Baird Financial Group Inc. Decreases Stock Position in CAVA Group, Inc. $CAVA

Key Points

• Baird Financial Group cut its CAVA position by 35.6% in the second quarter, selling 167,493 shares and retaining 303,141 shares worth approximately $23.8 million. Institutional investors collectively own 73.15% of the company.
• Analyst sentiment remains positive overall, with CAVA receiving a “Moderate Buy” consensus rating and an average price target of $89.44, despite several firms recently lowering their targets.
• CAVA’s latest quarter exceeded expectations, with earnings of $0.19 per share versus $0.18 expected and revenue of $368.44 million, up 31.3% year over year. However, insiders have sold 67,512 shares worth about $6.05 million over the past 90 days.

Baird Financial Group Inc. cut its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 35.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 303,141 shares of the company's stock after selling 167,493 shares during the quarter. Baird Financial Group Inc. owned about 0.26% of CAVA Group worth $23,791,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Modern Wealth Management LLC raised its stake in CAVA Group by 4.2% in the 1st quarter. Modern Wealth Management LLC now owns 3,907 shares of the company's stock valued at $313,000 after acquiring an additional 158 shares during the period. Bridgewater Associates LP raised its position in shares of CAVA Group by 2.4% in the fourth quarter. Bridgewater Associates LP now owns 6,827 shares of the company's stock valued at $401,000 after purchasing an additional 163 shares during the period. Allworth Financial LP grew its stake in CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company's stock valued at $38,000 after buying an additional 237 shares in the last quarter. Clearstead Advisors LLC increased its holdings in CAVA Group by 18.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,566 shares of the company's stock worth $92,000 after acquiring an additional 241 shares during the period. Finally, Advisors Asset Management Inc. increased its holdings in CAVA Group by 53.5% during the 4th quarter. Advisors Asset Management Inc. now owns 694 shares of the company's stock worth $41,000 after acquiring an additional 242 shares during the period. Hedge funds and other institutional investors own 73.15% of the company's stock.

Analyst Ratings Changes

Several brokerages have commented on CAVA. KeyCorp cut their price target on shares of CAVA Group from $110.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, August 12th. DA Davidson decreased their price target on shares of CAVA Group from $84.00 to $75.00 and set a "neutral" rating on the stock in a report on Thursday, August 13th. Citigroup reiterated a "buy" rating on shares of CAVA Group in a research report on Tuesday, July 28th. Robert W. Baird raised CAVA Group to a "strong-buy" rating in a research note on Monday, August 24th. Finally, Morgan Stanley raised CAVA Group from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $86.00 to $90.00 in a research note on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, CAVA Group has an average rating of "Moderate Buy" and an average price target of $89.44.

Insider Activity

In other news, insider Kelly Costanza sold 12,490 shares of the stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the transaction, the insider directly owned 98,490 shares in the company, valued at approximately $8,864,100. This represents a 11.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of CAVA Group stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total transaction of $900,000.00. Following the transaction, the director directly owned 3,074 shares in the company, valued at $276,660. This trade represents a 76.49% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 67,512 shares of company stock valued at $6,050,417. 6.70% of the stock is owned by insiders.

CAVA Group Stock Performance

CAVA Group stock opened at $54.11 on Friday. The firm's fifty day moving average price is $66.34 and its 200-day moving average price is $76.98. The stock has a market cap of $6.32 billion, a P/E ratio of 98.39, a price-to-earnings-growth ratio of 4.39 and a beta of 1.74. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. The company had revenue of $368.44 million during the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The firm's revenue was up 31.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 EPS. On average, analysts predict that CAVA Group, Inc. will post 0.55 earnings per share for the current year.

CAVA Group Profile

CAVA Group, Inc is a U.S.-based restaurant company that operates the CAVA fast-casual Mediterranean restaurant brand. Its restaurants offer customizable meals, including grain bowls, salads, pitas, dips, spreads and sides made with Mediterranean-inspired ingredients and flavors. Customers can order meals in restaurants, through digital channels and for catering.

The company's menu is centered on a build-your-own format, allowing guests to select proteins, grains, greens, toppings, sauces and dips.

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