CAVA Group, Inc. $CAVA Shares Purchased by California State Teachers Retirement System

Key Points

• California State Teachers Retirement System significantly increased its CAVA position by purchasing 8.33 million additional shares, bringing its holdings to 8.44 million shares worth approximately $662.1 million, or 7.22% of the company.
• Institutional ownership remains high at 73.15%, with BlackRock initiating a roughly $757 million position and several other major investment firms increasing or starting holdings.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating and an average price target of $89.44, despite recent target-price reductions. CAVA’s latest quarterly results exceeded estimates, with revenue rising 31.3% year over year to $368.4 million.

California State Teachers Retirement System grew its position in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 7,511.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,436,678 shares of the company's stock after purchasing an additional 8,325,836 shares during the period. California State Teachers Retirement System owned approximately 7.22% of CAVA Group worth $662,110,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of CAVA. BlackRock Inc. purchased a new position in CAVA Group in the second quarter worth approximately $757,013,000. Capital Research Global Investors increased its holdings 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 buying an additional 1,805,174 shares during the last quarter. Marshall Wace LLP increased its holdings in shares of CAVA Group by 689.8% in the 4th quarter. Marshall Wace LLP now owns 1,387,774 shares of the company's stock valued at $81,448,000 after acquiring an additional 1,212,068 shares during the last quarter. Primecap Management Co. CA acquired a new position in CAVA Group in the second quarter valued at approximately $92,956,000. Finally, William Blair Investment Management LLC acquired a new position in shares of CAVA Group in the 2nd quarter valued at $89,861,000. 73.15% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on CAVA. Wall Street Zen raised CAVA Group from a "sell" rating to a "hold" rating in a report on Sunday, May 24th. UBS Group raised CAVA Group from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $85.00 to $90.00 in a research report on Wednesday, June 10th. KeyCorp reduced their price objective on CAVA Group from $110.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday, August 12th. Citigroup reissued a "buy" rating on shares of CAVA Group in a report on Tuesday, July 28th. Finally, Mizuho cut their target price on shares of CAVA Group from $85.00 to $70.00 and set a "neutral" rating on the stock in a report on Wednesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $89.44.

Insider Activity at CAVA Group

In other CAVA Group news, insider Douglas W. Thompson bought 6,500 shares of the stock in a transaction dated Monday, August 31st. The stock was bought at an average cost of $66.52 per share, for a total transaction of $432,380.00. Following the completion of the purchase, the insider directly owned 19,371 shares of the company's stock, valued at approximately $1,288,558.92. The trade was a 50.50% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Karen Kochevar sold 10,000 shares of the stock in a transaction on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the transaction, the director owned 3,074 shares in the company, valued at $276,660. This trade represents a 76.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 6.70% of the company's stock.

CAVA Group Stock Performance

CAVA Group stock opened at $55.76 on Monday. The stock has a fifty day moving average of $65.92 and a two-hundred day moving average of $76.89. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The company has a market capitalization of $6.51 billion, a price-to-earnings ratio of 101.38, a PEG ratio of 4.34 and a beta of 1.74.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.01. The company had revenue of $368.44 million during the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.CAVA Group's revenue was up 31.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.16 EPS. On average, analysts forecast that CAVA Group, Inc. will post 0.55 EPS for the current fiscal year.

CAVA Group Profile

CAVA Group, Inc is a U.S.-based restaurant company that operates the CAVA fast-casual Mediterranean restaurant brand. Its restaurants offer customizable meals, including grain bowls, salads, pitas, dips, spreads and sides made with Mediterranean-inspired ingredients and flavors. Customers can order meals in restaurants, through digital channels and for catering.

The company's menu is centered on a build-your-own format, allowing guests to select proteins, grains, greens, toppings, sauces and dips.

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