28,900 Shares in CAVA Group, Inc. $CAVA Acquired by Louisiana State Employees Retirement System

Key Points

• Louisiana State Employees Retirement System opened a new position in CAVA Group during the first quarter, buying 28,900 shares worth about $2.34 million.
• Insiders have been selling shares, including director Karen Kochevar and insider Kelly Costanza, with total insider sales of 91,747 shares valued at about $7.97 million over the past 90 days.
• CAVA reported strong first-quarter results, beating EPS and revenue estimates, while analysts currently rate the stock a Moderate Buy with a consensus price target of $93.37.

Louisiana State Employees Retirement System purchased a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor 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 also recently made changes to their positions in CAVA. DMC Group LLC grew its holdings in shares of CAVA Group by 3.7% in the 4th quarter. DMC Group LLC now owns 4,426 shares of the company's stock worth $260,000 after purchasing an additional 157 shares during the last quarter. Bridgewater Associates LP boosted its position in CAVA Group by 2.4% in the fourth quarter. Bridgewater Associates LP now owns 6,827 shares of the company's stock valued at $401,000 after buying an additional 163 shares in the last quarter. Western Pacific Wealth Management LP grew its stake in CAVA Group by 32.5% during the fourth quarter. Western Pacific Wealth Management LP now owns 729 shares of the company's stock worth $43,000 after buying an additional 179 shares during the last quarter. Allworth Financial LP increased its holdings in shares of CAVA Group by 57.4% during the fourth quarter. Allworth Financial LP now owns 650 shares of the company's stock worth $38,000 after buying an additional 237 shares in the last quarter. Finally, Clearstead Advisors LLC boosted its holdings in shares of CAVA Group by 18.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,566 shares of the company's stock worth $92,000 after acquiring an additional 241 shares in the last quarter. 73.15% of the stock is owned by institutional investors.

Insider Activity

In other CAVA Group news, Director Karen Kochevar sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the sale, the director owned 3,074 shares of the company's stock, valued at approximately $276,660. This represents a 76.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, 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 transaction, the insider directly owned 98,490 shares in the company, valued at approximately $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. In the last 90 days, insiders have sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is currently owned by company insiders.

CAVA Group Stock Down 1.8%

CAVA stock opened at $81.86 on Tuesday. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $98.79. The company has a market cap of $9.53 billion, a P/E ratio of 157.43, a price-to-earnings-growth ratio of 5.72 and a beta of 1.70. The business's fifty day moving average is $83.50 and its 200-day moving average is $75.63.

CAVA Group (NYSE:CAVA - Get Free Report) last released its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.03. The firm had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The company's quarterly revenue was up 32.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.22 earnings per share. Research analysts anticipate that CAVA Group, Inc. will post 0.55 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on CAVA shares. UBS Group upgraded CAVA Group from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $85.00 to $90.00 in a research report on Wednesday, June 10th. Mizuho lifted their price target on CAVA Group from $72.00 to $80.00 and gave the company a "neutral" rating in a report on Thursday, April 2nd. Northcoast Research raised shares of CAVA Group to a "strong sell" rating in a report on Tuesday, April 21st. Roth Mkm reiterated a "buy" rating and set a $106.00 target price on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, Wall Street Zen upgraded shares of CAVA Group from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. One research 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.

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