Ensign Peak Advisors Inc Makes New Investment in CAVA Group, Inc. (NYSE:CAVA)

Ensign Peak Advisors Inc bought a new position in CAVA Group, Inc. (NYSE:CAVA) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 7,550 shares of the company’s stock, valued at approximately $700,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Capital Research Global Investors lifted its stake in CAVA Group by 21.6% in the 1st quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock worth $372,059,000 after purchasing an additional 942,054 shares in the last quarter. Vanguard Group Inc. lifted its stake in CAVA Group by 215.7% in the 1st quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock worth $346,330,000 after purchasing an additional 3,377,840 shares in the last quarter. 1832 Asset Management L.P. raised its position in shares of CAVA Group by 79.5% during the 4th quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock valued at $96,636,000 after buying an additional 995,800 shares in the last quarter. Lord Abbett & CO. LLC raised its position in shares of CAVA Group by 55.9% during the 1st quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock valued at $96,231,000 after buying an additional 492,667 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of CAVA Group by 9.7% during the 2nd quarter. Federated Hermes Inc. now owns 1,060,029 shares of the company’s stock valued at $98,318,000 after buying an additional 93,635 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CFO Tricia K. Tolivar sold 5,949 shares of CAVA Group stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $94.47, for a total transaction of $562,002.03. Following the sale, the chief financial officer now owns 297,600 shares of the company’s stock, valued at approximately $28,114,272. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Tricia K. Tolivar sold 5,949 shares of CAVA Group stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $94.47, for a total transaction of $562,002.03. Following the sale, the chief financial officer now owns 297,600 shares of the company’s stock, valued at approximately $28,114,272. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brett Schulman sold 201,504 shares of CAVA Group stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the sale, the chief executive officer now directly owns 702,590 shares in the company, valued at approximately $88,196,122.70. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 310,943 shares of company stock valued at $38,872,086.

Analysts Set New Price Targets

CAVA has been the topic of several research reports. UBS Group initiated coverage on shares of CAVA Group in a research report on Friday. They set a “neutral” rating and a $135.00 price objective on the stock. Barclays raised their price objective on shares of CAVA Group from $72.00 to $95.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. Morgan Stanley cut shares of CAVA Group from an “overweight” rating to an “equal weight” rating and raised their price objective for the company from $90.00 to $110.00 in a research report on Thursday, August 29th. Argus raised their price objective on shares of CAVA Group from $104.00 to $128.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Finally, TD Cowen raised their price objective on shares of CAVA Group from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $115.64.

CAVA Group Stock Down 2.6 %

Shares of CAVA Group stock opened at $123.76 on Friday. The firm has a market cap of $14.15 billion, a PE ratio of 301.86 and a beta of 3.34. CAVA Group, Inc. has a 12-month low of $29.05 and a 12-month high of $131.82. The company’s fifty day simple moving average is $105.19 and its two-hundred day simple moving average is $87.27.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.04. The business had revenue of $233.50 million for the quarter, compared to analyst estimates of $219.47 million. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The company’s revenue was up 35.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.21 EPS. As a group, sell-side analysts expect that CAVA Group, Inc. will post 0.43 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.