Federated Hermes Inc. Sells 240,548 Shares of CAVA Group, Inc. (NYSE:CAVA)

Key Points

• Federated Hermes Inc. reduced its stake in CAVA Group by 16.4%, selling 240,548 shares and now owning approximately 1.06% of the company valued at around $105.8 million.
• Several institutional investors increased their positions in CAVA, with American Century Companies Inc. boosting its holdings by 91.6% during the 4th quarter.
• CAVA Group reported a 28.1% increase in revenue year-over-year, with earnings of $0.22 per share for the last quarter, surpassing analysts' expectations.

Federated Hermes Inc. reduced its holdings in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 16.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,224,439 shares of the company's stock after selling 240,548 shares during the period. Federated Hermes Inc. owned approximately 1.06% of CAVA Group worth $105,804,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the business. Meeder Asset Management Inc. raised its holdings in CAVA Group by 4,851.8% in the first quarter. Meeder Asset Management Inc. now owns 2,773 shares of the company's stock worth $240,000 after purchasing an additional 2,717 shares during the period. Baldwin Investment Management LLC bought a new stake in shares of CAVA Group during the first quarter worth $348,000. Prosperity Consulting Group LLC bought a new position in CAVA Group in the first quarter valued at $220,000. Nemes Rush Group LLC grew its position in CAVA Group by 10.9% in the first quarter. Nemes Rush Group LLC now owns 52,649 shares of the company's stock valued at $4,549,000 after purchasing an additional 5,195 shares in the last quarter. Finally, Ridgewood Investments LLC grew its position in CAVA Group by 60.4% in the first quarter. Ridgewood Investments LLC now owns 3,520 shares of the company's stock valued at $304,000 after purchasing an additional 1,325 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on CAVA. TD Securities reiterated a "buy" rating and issued a $120.00 price target on shares of CAVA Group in a research note on Friday, May 16th. Robert W. Baird lifted their price objective on shares of CAVA Group from $105.00 to $115.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. UBS Group dropped their target price on shares of CAVA Group from $125.00 to $112.00 and set a "neutral" rating for the company in a research report on Tuesday, May 13th. Melius initiated coverage on shares of CAVA Group in a report on Monday, July 14th. They set a "hold" rating and a $95.00 price target on the stock. Finally, Citigroup lifted their price target on shares of CAVA Group from $114.00 to $115.00 and gave the company a "neutral" rating in a report on Friday, May 16th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, CAVA Group has a consensus rating of "Moderate Buy" and an average price target of $115.06.

CAVA Group Stock Performance

Shares of NYSE CAVA traded down $3.77 during midday trading on Friday, reaching $84.24. The stock had a trading volume of 1,598,988 shares, compared to its average volume of 3,495,015. CAVA Group, Inc. has a twelve month low of $70.00 and a twelve month high of $172.43. The company's 50 day moving average price is $82.75 and its 200 day moving average price is $94.48. The firm has a market cap of $9.74 billion, a price-to-earnings ratio of 70.46, a price-to-earnings-growth ratio of 4.51 and a beta of 2.65.

CAVA Group (NYSE:CAVA - Get Free Report) last released its earnings results on Thursday, May 15th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.08. The company had revenue of $331.83 million for the quarter, compared to the consensus estimate of $327.98 million. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. CAVA Group's quarterly revenue was up 28.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.12 EPS. Equities analysts forecast that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, 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 completion of the sale, the chief executive officer owned 792,318 shares in the company, valued at approximately $59,550,620.88. The trade was a 3.87% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Theodoros Xenohristos sold 3,062 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $230,139.92. Following the completion of the sale, the insider owned 350,209 shares of the company's stock, valued at approximately $26,321,708.44. The trade was a 0.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 67,951 shares of company stock worth $5,409,027 in the last ninety days. 6.80% of the stock is currently 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.