Canada Pension Plan Investment Board Decreases Holdings in CAVA Group, Inc. $CAVA

Key Points

• The Canada Pension Plan Investment Board reduced its stake in CAVA Group, Inc. by 64.3%, selling 403,800 shares and now holding approximately 224,500 shares valued at about $19.4 million.
• Several other institutional investors increased their positions in CAVA Group, including GAMMA Investing LLC with a 17,386.7% increase, signaling strong interest from institutional investors despite the CPP's reduction.
• Analyst ratings for CAVA are generally positive, with a consensus rating of "Moderate Buy" and an average target price of $99.47, although some firms have lowered their price targets recently.

Canada Pension Plan Investment Board lowered its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 64.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 224,500 shares of the company's stock after selling 403,800 shares during the quarter. Canada Pension Plan Investment Board owned about 0.19% of CAVA Group worth $19,399,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its position in shares of CAVA Group by 1,400.0% during the 1st quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock worth $25,000 after purchasing an additional 266 shares during the last quarter. Vision Financial Markets LLC bought a new position in shares of CAVA Group during the first quarter worth about $26,000. Dagco Inc. acquired a new stake in CAVA Group during the first quarter worth about $27,000. Versant Capital Management Inc acquired a new stake in CAVA Group during the first quarter worth about $31,000. Finally, Brooklyn Investment Group increased its stake in shares of CAVA Group by 168.0% in the first quarter. Brooklyn Investment Group now owns 402 shares of the company's stock valued at $35,000 after purchasing an additional 252 shares during the period. Hedge funds and other institutional investors own 73.15% of the company's stock.

Analyst Ratings Changes

A number of research firms recently commented on CAVA. Wall Street Zen lowered shares of CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Piper Sandler cut their price target on shares of CAVA Group from $122.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, August 13th. Morgan Stanley dropped their target price on shares of CAVA Group from $107.00 to $97.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Stifel Nicolaus decreased their target price on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. Finally, Argus set a $76.00 price target on shares of CAVA Group in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $96.41.

CAVA Group Stock Up 0.9%

Shares of CAVA traded up $0.59 during trading hours on Friday, hitting $66.55. The company had a trading volume of 2,993,913 shares, compared to its average volume of 6,272,529. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 55.92, a PEG ratio of 3.30 and a beta of 2.61. The business has a fifty day moving average of $80.30 and a 200-day moving average of $84.28. CAVA Group, Inc. has a 12 month low of $65.03 and a 12 month high of $172.43.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The business had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. During the same period last year, the firm earned $0.17 earnings per share. CAVA Group's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities analysts expect that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Activity at CAVA Group

In related news, CFO Tricia K. Tolivar sold 4,845 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $364,150.20. Following the transaction, the chief financial officer owned 236,345 shares in the company, valued at $17,763,690.20. The trade was a 2.01% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Brett Schulman sold 31,856 shares of the business's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $2,394,296.96. Following the transaction, the chief executive officer owned 792,318 shares in the company, valued at $59,550,620.88. The trade was a 3.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 48,360 shares of company stock worth $3,634,738 over the last ninety days. 6.80% of the stock is owned by corporate insiders.

CAVA Group Profile

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.