Connor Clark & Lunn Investment Management Ltd. Invests $6.83 Million in CAVA Group, Inc. $CAVA

Key Points

• Connor Clark & Lunn Investment Management initiated a $6.83 million position in CAVA Group, purchasing 87,071 shares and owning approximately 0.07% of the company. Institutional investors collectively own 73.15% of CAVA.
• CAVA insiders sold 67,512 shares worth roughly $6.05 million over the past three months, including sales by CEO Brett Schulman and Director Karen Kochevar. The CEO’s sale was made to cover tax obligations tied to vested equity awards.
• CAVA reported quarterly EPS of $0.19 versus the $0.18 consensus estimate and revenue of $368.44 million, up 31.3% year over year. Analysts maintain a “Moderate Buy” consensus, with an average price target of $89.44, while the stock recently opened at $67.75.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 87,071 shares of the company's stock, valued at approximately $6,833,000. Connor Clark & Lunn Investment Management Ltd. owned 0.07% of CAVA Group at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CAVA. Los Angeles Capital Management LLC bought a new position in CAVA Group in the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC bought a new stake in shares of CAVA Group during the second quarter valued at approximately $31,000. TD Private Client Wealth LLC increased its holdings in shares of CAVA Group by 118.2% during the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company's stock valued at $35,000 after acquiring an additional 325 shares in the last quarter. Allworth Financial LP raised its position in shares of CAVA Group by 57.4% during the fourth quarter. Allworth Financial LP now owns 650 shares of the company's stock worth $38,000 after purchasing an additional 237 shares during the period. Finally, EverSource Wealth Advisors LLC raised its position in shares of CAVA Group by 115.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company's stock worth $38,000 after purchasing an additional 347 shares during the period. 73.15% of the stock is owned by institutional investors.

Insider Transactions at CAVA Group

In other news, CEO Brett Schulman sold 33,174 shares of the company's stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $2,966,750.82. Following the completion of the transaction, the chief executive officer directly owned 798,669 shares of the company's stock, valued at $71,424,968.67. This represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the company's stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total value of $900,000.00. Following the completion of the transaction, the director directly owned 3,074 shares of the company's stock, valued at approximately $276,660. This represents a 76.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 67,512 shares of company stock worth $6,050,417. 6.70% of the stock is owned by insiders.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Freedom Capital raised shares of CAVA Group to a "hold" rating in a research report on Wednesday, July 1st. Morgan Stanley upgraded shares of CAVA Group from an "equal weight" rating to an "overweight" rating and upped their price objective for the stock from $86.00 to $90.00 in a report on Wednesday, July 15th. Citigroup reaffirmed a "buy" rating on shares of CAVA Group in a research note on Tuesday, July 28th. BMO Capital Markets set a $100.00 target price on shares of CAVA Group in a research report on Wednesday, May 20th. Finally, Mizuho lowered 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 analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $89.44.

CAVA Group Price Performance

CAVA opened at $67.75 on Thursday. The company's 50-day moving average is $70.87 and its 200 day moving average is $77.42. CAVA Group, Inc. has a fifty-two week low of $43.41 and a fifty-two week high of $98.79. The firm has a market capitalization of $7.91 billion, a P/E ratio of 123.18, a PEG ratio of 4.72 and a beta of 1.74.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.01. The business had revenue of $368.44 million during the quarter, compared to the consensus estimate of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The firm's quarterly revenue was up 31.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.16 EPS. On average, equities research analysts expect that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

CAVA Group Company Profile

CAVA Group, Inc NYSE: CAVA is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe's Kitchen.

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