California State Teachers Retirement System Has $8.97 Million Holdings in CAVA Group, Inc. $CAVA

Key Points

• California State Teachers Retirement System increased its CAVA position by 25.2% in the first quarter, holding 110,842 shares worth approximately $8.97 million. Institutional investors collectively own 73.15% of the company.
• Analyst sentiment remains broadly positive, with CAVA carrying a consensus “Moderate Buy” rating and an average price target of $93.04. Recent target increases included Benchmark’s move to $110 and Robert W. Baird’s move to $98, although Northcoast Research issued a “Strong Sell” rating.
• CAVA exceeded quarterly expectations, reporting adjusted earnings of $0.20 per share versus $0.17 expected and revenue of $438.27 million, up 32.1% year over year. Shares opened at $63.34, while insiders—including the CEO—have sold approximately $7.97 million of stock over the past 90 days.

California State Teachers Retirement System increased its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 25.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,842 shares of the company's stock after buying an additional 22,322 shares during the period. California State Teachers Retirement System owned 0.10% of CAVA Group worth $8,967,000 at the end of the most recent reporting period.

A number of other institutional investors have also bought and sold shares of CAVA. Capital Research Global Investors increased its stake in CAVA Group by 27.2% in the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company's stock valued at $495,344,000 after purchasing an additional 1,805,174 shares in the last quarter. Capital International Investors grew its stake in shares of CAVA Group by 15.5% in the 4th quarter. Capital International Investors now owns 4,885,317 shares of the company's stock valued at $286,718,000 after buying an additional 656,581 shares during the period. Morgan Stanley raised its stake in CAVA Group by 33.7% during the 4th quarter. Morgan Stanley now owns 3,318,894 shares of the company's stock worth $194,786,000 after buying an additional 835,628 shares during the period. State Street Corp boosted its holdings in CAVA Group by 1.3% in the fourth quarter. State Street Corp now owns 2,920,442 shares of the company's stock worth $171,401,000 after acquiring an additional 36,508 shares in the last quarter. Finally, William Blair Investment Management LLC grew its stake in CAVA Group by 28.1% in the fourth quarter. William Blair Investment Management LLC now owns 2,419,247 shares of the company's stock valued at $141,986,000 after acquiring an additional 530,524 shares during the period. Institutional investors own 73.15% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on CAVA shares. Robert W. Baird raised their price target on shares of CAVA Group from $88.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday, May 20th. Barclays lifted their target price on CAVA Group from $70.00 to $74.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 20th. Weiss Ratings cut CAVA Group from a "hold (c)" rating to a "hold (c-)" rating in a research note on Friday, July 24th. Benchmark upped their target price on shares of CAVA Group from $80.00 to $110.00 and gave the stock a "buy" rating in a research note on Monday, April 20th. Finally, Northcoast Research raised shares of CAVA Group to a "strong sell" rating in a research report on Tuesday, April 21st. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, CAVA Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $93.04.

Insider Buying and Selling at CAVA Group

In other news, Director Karen Kochevar sold 10,000 shares of the business's stock in a transaction on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director owned 3,074 shares in the company, valued at $276,660. The trade was a 76.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Brett Schulman sold 33,174 shares of CAVA Group stock in a transaction that occurred 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 completion of the sale, the chief executive officer 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 SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is currently owned by company insiders.

CAVA Group Stock Performance

Shares of CAVA opened at $63.34 on Wednesday. CAVA Group, Inc. has a 52-week low of $43.41 and a 52-week high of $98.79. The stock's 50-day simple moving average is $74.50 and its 200 day simple moving average is $77.07. The stock has a market capitalization of $7.38 billion, a price-to-earnings ratio of 121.80, a price-to-earnings-growth ratio of 4.44 and a beta of 1.74.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The business had revenue of $438.27 million during the quarter, compared to analysts' expectations of $360.89 million. During the same period in the previous year, the business earned $0.22 earnings per share. The firm's revenue was up 32.1% on a year-over-year basis. On average, research 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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