Comerica Bank Grows Stake in CAVA Group, Inc. $CAVA

Key Points

• Comerica Bank boosted its stake in CAVA Group by 215.1% in Q1, owning a total of 37,317 shares worth approximately $3.23 million.
• CAVA Group experienced significant increases in institutional investments, with several hedge funds substantially raising their positions, notably MetLife Investment Management increasing by 939.8%.
• Analysts have recently lowered their ratings on CAVA Group, with Wall Street Zen downgrading it from "hold" to "sell," and multiple firms adjusting their price targets downwards.

Comerica Bank grew its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 215.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 37,317 shares of the company's stock after purchasing an additional 25,474 shares during the quarter. Comerica Bank's holdings in CAVA Group were worth $3,225,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. MetLife Investment Management LLC boosted its holdings in CAVA Group by 939.8% during the 1st quarter. MetLife Investment Management LLC now owns 48,352 shares of the company's stock valued at $4,178,000 after acquiring an additional 43,702 shares during the period. Synovus Financial Corp boosted its holdings in CAVA Group by 32.8% during the 1st quarter. Synovus Financial Corp now owns 6,665 shares of the company's stock valued at $576,000 after acquiring an additional 1,646 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in CAVA Group by 9,322.4% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 378,497 shares of the company's stock valued at $32,706,000 after acquiring an additional 374,480 shares during the period. AlphaQuest LLC boosted its holdings in CAVA Group by 2,396.1% during the 1st quarter. AlphaQuest LLC now owns 1,922 shares of the company's stock valued at $166,000 after acquiring an additional 1,845 shares during the period. Finally, Kestra Advisory Services LLC boosted its holdings in CAVA Group by 1.9% during the 1st quarter. Kestra Advisory Services LLC now owns 51,987 shares of the company's stock valued at $4,492,000 after acquiring an additional 985 shares during the period. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Morgan Stanley dropped their target price on CAVA Group from $107.00 to $97.00 and set an "equal weight" rating for the company in a report on Wednesday, August 13th. Citigroup dropped their price objective on CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. Piper Sandler dropped their price objective on CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, August 13th. Robert W. Baird set a $95.00 price objective on CAVA Group in a report on Wednesday, August 13th. Finally, TD Cowen dropped their price objective on CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have issued a Hold rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $99.47.

Insiders Place Their Bets

In other CAVA Group news, insider Theodoros Xenohristos sold 3,062 shares of CAVA Group stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value 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. This trade represents a 0.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Adam David Phillips sold 739 shares of CAVA Group 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 of the company's stock, valued at approximately $831,495.08. The trade was a 6.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,360 shares of company stock worth $3,634,738. 12.10% of the stock is owned by corporate insiders.

CAVA Group Price Performance

CAVA stock traded down $2.01 on Tuesday, reaching $65.54. 3,520,536 shares of the company traded hands, compared to its average volume of 6,200,240. CAVA Group, Inc. has a one year low of $65.03 and a one year high of $172.43. The company has a market cap of $7.60 billion, a P/E ratio of 55.08, a price-to-earnings-growth ratio of 3.38 and a beta of 2.61. The firm has a fifty day simple moving average of $80.93 and a 200-day simple moving average of $85.32.

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

CAVA Group Company 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.