Louisiana State Employees Retirement System Acquires New Stake in CAVA Group, Inc. $CAVA

Louisiana State Employees Retirement System purchased a new stake in CAVA Group, Inc. (NYSE:CAVA) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 28,900 shares of the company’s stock, valued at approximately $2,338,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Watchman Group Inc. boosted its position in CAVA Group by 0.7% during the 1st quarter. Watchman Group Inc. now owns 54,060 shares of the company’s stock worth $4,373,000 after acquiring an additional 353 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new position in CAVA Group during the first quarter worth $228,000. Thoma Capital Management LLC increased its stake in CAVA Group by 9.0% in the 1st quarter. Thoma Capital Management LLC now owns 5,396 shares of the company’s stock valued at $437,000 after buying an additional 444 shares during the last quarter. Mainstream Capital Management LLC increased its stake in CAVA Group by 2.6% in the 1st quarter. Mainstream Capital Management LLC now owns 21,324 shares of the company’s stock valued at $1,725,000 after buying an additional 535 shares during the last quarter. Finally, Brookstone Capital Management boosted its stake in shares of CAVA Group by 2.4% during the 1st quarter. Brookstone Capital Management now owns 13,325 shares of the company’s stock worth $1,078,000 after buying an additional 313 shares during the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

Insider Activity

In other news, insider Kelly Costanza sold 12,490 shares of CAVA Group stock in a transaction on Wednesday, June 17th. The stock was 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 trade represents a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 5,181 shares of the company’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $77.14, for a total transaction of $399,662.34. Following the completion of the transaction, the chief accounting officer owned 9,505 shares in the company, valued at $733,215.70. This trade represents a 35.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 91,747 shares of company stock worth $7,970,838. Corporate insiders own 6.70% of the company’s stock.

CAVA Group Stock Down 1.8%

CAVA Group stock opened at $81.86 on Tuesday. The company’s 50-day moving average price is $83.50 and its two-hundred day moving average price is $75.63. The stock has a market cap of $9.53 billion, a P/E ratio of 157.43, a P/E/G ratio of 5.72 and a beta of 1.70. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $98.79.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $438.27 million during the quarter, compared to analysts’ expectations of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The business’s revenue was up 32.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.22 earnings per share. Equities analysts anticipate that CAVA Group, Inc. will post 0.55 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on the company. JPMorgan Chase & Co. upped their target price on CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Barclays increased their price objective on CAVA Group from $70.00 to $74.00 and gave the company an “equal weight” rating in a report on Wednesday, May 20th. The Goldman Sachs Group upped their price target on shares of CAVA Group from $75.00 to $86.00 and gave the stock a “neutral” rating in a research report on Monday, April 13th. Robert W. Baird increased their price target on shares of CAVA Group from $88.00 to $98.00 and gave the company an “outperform” rating in a research note on Wednesday, May 20th. Finally, Argus set a $92.00 price objective on shares of CAVA Group in a research note on Friday, May 22nd. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $93.37.

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.