Allianz Asset Management GmbH Takes $3.17 Million Position in CAVA Group, Inc. (NYSE:CAVA)

Key Points

• Allianz Asset Management GmbH has invested approximately $3.17 million in CAVA Group, acquiring 36,700 shares of its stock.
• CAVA Group's stock has seen significant activity, with institutional investors like GAMMA Investing LLC increasing their position by 17,386.7%.
• The company's recent quarterly earnings report posted an EPS of $0.22, exceeding analyst estimates by $0.08, with a revenue growth of 28.1% year-over-year.

Allianz Asset Management GmbH bought a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 36,700 shares of the company's stock, valued at approximately $3,171,000.

A number of other institutional investors have also recently modified their holdings of the stock. First Horizon Advisors Inc. raised its holdings in shares of CAVA Group by 1,400.0% during the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock worth $25,000 after buying an additional 266 shares in the last quarter. Versant Capital Management Inc acquired a new position in CAVA Group in the 1st quarter worth about $31,000. Whittier Trust Co. of Nevada Inc. increased its holdings in CAVA Group by 37.3% in the 1st quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock worth $46,000 after purchasing an additional 144 shares in the last quarter. Signaturefd LLC increased its holdings in CAVA Group by 148.9% in the 1st quarter. Signaturefd LLC now owns 784 shares of the company's stock worth $68,000 after purchasing an additional 469 shares in the last quarter. Finally, Golden State Wealth Management LLC increased its holdings in CAVA Group by 101.9% in the 1st quarter. Golden State Wealth Management LLC now owns 848 shares of the company's stock worth $73,000 after purchasing an additional 428 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

CAVA has been the subject of a number of recent research reports. Citigroup upped their target price on CAVA Group from $114.00 to $115.00 and gave the stock a "neutral" rating in a report on Friday, May 16th. Robert W. Baird upped their target price on CAVA Group from $105.00 to $115.00 and gave the stock an "outperform" rating in a report on Friday, May 16th. JPMorgan Chase & Co. lowered their target price on CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. Melius initiated coverage on CAVA Group in a report on Monday, July 14th. They issued a "hold" rating and a $95.00 target price for the company. Finally, Wall Street Zen cut CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. One analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $115.06.

Insider Activity

In other news, CEO Brett Schulman sold 31,856 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the transaction, the chief executive officer owned 792,318 shares of the company's stock, valued at $59,550,620.88. This represents a 3.87% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jennifer Somers sold 2,861 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $215,032.76. Following the transaction, the insider directly owned 137,048 shares in the company, valued at $10,300,527.68. This represents a 2.04% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 67,951 shares of company stock worth $5,409,027. 6.80% of the stock is owned by company insiders.

CAVA Group Price Performance

Shares of NYSE CAVA traded down $2.14 during trading on Thursday, reaching $88.18. 3,146,356 shares of the stock traded hands, compared to its average volume of 3,419,643. CAVA Group, Inc. has a 52-week low of $70.00 and a 52-week high of $172.43. The company has a 50-day moving average of $82.75 and a 200-day moving average of $94.48. The stock has a market capitalization of $10.20 billion, a P/E ratio of 73.48, a price-to-earnings-growth ratio of 4.51 and a beta of 2.65.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Thursday, May 15th. The company reported $0.22 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.08. CAVA Group had a return on equity of 10.61% and a net margin of 13.70%. The firm had revenue of $331.83 million for the quarter, compared to analysts' expectations of $327.98 million. During the same quarter in the prior year, the firm earned $0.12 EPS. The business's revenue for the quarter was up 28.1% compared to the same quarter last year. Analysts expect that CAVA Group, Inc. will post 0.5 earnings per share 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.