CAVA Group, Inc. $CAVA Shares Purchased by Focus Partners Wealth

Key Points

• Focus Partners Wealth increased its stake in CAVA Group by 20.4% during the first quarter, acquiring a total of 156,533 shares valued at approximately $13.5 million.
• Wall Street analysts have adjusted their target prices for CAVA Group, with Bank of America and Piper Sandler both lowering their targets to $100, while the consensus rating remains a "Moderate Buy."
• Insider trading shows notable activity, including the sale of 48,360 shares by company executives, indicating a decrease in their ownership positions.

Focus Partners Wealth raised its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 20.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 156,533 shares of the company's stock after acquiring an additional 26,529 shares during the quarter. Focus Partners Wealth owned approximately 0.14% of CAVA Group worth $13,526,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. First Horizon Advisors Inc. increased its position in 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 in the last quarter. Vision Financial Markets LLC acquired a new stake in shares of CAVA Group during the 1st quarter worth about $26,000. Dagco Inc. purchased a new stake in shares of CAVA Group during the first quarter worth about $27,000. Versant Capital Management Inc acquired a new position in shares of CAVA Group in the first quarter valued at approximately $31,000. Finally, Brooklyn Investment Group lifted its stake in shares of CAVA Group by 168.0% during the first quarter. Brooklyn Investment Group now owns 402 shares of the company's stock valued at $35,000 after buying an additional 252 shares during the period. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on CAVA shares. Bank of America lowered their target price on shares of CAVA Group from $121.00 to $100.00 and set a "buy" rating for the company in a research note on Wednesday, August 13th. Piper Sandler dropped their target price on CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a research note on Wednesday, August 13th. Sanford C. Bernstein set a $74.00 price target on CAVA Group in a report on Wednesday, August 13th. Wall Street Zen downgraded shares of CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Finally, KeyCorp dropped their price target on shares of CAVA Group from $100.00 to $85.00 and set an "overweight" rating for the company in a research report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $96.41.

Insider Activity

In related news, CAO Adam David Phillips sold 739 shares of the stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $55,543.24. Following the completion of the sale, the chief accounting officer directly owned 11,063 shares in the company, valued at approximately $831,495.08. This represents a 6.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Brett Schulman sold 31,856 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $2,394,296.96. Following the completion of the transaction, the chief executive officer directly owned 792,318 shares in the company, valued at $59,550,620.88. This trade represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,360 shares of company stock worth $3,634,738 in the last quarter. Insiders own 6.80% of the company's stock.

CAVA Group Stock Performance

CAVA opened at $63.74 on Friday. CAVA Group, Inc. has a 1 year low of $63.17 and a 1 year high of $172.43. The firm has a 50 day moving average price of $78.31 and a 200 day moving average price of $82.72. The company has a market cap of $7.39 billion, a PE ratio of 53.56, a price-to-earnings-growth ratio of 3.22 and a beta of 2.61.

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

About CAVA Group

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.

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