Bank of New York Mellon Corp Grows Position in CAVA Group, Inc. $CAVA

Bank of New York Mellon Corp raised its stake in CAVA Group, Inc. (NYSE:CAVA) by 2.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 647,718 shares of the company’s stock after acquiring an additional 14,861 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.56% of CAVA Group worth $52,400,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Los Angeles Capital Management LLC purchased a new stake in CAVA Group during the 4th quarter worth about $25,000. TD Private Client Wealth LLC raised its stake in CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after purchasing an additional 325 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in CAVA Group by 115.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock valued at $38,000 after purchasing an additional 347 shares in the last quarter. Allworth Financial LP boosted its stake in shares of CAVA Group by 57.4% during the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after purchasing an additional 237 shares during the last quarter. Finally, Advisors Asset Management Inc. boosted its stake in shares of CAVA Group by 53.5% during the 4th quarter. Advisors Asset Management Inc. now owns 694 shares of the company’s stock worth $41,000 after purchasing an additional 242 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the stock. Citigroup boosted their price objective on shares of CAVA Group from $75.00 to $92.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Weiss Ratings upgraded shares of CAVA Group from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, May 20th. Freedom Capital raised shares of CAVA Group to a “hold” rating in a research note on Wednesday, July 1st. KeyCorp boosted their price target on CAVA Group from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Finally, Mizuho increased their price target on CAVA Group from $72.00 to $80.00 and gave the stock a “neutral” rating in a research note on Thursday, April 2nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $93.54.

CAVA Group Stock Performance

CAVA Group stock opened at $63.20 on Friday. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The firm has a 50 day moving average price of $76.92 and a 200 day moving average price of $77.29. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 121.54, a PEG ratio of 4.29 and a beta of 1.69.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $438.27 million for the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. CAVA Group’s revenue was up 32.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.22 earnings per share. Sell-side analysts predict that CAVA Group, Inc. will post 0.54 EPS for the current year.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, insider Theodoros Xenohristos sold 3,252 shares of the business’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $290,826.36. Following the completion of the sale, the insider owned 324,630 shares of the company’s stock, valued at approximately $29,031,660.90. The trade was a 0.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 company’s stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the sale, the insider owned 98,490 shares of the company’s stock, valued at $8,864,100. This represents a 11.25% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders sold 91,747 shares of company stock worth $7,970,838. 6.70% of the stock is currently owned by company 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.