Steward Partners Investment Advisory LLC Acquires 125,580 Shares of CAVA Group, Inc. $CAVA

Steward Partners Investment Advisory LLC grew its holdings in CAVA Group, Inc. (NYSE:CAVA) by 7,003.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 127,373 shares of the company’s stock after purchasing an additional 125,580 shares during the quarter. Steward Partners Investment Advisory LLC’s holdings in CAVA Group were worth $11,006,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the business. State of New Jersey Common Pension Fund D raised its position in shares of CAVA Group by 1.8% in the 1st quarter. State of New Jersey Common Pension Fund D now owns 30,427 shares of the company’s stock valued at $2,629,000 after acquiring an additional 530 shares during the period. American Century Companies Inc. raised its position in shares of CAVA Group by 166.0% in the 1st quarter. American Century Companies Inc. now owns 213,463 shares of the company’s stock valued at $18,445,000 after acquiring an additional 133,222 shares during the period. Ethic Inc. raised its position in shares of CAVA Group by 50.9% in the 1st quarter. Ethic Inc. now owns 7,782 shares of the company’s stock valued at $679,000 after acquiring an additional 2,624 shares during the period. Horizon Investments LLC acquired a new stake in shares of CAVA Group in the 1st quarter valued at approximately $42,000. Finally, Kovitz Investment Group Partners LLC raised its position in shares of CAVA Group by 104.1% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 4,969 shares of the company’s stock valued at $429,000 after acquiring an additional 2,534 shares during the period. Institutional investors own 73.15% of the company’s stock.

Insider Buying and Selling

In other news, insider Jennifer Somers sold 2,861 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 $215,032.76. Following the sale, the insider directly owned 137,048 shares in the company, valued at $10,300,527.68. This trade represents a 2.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brett Schulman sold 31,856 shares of the firm’s stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the completion of the transaction, the chief executive officer directly owned 792,318 shares of the company’s stock, valued at $59,550,620.88. This represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 58,603 shares of company stock valued at $4,522,089 over the last ninety days. Insiders own 12.10% of the company’s stock.

CAVA Group Stock Up 1.2%

NYSE CAVA opened at $69.76 on Monday. CAVA Group, Inc. has a 12-month low of $65.70 and a 12-month high of $172.43. The company has a market capitalization of $8.09 billion, a PE ratio of 58.62, a price-to-earnings-growth ratio of 3.49 and a beta of 2.65. The firm’s 50 day moving average is $82.85 and its 200-day moving average is $90.74.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.13 by $0.03. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The company had revenue of $280.62 million for the quarter, compared to the consensus estimate of $285.65 million. During the same period last year, the company earned $0.17 earnings per share. The firm’s revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on CAVA. Citigroup cut their price target on shares of CAVA Group from $102.00 to $88.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 13th. UBS Group cut their price target on shares of CAVA Group from $96.00 to $75.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 13th. Morgan Stanley cut their price target on shares of CAVA Group from $107.00 to $97.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. 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, August 13th. Finally, JPMorgan Chase & Co. dropped their target price on shares of CAVA Group from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, June 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $100.44.

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.