Bank of New York Mellon Corp Raises Position in CAVA Group, Inc. (NYSE:CAVA)

Bank of New York Mellon Corp increased its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 100.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 539,022 shares of the company's stock after buying an additional 269,675 shares during the period. Bank of New York Mellon Corp owned 0.47% of CAVA Group worth $46,577,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC lifted its position in shares of CAVA Group by 17,386.7% in the first quarter. GAMMA Investing LLC now owns 73,794 shares of the company's stock worth $6,377,000 after buying an additional 73,372 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of CAVA Group in the fourth quarter worth about $2,697,000. Natixis Advisors LLC lifted its position in shares of CAVA Group by 54.1% in the fourth quarter. Natixis Advisors LLC now owns 16,922 shares of the company's stock worth $1,909,000 after buying an additional 5,940 shares in the last quarter. Victory Capital Management Inc. raised its position in CAVA Group by 46.7% during the fourth quarter. Victory Capital Management Inc. now owns 29,851 shares of the company's stock valued at $3,367,000 after purchasing an additional 9,497 shares during the period. Finally, SG Americas Securities LLC raised its position in CAVA Group by 768.4% during the first quarter. SG Americas Securities LLC now owns 220,816 shares of the company's stock valued at $19,081,000 after purchasing an additional 195,389 shares during the period. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, insider Theodoros Xenohristos sold 3,062 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $230,139.92. Following the sale, the insider owned 350,209 shares of the company's stock, valued at approximately $26,321,708.44. This trade represents a 0.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jennifer Somers sold 2,861 shares of the 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 sale, the insider directly owned 137,048 shares in the company, valued at $10,300,527.68. This trade represents a 2.04% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 67,951 shares of company stock worth $5,409,027. 6.80% of the stock is currently owned by company insiders.

CAVA Group Stock Down 2.3%

NYSE:CAVA traded down $2.01 during midday trading on Thursday, hitting $86.97. The stock had a trading volume of 6,610,384 shares, compared to its average volume of 3,247,530. CAVA Group, Inc. has a one year low of $70.00 and a one year high of $172.43. The company has a market capitalization of $10.06 billion, a price-to-earnings ratio of 72.48, a PEG ratio of 4.19 and a beta of 2.65. The stock has a 50-day moving average of $83.87 and a 200 day moving average of $96.10.

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

Wall Street Analysts Forecast Growth

CAVA has been the topic of a number of recent research reports. TD Securities restated a "buy" rating and set a $120.00 price objective on shares of CAVA Group in a research report on Friday, May 16th. Barclays boosted their price objective on shares of CAVA Group from $90.00 to $91.00 and gave the company an "equal weight" rating in a research report on Thursday. JPMorgan Chase & Co. cut their price objective on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 25th. Wall Street Zen cut shares of CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Finally, Robert W. Baird boosted their price objective on shares of CAVA Group from $105.00 to $115.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $115.06.

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.