVA Group from $80.00 to $90.00 and gave the company an “outperform” rating in a research note on Wednesday, February 25th. Mizuho lifted their target price on shares of CAVA Group from $52.00 to $64.00 and gave the company a “neutral” rating in a research report on Friday, January 9th. 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 target price on the stock. Guggenheim started coverage on shares of CAVA Group in a research report on Thursday, March 26th. They issued a “buy” rating and a $100.00 price target for the company. Finally, Truist Financial raised their price target on shares of CAVA Group from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, February 25th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $84.92.

CAVA Group Price Performance

CAVA Group stock opened at $80.36 on Thursday. The firm has a market capitalization of $9.35 billion, a P/E ratio of 148.82, a P/E/G ratio of 6.90 and a beta of 2.02. The stock has a fifty day moving average price of $74.06 and a two-hundred day moving average price of $64.04. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $101.50.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, February 24th. The company reported $0.04 EPS for the quarter, beating the consensus estimate of $0.03 by $0.01. CAVA Group had a net margin of 5.40% and a return on equity of 8.43%. The company had revenue of $274.99 million for the quarter, compared to the consensus estimate of $268.04 million. During the same quarter in the previous year, the company earned $0.05 EPS. The firm’s revenue for the quarter was up 20.9% compared to the same quarter last year. On average, equities research analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Activity

In other CAVA Group news, insider Kelly Costanza sold 1,707 shares of the company’s stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $106,072.98. Following the sale, the insider directly owned 119,139 shares of the company’s stock, valued at approximately $7,403,297.46. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Brett Schulman sold 21,650 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total transaction of $1,459,426.50. Following the sale, the chief executive officer directly owned 807,325 shares of the company’s stock, valued at approximately $54,421,778.25. The trade was a 2.61% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 39,055 shares of company stock worth $2,572,303 over the last ninety days. Corporate insiders own 6.80% of the company’s stock.

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.