Advisors Capital Management LLC Purchases Shares of 21,445 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 purchased 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 Form 13F filing with the SEC. The institutional investor purchased 21,445 shares of the company's stock, valued at approximately $1,853,000.

Several other institutional investors have also added to or reduced their stakes in CAVA. Jennison Associates LLC raised its holdings in CAVA Group by 246.1% in the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock worth $736,166,000 after purchasing an additional 6,057,727 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in CAVA Group by 114.4% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock worth $206,915,000 after purchasing an additional 1,277,912 shares in the last quarter. Vanguard Group Inc. raised its holdings in CAVA Group by 13.2% in the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company's stock worth $783,374,000 after purchasing an additional 1,054,180 shares in the last quarter. Nuveen LLC bought a new position in CAVA Group in the 1st quarter worth $72,800,000. Finally, Alliancebernstein L.P. raised its holdings in CAVA Group by 2,072.1% in the 1st quarter. Alliancebernstein L.P. now owns 852,691 shares of the company's stock worth $73,681,000 after purchasing an additional 813,434 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Argus set a $76.00 price objective on shares of CAVA Group in a report on Tuesday, September 2nd. Stifel Nicolaus decreased their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating for the company in a research note on Wednesday, June 18th. Bank of America decreased their price target on shares of CAVA Group from $121.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, August 13th. Sanford C. Bernstein set a $74.00 price target on shares of CAVA Group in a research note on Wednesday, August 13th. Finally, Cfra Research upgraded shares of CAVA Group to a "strong-buy" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $96.41.

CAVA Group Price Performance

Shares of CAVA Group stock opened at $63.74 on Friday. The company has a 50-day moving average of $78.31 and a 200 day moving average of $82.72. The firm has a market cap of $7.39 billion, a price-to-earnings ratio of 53.56, a PEG ratio of 3.22 and a beta of 2.61. CAVA Group, Inc. has a 1 year low of $63.17 and a 1 year high of $172.43.

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

Insider Buying and Selling at CAVA Group

In other CAVA Group news, insider Jennifer Somers sold 2,861 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $215,032.76. Following the completion of the sale, the insider directly owned 137,048 shares in the company, valued at approximately $10,300,527.68. This trade represents a 2.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Brett Schulman sold 31,856 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the sale, the chief executive officer owned 792,318 shares of the company's stock, valued at approximately $59,550,620.88. This represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,360 shares of company stock worth $3,634,738 in the last 90 days. Insiders own 6.80% of the company's stock.

CAVA Group Company Profile

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.

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