Alliancebernstein L.P. Acquires 813,434 Shares of CAVA Group, Inc. $CAVA

Key Points

• Alliancebernstein L.P. significantly increased its stake in CAVA Group, boosting holdings by 2,072.1% to approximately 852,691 shares worth $73.68 million.
• CAVA Group's stock has seen substantial activity among institutional investors, with 73.15% of shares owned by hedge funds and other institutional investors.
• The company reported earnings per share of $0.16, exceeding analysts’ expectations of $0.13, with a 20.2% increase in quarterly revenue year-over-year.

Alliancebernstein L.P. boosted its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 2,072.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 852,691 shares of the company's stock after purchasing an additional 813,434 shares during the quarter. Alliancebernstein L.P. owned about 0.74% of CAVA Group worth $73,681,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of CAVA Group by 13.2% in the first quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company's stock worth $783,374,000 after buying an additional 1,054,180 shares in the last quarter. Jennison Associates LLC raised its holdings in shares of CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock worth $736,166,000 after acquiring an additional 6,057,727 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of CAVA Group by 114.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock valued at $206,915,000 after acquiring an additional 1,277,912 shares during the last quarter. Man Group plc grew its holdings in shares of CAVA Group by 563.7% in the fourth quarter. Man Group plc now owns 935,075 shares of the company's stock valued at $105,476,000 after purchasing an additional 794,187 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of CAVA Group in the first quarter valued at $72,800,000. Hedge funds and other institutional investors own 73.15% of the company's stock.

Insider Activity at CAVA Group

In related news, CFO Tricia K. Tolivar sold 4,845 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $364,150.20. Following the transaction, the chief financial officer owned 236,345 shares of the company's stock, valued at $17,763,690.20. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Adam David Phillips sold 739 shares of the firm's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $55,543.24. Following the transaction, the chief accounting officer owned 11,063 shares in the company, valued at $831,495.08. The trade was a 6.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 48,360 shares of company stock worth $3,634,738 over the last ninety days. 6.80% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

CAVA has been the topic of a number of recent research reports. UBS Group decreased their price target on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 13th. Stifel Nicolaus lowered their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. Morgan Stanley dropped their price target on CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 13th. Piper Sandler decreased their price objective on CAVA Group from $122.00 to $100.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 13th. Finally, Melius initiated coverage on CAVA Group in a research note on Monday, July 14th. They issued a "hold" rating and a $95.00 price objective for the company. One research 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $96.41.

CAVA Group Price Performance

Shares of CAVA traded down $0.58 during mid-day trading on Friday, reaching $63.74. 3,304,620 shares of the company's stock traded hands, compared to its average volume of 3,460,056. The stock has a market cap of $7.39 billion, a P/E ratio of 53.56, a P/E/G ratio of 3.22 and a beta of 2.61. The stock's 50-day moving average is $78.31 and its two-hundred day moving average is $82.72. CAVA Group, Inc. has a 12 month low of $63.17 and a 12 month 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 analysts' consensus estimates of $0.13 by $0.03. The firm had revenue of $280.62 million during the quarter, compared to analyst estimates of $285.65 million. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.CAVA Group's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $0.17 EPS. Research analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

CAVA Group 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.