CAVA Group, Inc. $CAVA Holdings Cut by Corient Private Wealth LP

Key Points

• Corient Private Wealth cut its CAVA position by 88.9% in the second quarter, selling 28,385 shares and retaining 3,550 shares valued at approximately $279,000. Institutional investors collectively own 73.15% of CAVA’s stock.
• Analysts remain broadly positive, with CAVA receiving a “Moderate Buy” consensus rating and an average price target of $88.64. Morgan Stanley upgraded the stock to overweight, while JPMorgan and Guggenheim lowered their price targets.
• CAVA reported quarterly revenue of $368.44 million, up 31.3% year over year, and EPS of $0.19, beating estimates. The company also authorized a $100 million share-repurchase program, covering up to 1.7% of outstanding shares.

Corient Private Wealth LP lowered its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 88.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,550 shares of the company's stock after selling 28,385 shares during the quarter. Corient Private Wealth LP's holdings in CAVA Group were worth $279,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in shares of CAVA Group during the second quarter worth approximately $1,711,000. Ameritas Advisory Services LLC acquired a new stake in CAVA Group in the second quarter valued at $2,492,000. Concurrent Investment Advisors LLC boosted its stake in CAVA Group by 7.4% during the 2nd quarter. Concurrent Investment Advisors LLC now owns 4,356 shares of the company's stock valued at $342,000 after acquiring an additional 299 shares during the last quarter. Nykredit A S bought a new position in CAVA Group during the 2nd quarter valued at $272,000. Finally, Two Sigma Securities LLC boosted its stake in CAVA Group by 154.2% during the 2nd quarter. Two Sigma Securities LLC now owns 8,483 shares of the company's stock valued at $666,000 after acquiring an additional 5,146 shares during the last quarter. 73.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other CAVA Group news, insider Douglas Thompson purchased 6,500 shares of the stock in a transaction dated Monday, August 31st. The shares were bought at an average cost of $66.52 per share, with a total value of $432,380.00. Following the completion of the acquisition, the insider owned 19,371 shares of the company's stock, valued at approximately $1,288,558.92. This trade represents a 50.50% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 6.70% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on CAVA shares. Freedom Capital raised shares of CAVA Group to a "hold" rating in a research report on Wednesday, July 1st. Guggenheim decreased their price target on CAVA Group from $100.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, August 13th. JPMorgan Chase & Co. lowered their price objective on CAVA Group from $85.00 to $80.00 and set an "overweight" rating for the company in a report on Friday, September 18th. Morgan Stanley raised CAVA Group from an "equal weight" rating to an "overweight" rating and increased their target price for the stock from $86.00 to $90.00 in a report on Wednesday, July 15th. Finally, Seaport Research Partners initiated coverage on CAVA Group in a research note on Wednesday, September 16th. They set a "buy" rating and a $58.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $88.64.

CAVA Group Stock Performance

Shares of CAVA opened at $54.49 on Friday. The firm has a fifty day moving average of $61.40 and a 200-day moving average of $74.04. The company has a market cap of $6.37 billion, a price-to-earnings ratio of 99.08, a price-to-earnings-growth ratio of 4.22 and a beta of 1.80. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings data 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. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The business had revenue of $368.44 million for the quarter, compared to analysts' expectations of $360.09 million. During the same quarter last year, the company earned $0.16 EPS. The company's revenue for the quarter was up 31.3% compared to the same quarter last year. Analysts predict that CAVA Group, Inc. will post 0.55 EPS for the current year.

CAVA Group declared that its Board of Directors has initiated a stock repurchase plan on Friday, September 18th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to purchase up to 1.7% of its stock through open market purchases. Stock buyback plans are often an indication that the company's board believes its shares are undervalued.

About CAVA Group

CAVA Group, Inc is a fast-casual restaurant company focused on Mediterranean-inspired food and hospitality. Its restaurants offer customizable meals such as grain bowls, salads, pitas and dips, with ingredients and flavors influenced by the cuisines of the Mediterranean region. The company also provides digital ordering, delivery and catering services through its restaurant platform.

CAVA began as a Washington, DC-area restaurant concept and has expanded its operations across the United States.

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