BlackRock Inc. Invests $757.01 Million in CAVA Group, Inc. $CAVA

Key Points

• BlackRock purchased 9.65 million CAVA shares worth approximately $757 million during the second quarter, giving it an 8.28% stake. Institutional investors collectively own 73.15% of the company.
• CAVA reported quarterly EPS of $0.19, beating estimates by $0.01, while revenue rose 31.3% year over year to $368.44 million. The stock opened at $73.64, with a consensus analyst price target of $89.44 and a “Moderate Buy” rating.
• Insiders sold shares primarily to cover tax obligations tied to equity awards, including sales by an insider and the CFO; insiders sold 67,512 shares worth about $6.05 million during the latest quarter.

BlackRock Inc. purchased a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 9,645,932 shares of the company's stock, valued at approximately $757,013,000. BlackRock Inc. owned approximately 8.28% of CAVA Group at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. FNY Investment Advisers LLC bought a new position in CAVA Group during the second quarter valued at about $31,000. Los Angeles Capital Management LLC bought a new stake in shares of CAVA Group during the 4th quarter worth about $25,000. TD Private Client Wealth LLC increased its holdings in shares of CAVA Group by 118.2% during the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company's stock valued at $35,000 after acquiring an additional 325 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in shares of CAVA Group by 115.7% in the 4th quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company's stock valued at $38,000 after acquiring an additional 347 shares in the last quarter. Finally, Allworth Financial LP raised its stake in shares of 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 acquiring an additional 237 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Price Performance

NYSE:CAVA opened at $73.64 on Friday. The stock has a market cap of $8.60 billion, a P/E ratio of 133.89, a PEG ratio of 5.07 and a beta of 1.74. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $98.79. The company has a fifty day moving average price of $71.99 and a 200 day moving average price of $77.16.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.18 by $0.01. The company had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The business's quarterly revenue was up 31.3% on a year-over-year basis. During the same period last year, the business posted $0.16 EPS. As a group, equities research analysts anticipate that CAVA Group, Inc. will post 0.53 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Wolfe Research increased their price target on CAVA Group from $79.00 to $82.00 and gave the company an "outperform" rating in a report on Wednesday, August 12th. Piper Sandler boosted their price objective on shares of CAVA Group from $85.00 to $92.00 and gave the stock an "overweight" rating in a research note on Wednesday, May 20th. Citigroup reaffirmed a "buy" rating on shares of CAVA Group in a report on Tuesday, July 28th. Freedom Capital upgraded shares of CAVA Group to a "hold" rating in a research note on Wednesday, July 1st. Finally, BMO Capital Markets set a $100.00 target price on shares of CAVA Group in a report on Wednesday, May 20th. Seventeen research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.44.

Insider Buying and Selling at CAVA Group

In other news, insider Kelly Costanza sold 12,490 shares of the firm's stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the transaction, the insider directly owned 98,490 shares of the company's stock, valued at approximately $8,864,100. This trade represents a 11.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tricia K. Tolivar sold 4,969 shares of CAVA Group stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $444,377.67. Following the sale, the chief financial officer owned 234,931 shares in the company, valued at approximately $21,009,879.33. This trade represents a 2.07% 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. Insiders sold a total of 67,512 shares of company stock valued at $6,050,417 in the last quarter. 6.70% of the stock is currently owned by corporate insiders.

CAVA Group Profile

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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