Jennison Associates LLC Grows Stock Position in CAVA Group, Inc. (NYSE:CAVA)

Jennison Associates LLC increased its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 246.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,519,459 shares of the company's stock after purchasing an additional 6,057,727 shares during the quarter. Jennison Associates LLC owned 7.37% of CAVA Group worth $736,166,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CAVA. First Horizon Advisors Inc. raised its holdings in CAVA Group by 1,400.0% during the first quarter. First Horizon Advisors Inc. now owns 285 shares of the company's stock valued at $25,000 after acquiring an additional 266 shares during the period. Versant Capital Management Inc bought a new stake in CAVA Group during the first quarter valued at about $31,000. Whittier Trust Co. increased its holdings in CAVA Group by 80.9% in the 4th quarter. Whittier Trust Co. now owns 284 shares of the company's stock valued at $32,000 after acquiring an additional 127 shares during the last quarter. Signaturefd LLC increased its holdings in CAVA Group by 884.4% in the 4th quarter. Signaturefd LLC now owns 315 shares of the company's stock valued at $36,000 after acquiring an additional 283 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in CAVA Group by 192.4% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 386 shares of the company's stock valued at $44,000 after acquiring an additional 254 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company's stock.

CAVA Group Price Performance

Shares of NYSE CAVA traded up $0.72 during midday trading on Friday, hitting $87.49. The company's stock had a trading volume of 1,974,861 shares, compared to its average volume of 3,249,866. The business's fifty day simple moving average is $83.74 and its two-hundred day simple moving average is $95.81. CAVA Group, Inc. has a 1 year low of $70.00 and a 1 year high of $172.43. The firm has a market capitalization of $10.12 billion, a price-to-earnings ratio of 72.91, a price-to-earnings-growth ratio of 4.12 and a beta of 2.65.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its quarterly earnings data on Thursday, May 15th. The company reported $0.22 EPS for the quarter, beating the consensus estimate of $0.14 by $0.08. CAVA Group had a net margin of 13.70% and a return on equity of 10.61%. The business had revenue of $331.83 million during the quarter, compared to analyst estimates of $327.98 million. During the same quarter last year, the firm posted $0.12 earnings per share. The business's revenue for the quarter was up 28.1% compared to the same quarter last year. Analysts anticipate that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on CAVA. Morgan Stanley set a $107.00 target price on shares of CAVA Group and gave the stock an "equal weight" rating in a report on Monday, July 14th. Wall Street Zen downgraded shares of CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. JPMorgan Chase & Co. dropped their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday, June 25th. Barclays lifted their price target on shares of CAVA Group from $90.00 to $91.00 and gave the stock an "equal weight" rating in a research note on Thursday. Finally, Sanford C. Bernstein raised shares of CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price target for the company in a research note on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $115.06.

Insider Buying and Selling at CAVA Group

In other news, CEO Brett Schulman sold 31,856 shares of CAVA Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $2,394,296.96. Following the transaction, the chief executive officer directly owned 792,318 shares of the company's stock, valued at $59,550,620.88. The trade was a 3.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Adam David Phillips sold 739 shares of CAVA Group stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $55,543.24. Following the completion of the transaction, the chief accounting officer directly owned 11,063 shares in the company, valued at $831,495.08. The trade was a 6.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 67,951 shares of company stock worth $5,409,027. 6.80% of the stock is owned by insiders.

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.