Primecap Management Co. CA Purchases New Shares in CAVA Group, Inc. $CAVA

Primecap Management Co. CA purchased a new position in CAVA Group, Inc. (NYSE:CAVA) in the second quarter, HoldingsChannel.com reports. The institutional investor purchased 1,184,450 shares of the company’s stock, valued at approximately $92,956,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Bison Wealth LLC purchased a new stake in shares of CAVA Group in the fourth quarter valued at $208,000. Goldman Sachs Group Inc. boosted its stake in shares of CAVA Group by 14.3% during the 1st 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 shares of 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. Brown Advisory Inc. grew its holdings in CAVA Group by 9.3% during the 2nd quarter. Brown Advisory Inc. now owns 2,979 shares of the company’s stock valued at $251,000 after purchasing an additional 253 shares during the last quarter. Finally, Cresset Asset Management LLC grew its holdings in CAVA Group by 20.3% during the 2nd quarter. Cresset Asset Management LLC now owns 9,165 shares of the company’s stock valued at $772,000 after purchasing an additional 1,549 shares during the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on CAVA shares. KeyCorp decreased their price objective on shares of CAVA Group from $110.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, August 12th. Argus set a $92.00 target price on CAVA Group in a research note on Friday, May 22nd. Stifel Nicolaus upped their target price on CAVA Group from $90.00 to $105.00 and gave the company a “buy” rating in a research note on Wednesday, May 20th. Piper Sandler increased their price target on CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, May 20th. Finally, UBS Group raised CAVA Group from a “neutral” rating to a “buy” rating and raised their price target for the stock from $85.00 to $90.00 in a research note on Wednesday, June 10th. Seventeen analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat, CAVA Group presently has an average rating of “Moderate Buy” and a consensus target price of $89.44.

Insider Activity at CAVA Group

In other CAVA Group news, CFO Tricia K. Tolivar sold 4,969 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were 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 of the company’s stock, valued at approximately $21,009,879.33. This trade represents a 2.07% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Kelly Costanza sold 12,490 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the sale, the insider owned 98,490 shares of the company’s stock, valued at approximately $8,864,100. This represents a 11.25% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 67,512 shares of company stock worth $6,050,417 over the last quarter. Corporate insiders own 6.70% of the company’s stock.

CAVA Group Trading Down 3.7%

CAVA opened at $69.25 on Wednesday. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The business’s fifty day simple moving average is $71.28 and its 200-day simple moving average is $77.39. The company has a market capitalization of $8.09 billion, a price-to-earnings ratio of 125.92, a PEG ratio of 4.95 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The firm had revenue of $368.44 million during the quarter, compared to the consensus estimate of $360.09 million. During the same period in the previous year, the company posted $0.16 earnings per share. The firm’s quarterly revenue was up 31.3% on a year-over-year basis. On average, equities research analysts predict that CAVA Group, Inc. will post 0.53 EPS for the current year.

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.