Corebridge Financial Inc. Grows Holdings in CAVA Group, Inc. $CAVA

Key Points

• Corebridge Financial Inc. significantly increased its stake in CAVA Group, acquiring a total of 90,648 shares worth approximately $7.83 million, marking a 6,416.8% increase in the first quarter.
• CEO Brett Schulman sold 31,856 shares of CAVA at an average price of $75.16, resulting in a nearly 4% reduction in his holdings, leaving him with around 792,318 shares valued at approximately $59.55 million.
• CAVA Group reported a 20.2% year-over-year revenue growth despite falling short of analyst expectations, with the latest earnings report showing a revenue of $280.62 million against an estimate of $285.65 million.

Corebridge Financial Inc. increased its holdings in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 6,416.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 90,648 shares of the company's stock after acquiring an additional 89,257 shares during the quarter. Corebridge Financial Inc. owned approximately 0.08% of CAVA Group worth $7,833,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the company. Comerica Bank increased its stake in CAVA Group by 215.1% in the 1st quarter. Comerica Bank now owns 37,317 shares of the company's stock valued at $3,225,000 after buying an additional 25,474 shares during the period. MetLife Investment Management LLC increased its stake in CAVA Group by 939.8% in the 1st quarter. MetLife Investment Management LLC now owns 48,352 shares of the company's stock valued at $4,178,000 after buying an additional 43,702 shares during the period. Synovus Financial Corp increased its stake in CAVA Group by 32.8% in the 1st quarter. Synovus Financial Corp now owns 6,665 shares of the company's stock valued at $576,000 after buying an additional 1,646 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in CAVA Group by 9,322.4% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 378,497 shares of the company's stock valued at $32,706,000 after buying an additional 374,480 shares during the period. Finally, AlphaQuest LLC increased its stake in CAVA Group by 2,396.1% in the 1st quarter. AlphaQuest LLC now owns 1,922 shares of the company's stock valued at $166,000 after buying an additional 1,845 shares during the period. 73.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have issued reports on CAVA. Citigroup dropped their price objective on shares of CAVA Group from $102.00 to $88.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 13th. UBS Group dropped their price objective on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen lowered shares of CAVA Group from a "hold" rating to a "sell" rating in a research report on Friday, June 27th. Stifel Nicolaus decreased their target price on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. Finally, KeyCorp decreased their target price on shares of CAVA Group from $100.00 to $85.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $99.47.

CAVA Group Stock Down 1.9%

Shares of CAVA Group stock traded down $1.28 on Tuesday, hitting $66.27. The company's stock had a trading volume of 2,141,801 shares, compared to its average volume of 3,832,486. CAVA Group, Inc. has a 52-week low of $65.03 and a 52-week high of $172.43. The firm has a fifty day moving average price of $81.10 and a 200-day moving average price of $85.46. The company has a market capitalization of $7.68 billion, a P/E ratio of 55.58, a price-to-earnings-growth ratio of 3.38 and a beta of 2.62.

CAVA Group (NYSE:CAVA - Get Free Report) last released its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 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 business had revenue of $280.62 million for the quarter, compared to analyst estimates of $285.65 million. During the same period in the previous year, the firm earned $0.17 EPS. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Jennifer Somers sold 2,861 shares of the business'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 $215,032.76. Following the sale, the insider directly owned 137,048 shares in the company, valued at $10,300,527.68. The trade was a 2.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Tricia K. Tolivar sold 4,845 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $364,150.20. Following the completion of the transaction, the chief financial officer owned 236,345 shares in the company, valued at approximately $17,763,690.20. This trade represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 48,360 shares of company stock worth $3,634,738. 12.10% of the stock is owned by company 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.