Ameriprise Financial Inc. Has $56.54 Million Position in CAVA Group, Inc. $CAVA

Key Points

• Ameriprise Financial Inc. significantly increased its stake in CAVA Group, owning $56.54 million after purchasing over 639,000 shares, marking a 4,432.3% increase in their position.
• Additional institutional investors, including Price T Rowe Associates and Northern Trust Corp, have also made substantial increases to their holdings in CAVA Group, which now has 73.15% of its stock owned by institutional investors.
• CAVA Group reported a 20.2% year-over-year revenue increase, with quarterly earnings surpassing estimates, although total revenue was slightly below expectations at $280.62 million.

Ameriprise Financial Inc. lifted its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 4,432.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 654,279 shares of the company's stock after purchasing an additional 639,843 shares during the quarter. Ameriprise Financial Inc. owned 0.57% of CAVA Group worth $56,537,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its stake in CAVA Group by 114.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock valued at $206,915,000 after buying an additional 1,277,912 shares in the last quarter. Tradition Wealth Management LLC boosted its stake in CAVA Group by 18.2% in the 1st quarter. Tradition Wealth Management LLC now owns 2,700 shares of the company's stock worth $233,000 after purchasing an additional 415 shares during the period. MIG Capital LLC bought a new position in CAVA Group during the 1st quarter worth about $5,792,000. Wellington Management Group LLP acquired a new stake in shares of CAVA Group in the 1st quarter valued at about $3,866,000. Finally, Northern Trust Corp boosted its position in shares of CAVA Group by 63.5% during the first quarter. Northern Trust Corp now owns 679,144 shares of the company's stock worth $58,685,000 after buying an additional 263,651 shares during the period. Institutional investors own 73.15% of the company's stock.

Wall Street Analysts Forecast Growth

CAVA has been the subject of a number of recent research reports. KeyCorp reduced their price target on CAVA Group from $100.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, August 13th. Stifel Nicolaus decreased their target price on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating for the company in a research report on Wednesday, June 18th. Melius initiated coverage on shares of CAVA Group in a research report on Monday, July 14th. They set a "hold" rating and a $95.00 price target on the stock. Piper Sandler decreased their price objective on CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, August 13th. Finally, Citigroup lowered their target price on CAVA Group from $102.00 to $88.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $99.47.

Insiders Place Their Bets

In other news, insider Jennifer Somers sold 2,861 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 $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 represents a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Brett Schulman sold 31,856 shares of the company's stock in a transaction dated 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 sale, the chief executive officer directly 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 disclosure for this sale can be found here. Insiders sold a total of 48,360 shares of company stock valued at $3,634,738 in the last quarter. Company insiders own 6.80% of the company's stock.

CAVA Group Stock Performance

CAVA Group stock opened at $68.06 on Thursday. The stock has a 50-day simple moving average of $81.52 and a 200 day simple moving average of $87.46. The stock has a market capitalization of $7.89 billion, a P/E ratio of 57.20, a PEG ratio of 3.35 and a beta of 2.65. CAVA Group, Inc. has a 52 week low of $65.03 and a 52 week high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $280.62 million for 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%. The company's revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 earnings per share. Research analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current 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.

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