Amundi Grows Position in CAVA Group, Inc. $CAVA

Key Points

• Amundi increased its CAVA Group stake by 578.4% in the first quarter, bringing its holdings to 290,281 shares valued at approximately $23.5 million. Institutional investors collectively own 73.15% of the company.
• CAVA reported quarterly revenue of $438.27 million, up 32.1% year over year, and adjusted earnings of $0.20 per share, beating analyst expectations of $0.17.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $93.04, although CAVA shares opened at $64.52 and trade at a high valuation with a P/E ratio above 124.

Amundi lifted its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 578.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 290,281 shares of the company's stock after purchasing an additional 247,489 shares during the quarter. Amundi owned about 0.25% of CAVA Group worth $23,484,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bison Wealth LLC bought a new stake in shares of CAVA Group during the 4th quarter valued at $208,000. Goldman Sachs Group Inc. lifted its position in CAVA Group by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company's stock valued at $52,432,000 after acquiring an additional 75,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in CAVA Group by 17.3% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company's stock valued at $20,447,000 after acquiring an additional 34,860 shares during the period. Brown Advisory Inc. boosted its stake in CAVA Group by 9.3% during the second quarter. Brown Advisory Inc. now owns 2,979 shares of the company's stock worth $251,000 after acquiring an additional 253 shares in the last quarter. Finally, Cresset Asset Management LLC boosted its stake in CAVA Group by 20.3% during the second quarter. Cresset Asset Management LLC now owns 9,165 shares of the company's stock worth $772,000 after acquiring an additional 1,549 shares in the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at CAVA Group

In other news, CEO Brett Schulman sold 33,174 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $2,966,750.82. Following the transaction, the chief executive officer directly owned 798,669 shares of the company's stock, valued at $71,424,968.67. This represents a 3.99% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 9,044 shares of the stock in a transaction on Monday, May 11th. The shares were sold at an average price of $79.75, for a total value of $721,259.00. Following the sale, the insider directly owned 327,882 shares in the company, valued at $26,148,589.50. This trade represents a 2.68% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 91,747 shares of company stock valued at $7,970,838. Insiders own 6.70% of the company's stock.

Wall Street Analysts Forecast Growth

CAVA has been the topic of a number of recent research reports. The Goldman Sachs Group upped their price objective on shares of CAVA Group from $75.00 to $86.00 and gave the stock a "neutral" rating in a report on Monday, April 13th. BMO Capital Markets set a $100.00 price target on CAVA Group in a research report on Wednesday, May 20th. KeyCorp upped their price target on CAVA Group from $95.00 to $105.00 and gave the stock an "overweight" rating in a research note on Monday, April 20th. Roth Capital reaffirmed a "buy" rating and set a $106.00 price objective on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, UBS Group upgraded CAVA Group from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $85.00 to $90.00 in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $93.04.

CAVA Group Stock Performance

Shares of NYSE CAVA opened at $64.52 on Tuesday. The firm's 50 day moving average price is $74.84 and its 200-day moving average price is $77.12. The company has a market cap of $7.51 billion, a PE ratio of 124.08, a P/E/G ratio of 4.49 and a beta of 1.75. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $98.79.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm had revenue of $438.27 million for the quarter, compared to analysts' expectations of $360.89 million. During the same quarter in the prior year, the company posted $0.22 earnings per share. The business's revenue for the quarter was up 32.1% on a year-over-year basis. On average, analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

About CAVA Group

CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.

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