PNC Financial Services Group Inc. Has $472,000 Stock Holdings in CAVA Group, Inc. (NYSE:CAVA)

PNC Financial Services Group Inc. grew its holdings in CAVA Group, Inc. (NYSE:CAVA) by 123.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,458 shares of the company’s stock after acquiring an additional 3,015 shares during the period. PNC Financial Services Group Inc.’s holdings in CAVA Group were worth $472,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Utah Retirement Systems increased its position in CAVA Group by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,100 shares of the company’s stock worth $462,000 after buying an additional 100 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its stake in shares of CAVA Group by 37.3% during the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company’s stock worth $46,000 after acquiring an additional 144 shares in the last quarter. Miracle Mile Advisors LLC increased its holdings in shares of CAVA Group by 1.9% during the 1st quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company’s stock valued at $713,000 after acquiring an additional 150 shares during the last quarter. Kovitz Investment Group Partners LLC raised its stake in shares of CAVA Group by 7.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,435 shares of the company’s stock valued at $275,000 after acquiring an additional 159 shares in the last quarter. Finally, Regent Peak Wealth Advisors LLC boosted its position in CAVA Group by 6.2% during the first quarter. Regent Peak Wealth Advisors LLC now owns 3,166 shares of the company’s stock worth $274,000 after purchasing an additional 186 shares during the period. Institutional investors and hedge funds own 73.15% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on CAVA shares. Wall Street Zen lowered shares of CAVA Group from a “hold” rating to a “sell” rating in a research report on Friday, June 27th. Piper Sandler dropped their target price on shares of CAVA Group from $122.00 to $100.00 and set an “overweight” rating on the stock in a report on Wednesday. UBS Group cut their target price on shares of CAVA Group from $96.00 to $75.00 and set a “neutral” rating for the company in a research report on Wednesday. Stifel Nicolaus lowered their price target on CAVA Group from $175.00 to $125.00 and set a “buy” rating on the stock in a research report on Wednesday, June 18th. Finally, Citigroup dropped their price objective on CAVA Group from $102.00 to $88.00 and set a “neutral” rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $100.44.

Insiders Place Their Bets

In other CAVA Group news, CAO Adam David Phillips sold 739 shares of the firm’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $55,543.24. Following the completion of the transaction, the chief accounting officer owned 11,063 shares in the company, valued at $831,495.08. This trade represents a 6.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Brett Schulman sold 31,856 shares of CAVA Group stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $2,394,296.96. Following the sale, the chief executive officer directly owned 792,318 shares in the company, valued at $59,550,620.88. The trade was a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 58,603 shares of company stock valued at $4,522,089 over the last 90 days. Company insiders own 6.80% of the company’s stock.

CAVA Group Trading Down 16.8%

Shares of NYSE CAVA opened at $70.31 on Thursday. The firm has a market capitalization of $8.13 billion, a price-to-earnings ratio of 59.08, a PEG ratio of 4.22 and a beta of 2.65. CAVA Group, Inc. has a one year low of $65.70 and a one year high of $172.43. The business has a fifty day simple moving average of $83.23 and a 200 day simple moving average of $92.14.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. The firm had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a net margin of 12.98% and a return on equity of 10.09%. The business’s revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.17 EPS. On average, research analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

About CAVA Group

CAVA Group, Inc owns and operates a chain of restaurants under the CAVA brand in the United States. The company also offers dips, spreads, and dressings through grocery stores. In addition, the company provides online and mobile ordering platforms. Cava Group, Inc was founded in 2006 and is headquartered in Washington, the District of Columbia.