Jennison Associates LLC Cuts Stake in CAVA Group, Inc. (NYSE:CAVA)

Jennison Associates LLC lessened its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 95.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 6,697 shares of the company’s stock after selling 154,167 shares during the quarter. Jennison Associates LLC’s holdings in CAVA Group were worth $829,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in CAVA. SpiderRock Advisors LLC raised its holdings in shares of CAVA Group by 8.9% in the 3rd quarter. SpiderRock Advisors LLC now owns 479,319 shares of the company’s stock worth $59,364,000 after purchasing an additional 39,319 shares during the period. Xponance Inc. lifted its position in shares of CAVA Group by 95.2% during the 2nd quarter. Xponance Inc. now owns 9,846 shares of the company’s stock valued at $913,000 after buying an additional 4,803 shares during the last quarter. PFG Investments LLC lifted its position in shares of CAVA Group by 36.8% during the 3rd quarter. PFG Investments LLC now owns 15,907 shares of the company’s stock valued at $1,970,000 after buying an additional 4,275 shares during the last quarter. Intech Investment Management LLC purchased a new stake in CAVA Group in the 2nd quarter worth about $1,728,000. Finally, Aigen Investment Management LP bought a new stake in CAVA Group in the 3rd quarter valued at about $1,293,000. Institutional investors own 73.15% of the company’s stock.

CAVA Group Price Performance

Shares of NYSE:CAVA opened at $145.00 on Friday. The company’s fifty day moving average price is $133.66 and its 200-day moving average price is $106.69. The firm has a market capitalization of $16.61 billion, a price-to-earnings ratio of 315.22 and a beta of 3.23. CAVA Group, Inc. has a one year low of $31.47 and a one year high of $172.43.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, November 12th. The company reported $0.15 EPS for the quarter, beating analysts’ consensus estimates of $0.11 by $0.04. CAVA Group had a return on equity of 9.10% and a net margin of 5.88%. The business had revenue of $243.82 million for the quarter, compared to analysts’ expectations of $233.05 million. During the same quarter in the prior year, the firm earned $0.06 earnings per share. The firm’s revenue was up 38.9% on a year-over-year basis. As a group, equities research analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current year.

Insider Buying and Selling at CAVA Group

In related news, Director Karen Kochevar sold 15,000 shares of the stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $142.23, for a total transaction of $2,133,450.00. Following the completion of the sale, the director now directly owns 1,307 shares in the company, valued at $185,894.61. This represents a 91.99 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Tricia K. Tolivar sold 5,000 shares of CAVA Group stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $125.64, for a total value of $628,200.00. Following the completion of the transaction, the chief financial officer now directly owns 292,600 shares in the company, valued at $36,762,264. This trade represents a 1.68 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 334,994 shares of company stock worth $42,543,534 over the last ninety days. Insiders own 12.10% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. TD Cowen lifted their target price on shares of CAVA Group from $130.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, November 13th. Wedbush lifted their price objective on shares of CAVA Group from $155.00 to $190.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. TD Securities increased their target price on CAVA Group from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Citigroup lifted their price target on CAVA Group from $140.00 to $163.00 and gave the company a “neutral” rating in a research report on Wednesday, November 13th. Finally, William Blair reissued an “outperform” rating on shares of CAVA Group in a report on Wednesday, November 13th. Eight analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $143.80.

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.