Bank of New York Mellon Corp Invests $48.54 Million in CAVA Group, Inc. $CAVA

Key Points

• Bank of New York Mellon acquired 618,545 CAVA shares worth approximately $48.54 million, representing about 0.53% of the company. Institutional investors collectively own 73.15% of CAVA.
• CAVA insiders sold 67,512 shares valued at roughly $6.05 million over the past quarter, including director Karen Kochevar’s $900,000 sale and insider Theodoros Xenohristos’s sale to cover tax obligations.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $89.44. CAVA recently beat quarterly earnings and revenue estimates, posting $0.19 EPS and $368.44 million in revenue, up 31.3% year over year.

Bank of New York Mellon Corp bought a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 618,545 shares of the company's stock, valued at approximately $48,543,000. Bank of New York Mellon Corp owned about 0.53% of CAVA Group as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Prospect Financial Services LLC purchased a new position in CAVA Group during the 2nd quarter worth $1,348,000. State of Wyoming bought a new stake in shares of CAVA Group in the 2nd quarter worth $329,000. GSA Capital Partners LLP purchased a new stake in shares of CAVA Group in the second quarter valued at about $266,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of CAVA Group in the second quarter valued at about $1,551,000. Finally, E. Ohman J or Asset Management AB lifted its position in shares of CAVA Group by 15.3% during the second quarter. E. Ohman J or Asset Management AB now owns 47,370 shares of the company's stock valued at $3,718,000 after purchasing an additional 6,281 shares in the last quarter. Institutional investors own 73.15% of the company's stock.

Insider Buying and Selling

In related news, Director Karen Kochevar sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director directly owned 3,074 shares of the company's stock, valued at approximately $276,660. This trade represents a 76.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Theodoros Xenohristos sold 3,252 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $290,826.36. Following the sale, the insider owned 324,630 shares in the company, valued at approximately $29,031,660.90. The trade was a 0.99% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 67,512 shares of company stock valued at $6,050,417. Corporate insiders own 6.70% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. KeyCorp reduced their price objective on shares of CAVA Group from $110.00 to $95.00 and set an "overweight" rating for the company in a research report on Wednesday, August 12th. Sanford C. Bernstein restated an "outperform" rating on shares of CAVA Group in a research note on Wednesday, August 12th. Northcoast Research raised CAVA Group from a "sell" rating to a "neutral" rating in a report on Thursday, August 13th. Wolfe Research upped their target price on CAVA Group from $79.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. Finally, Telsey Advisory Group boosted their price objective on CAVA Group from $92.00 to $95.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 20th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $89.44.

CAVA Group Stock Performance

Shares of CAVA opened at $66.80 on Friday. The business has a 50-day moving average of $70.43 and a 200 day moving average of $77.40. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The firm has a market cap of $7.80 billion, a P/E ratio of 121.46, a price-to-earnings-growth ratio of 4.61 and a beta of 1.74.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, beating the consensus estimate of $0.18 by $0.01. The business had revenue of $368.44 million for 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 company's revenue was up 31.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.16 earnings per share. As a group, research analysts predict 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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