First National Bank of Omaha Invests $5.79 Million in CAVA Group, Inc. $CAVA

Key Points

• First National Bank of Omaha purchased 71,343 CAVA shares valued at approximately $5.79 million, while institutional investors collectively own 73.15% of the company.
• Analysts maintain a generally positive outlook, with 17 Buy and nine Hold ratings, resulting in a “Moderate Buy” consensus and an average price target of $89.44.
• CAVA’s latest quarterly results exceeded expectations, with EPS of $0.19 versus $0.18 estimated and revenue of $368.44 million, up 31.3% year over year; shares opened at $68.25, down 3.9%.

First National Bank of Omaha purchased a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 71,343 shares of the company's stock, valued at approximately $5,795,000. First National Bank of Omaha owned approximately 0.06% of CAVA Group as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the business. BlackRock Inc. purchased a new stake in shares of CAVA Group in the second quarter valued at approximately $757,013,000. Capital Research Global Investors increased its holdings in CAVA Group by 27.2% in the 4th quarter. Capital Research Global Investors now owns 8,440,040 shares of the company's stock worth $495,344,000 after acquiring an additional 1,805,174 shares in the last quarter. Capital International Investors raised its position in CAVA Group by 15.5% during the fourth quarter. Capital International Investors now owns 4,885,317 shares of the company's stock worth $286,718,000 after acquiring an additional 656,581 shares during the period. Morgan Stanley lifted its holdings in CAVA Group by 33.7% during the fourth quarter. Morgan Stanley now owns 3,318,894 shares of the company's stock valued at $194,786,000 after purchasing an additional 835,628 shares in the last quarter. Finally, State Street Corp grew its position in shares of CAVA Group by 1.3% in the fourth quarter. State Street Corp now owns 2,920,442 shares of the company's stock valued at $171,401,000 after purchasing an additional 36,508 shares during the period. Hedge funds and other institutional investors own 73.15% of the company's stock.

Insider Activity

In other CAVA Group news, CEO Brett Schulman sold 33,174 shares of the business's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total transaction of $2,966,750.82. Following the transaction, the chief executive officer owned 798,669 shares of the company's stock, valued at approximately $71,424,968.67. The trade was a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Tricia K. Tolivar sold 4,969 shares of the company's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total value 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. The trade was a 2.07% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 82,703 shares of company stock valued at $7,249,579 in the last 90 days. 6.70% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on CAVA shares. Barclays upped their price target on shares of CAVA Group from $70.00 to $74.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 20th. Morgan Stanley upgraded CAVA Group from an "equal weight" rating to an "overweight" rating and boosted their price objective for the stock from $86.00 to $90.00 in a research note on Wednesday, July 15th. Guggenheim reduced their target price on CAVA Group from $100.00 to $95.00 and set a "buy" rating for the company in a report on Thursday, August 13th. KeyCorp decreased their target price on CAVA Group from $110.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 12th. Finally, Telsey Advisory Group lifted their price target on CAVA Group from $92.00 to $95.00 and gave the stock an "outperform" rating in a research note on Wednesday, May 20th. Seventeen equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $89.44.

CAVA Group Trading Down 3.9%

Shares of NYSE CAVA opened at $68.25 on Wednesday. The stock has a market cap of $7.97 billion, a PE ratio of 124.10, a P/E/G ratio of 5.12 and a beta of 1.75. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The company has a 50-day moving average of $72.86 and a 200 day moving average of $77.05.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.01. The business had revenue of $368.44 million for the quarter, compared to analysts' expectations of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.The business's revenue for the quarter was up 31.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.16 EPS. On average, sell-side analysts forecast that CAVA Group, Inc. will post 0.53 EPS for the current fiscal 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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