Fifth Third Bancorp Raises Stock Position in CAVA Group, Inc. $CAVA

Key Points

• Fifth Third Bancorp increased its CAVA Group stake by 1,327.8% in the first quarter, ending with 36,709 shares worth about $2.97 million.
• CAVA reported strong quarterly results, with EPS of $0.20 beating estimates and revenue of $438.27 million topping expectations, up 32.1% year over year.
• Analysts remain generally constructive on the stock, with a Moderate Buy consensus and an average price target of $93.54, despite some insider selling in recent months.

Fifth Third Bancorp raised its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 1,327.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,709 shares of the company's stock after purchasing an additional 34,138 shares during the period. Fifth Third Bancorp's holdings in CAVA Group were worth $2,970,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of CAVA. Capital Research Global Investors increased its holdings in shares of CAVA Group by 27.2% in the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company's stock valued at $495,344,000 after purchasing an additional 1,805,174 shares during the last quarter. Marshall Wace LLP increased its stake in shares of CAVA Group by 689.8% in the 4th quarter. Marshall Wace LLP now owns 1,387,774 shares of the company's stock worth $81,448,000 after acquiring an additional 1,212,068 shares during the last quarter. Primecap Management Co. CA raised its holdings in shares of CAVA Group by 1,378.3% during the 4th quarter. Primecap Management Co. CA now owns 1,260,250 shares of the company's stock worth $73,964,000 after acquiring an additional 1,175,000 shares during the period. Norges Bank purchased a new position in shares of CAVA Group during the 4th quarter worth $50,278,000. Finally, Morgan Stanley boosted its position in shares of CAVA Group by 33.7% during the 4th quarter. Morgan Stanley now owns 3,318,894 shares of the company's stock valued at $194,786,000 after acquiring an additional 835,628 shares during the last quarter. 73.15% of the stock is currently owned by institutional investors and hedge funds.

CAVA Group Price Performance

CAVA opened at $63.48 on Tuesday. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79. The stock has a market capitalization of $7.39 billion, a P/E ratio of 122.08, a P/E/G ratio of 4.72 and a beta of 1.69. The business has a 50 day simple moving average of $77.65 and a 200-day simple moving average of $77.21.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The firm had revenue of $438.27 million for the quarter, compared to analysts' expectations of $360.89 million. During the same period in the prior year, the company earned $0.22 EPS. The firm's revenue was up 32.1% on a year-over-year basis. Research analysts anticipate that CAVA Group, Inc. will post 0.55 EPS for the current year.

Analyst Ratings Changes

Several research firms have issued reports on CAVA. DA Davidson raised their target price on CAVA Group from $80.00 to $84.00 and gave the stock a "neutral" rating in a research note on Thursday, May 21st. UBS Group upgraded shares of CAVA Group from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $85.00 to $90.00 in a report on Wednesday, June 10th. Piper Sandler increased their price objective on shares of CAVA Group from $85.00 to $92.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 20th. Telsey Advisory Group lifted their target price on shares of CAVA Group from $92.00 to $95.00 and gave the company an "outperform" rating in a report on Wednesday, May 20th. Finally, BNP Paribas Exane started coverage on CAVA Group in a research report on Monday, March 30th. They issued a "neutral" rating and a $91.00 target price on the stock. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $93.54.

Insider Transactions at CAVA Group

In related news, CFO Tricia K. Tolivar sold 4,969 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $444,377.67. Following the completion of the sale, the chief financial officer owned 234,931 shares of the company's stock, valued at approximately $21,009,879.33. This represents a 2.07% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 757 shares of the company's stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $67,698.51. Following the completion of the sale, the chief accounting officer directly owned 6,848 shares of the company's stock, valued at $612,416.64. The trade was a 9.95% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 91,747 shares of company stock worth $7,970,838 in the last three months. 6.70% of the stock is currently owned by company insiders.

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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