Canada Pension Plan Investment Board Purchases New Stake in CAVA Group, Inc. $CAVA

Key Points

• Canada Pension Plan Investment Board purchased 63,400 CAVA shares worth approximately $4.98 million, while several other institutions also initiated positions. Institutional investors now own 73.15% of the company.
• Analysts maintain a generally positive outlook, with CAVA holding a consensus “Moderate Buy” rating and an average price target of $89.44, despite some firms recently cutting their targets.
• CAVA reported quarterly EPS of $0.19 versus expectations of $0.18 and revenue of $368.44 million, up 31.3% year over year. The stock opened at $67.08, well below its 12-month high of $98.79, while insiders have sold $6.05 million in shares over the past 90 days.

Canada Pension Plan Investment Board purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 63,400 shares of the company's stock, valued at approximately $4,976,000. Canada Pension Plan Investment Board owned 0.05% of CAVA Group at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in CAVA. Castleark Management LLC bought a new stake in shares of CAVA Group in the 2nd quarter valued at about $6,784,000. Nicholas Investment Partners LP acquired a new position in CAVA Group in the 2nd quarter worth $9,408,000. Legal & General Group Plc acquired a new position in shares of CAVA Group during the second quarter worth about $9,743,000. The Manufacturers Life Insurance Company bought a new position in shares of CAVA Group during the 2nd quarter worth approximately $5,719,000. Finally, Algert Global LLC bought a new position in CAVA Group in the second quarter valued at $4,162,000. Institutional investors own 73.15% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on CAVA. TD Cowen lowered their price target on CAVA Group from $100.00 to $85.00 and set a "buy" rating on the stock in a research report on Wednesday, August 12th. Robert W. Baird raised shares of CAVA Group to a "strong-buy" rating in a report on Monday, August 24th. DA Davidson lowered their price objective on CAVA Group from $84.00 to $75.00 and set a "neutral" rating on the stock in a research report on Thursday, August 13th. Citigroup reiterated a "buy" rating on shares of CAVA Group in a research report on Tuesday, July 28th. Finally, Freedom Capital raised CAVA Group to a "hold" rating in a research note on Wednesday, July 1st. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, CAVA Group currently has an average rating of "Moderate Buy" and a consensus price target of $89.44.

CAVA Group Trading Up 0.2%

CAVA Group stock opened at $67.08 on Monday. The stock has a 50-day moving average price of $69.99 and a two-hundred day moving average price of $77.36. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79. The company has a market capitalization of $7.84 billion, a PE ratio of 121.97, a P/E/G ratio of 4.56 and a beta of 1.75.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. The firm 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 company's revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 EPS. As a group, analysts predict that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Buying and Selling

In other CAVA Group news, insider Kelly Costanza sold 12,490 shares of the company's stock in a transaction on 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 sale, the insider owned 98,490 shares of the company's stock, valued at approximately $8,864,100. This represents a 11.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the company's stock in a transaction dated Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the sale, the director owned 3,074 shares in the company, valued at approximately $276,660. The trade was a 76.49% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 67,512 shares of company stock valued at $6,050,417 over the last 90 days. 6.70% of the stock is currently owned by corporate insiders.

CAVA Group Company 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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