Advisors Capital Management LLC Purchases New Position in CAVA Group, Inc. $CAVA

Key Points

• Advisors Capital Management LLC bought 21,445 shares of CAVA Group, valued at approximately $1.85 million, indicating growing institutional interest in the company.
• Institutional investors currently own 73.15% of CAVA's stock, with several firms significantly increasing their holdings in the 1st quarter.
• CAVA Group's stock has experienced a price target range from $74.00 to $175.00 among analysts, with a consensus rating of "Moderate Buy".

Advisors Capital Management LLC bought a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 21,445 shares of the company's stock, valued at approximately $1,853,000.

Other hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its stake in CAVA Group by 17,386.7% during the 1st quarter. GAMMA Investing LLC now owns 73,794 shares of the company's stock valued at $6,377,000 after purchasing an additional 73,372 shares during the period. PNC Financial Services Group Inc. boosted its stake in CAVA Group by 123.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 5,458 shares of the company's stock valued at $472,000 after purchasing an additional 3,015 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in CAVA Group by 5.1% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 554,934 shares of the company's stock valued at $47,952,000 after purchasing an additional 27,066 shares during the period. SG Americas Securities LLC boosted its stake in CAVA Group by 768.4% during the 1st quarter. SG Americas Securities LLC now owns 220,816 shares of the company's stock valued at $19,081,000 after purchasing an additional 195,389 shares during the period. Finally, Crossmark Global Holdings Inc. bought a new stake in CAVA Group during the 1st quarter valued at approximately $257,000. Institutional investors own 73.15% of the company's stock.

Wall Street Analysts Forecast Growth

CAVA has been the subject of several recent analyst reports. Morgan Stanley decreased their target price on CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a research note on Wednesday, August 13th. Sanford C. Bernstein set a $74.00 price objective on CAVA Group in a research report on Wednesday, August 13th. Citigroup reduced their price objective on CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a research report on Wednesday, August 13th. TD Cowen reduced their price objective on CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th. Finally, Melius began coverage on CAVA Group in a research report on Monday, July 14th. They issued a "hold" rating and a $95.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $96.41.

CAVA Group Stock Performance

Shares of CAVA Group stock traded up $1.74 during trading on Thursday, hitting $64.13. 1,767,934 shares of the stock traded hands, compared to its average volume of 3,825,687. The stock has a market cap of $7.44 billion, a P/E ratio of 53.89, a PEG ratio of 3.15 and a beta of 2.61. CAVA Group, Inc. has a twelve month low of $61.90 and a twelve month high of $172.43. The company has a fifty day moving average price of $76.83 and a two-hundred day moving average price of $82.06.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.03. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The business had revenue of $280.62 million during the quarter, compared to analyst estimates of $285.65 million. During the same period in the previous year, the company earned $0.17 EPS. The firm's revenue was up 20.2% on a year-over-year basis. On average, equities research analysts expect that CAVA Group, Inc. will post 0.5 EPS 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.