Legal & General Group Plc Acquires Shares of 124,147 CAVA Group, Inc. $CAVA

Key Points

• Legal & General Group Plc acquired 124,147 CAVA shares in the second quarter, valued at approximately $9.7 million and representing a 0.11% stake. Institutional investors and hedge funds collectively own 73.15% of CAVA.
• CAVA reported quarterly EPS of $0.19, exceeding the $0.18 consensus estimate, while revenue reached $368.44 million, up 31.3% year over year and above expectations.
• Despite recent insider selling totaling 67,512 shares worth about $6.05 million, analysts maintain a Moderate Buy consensus rating with an average price target of $89.44, compared with the stock’s reported $65.74 opening price.

Legal & General Group Plc acquired a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 124,147 shares of the company's stock, valued at approximately $9,743,000. Legal & General Group Plc owned 0.11% of CAVA Group as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of CAVA. Bison Wealth LLC acquired a new stake in CAVA Group during the fourth quarter worth about $208,000. Goldman Sachs Group Inc. boosted its position in CAVA Group by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company's stock worth $52,432,000 after purchasing an additional 75,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in CAVA Group by 17.3% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company's stock worth $20,447,000 after purchasing an additional 34,860 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of CAVA Group by 9.3% during the 2nd quarter. Brown Advisory Inc. now owns 2,979 shares of the company's stock worth $251,000 after purchasing an additional 253 shares during the period. Finally, Cresset Asset Management LLC grew its stake in shares of CAVA Group by 20.3% during the 2nd quarter. Cresset Asset Management LLC now owns 9,165 shares of the company's stock worth $772,000 after purchasing an additional 1,549 shares during the period. Institutional investors and hedge funds own 73.15% of the company's stock.

Insider Transactions at CAVA Group

In related news, Director Karen Kochevar sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the completion of the transaction, the director owned 3,074 shares of the company's stock, valued at approximately $276,660. This trade represents a 76.49% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Kelly Costanza sold 12,490 shares of CAVA Group stock in a transaction that occurred on Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the sale, the insider owned 98,490 shares of the company's stock, valued at $8,864,100. This trade represents a 11.25% 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. In the last quarter, insiders sold 67,512 shares of company stock valued at $6,050,417. Company insiders own 6.70% of the company's stock.

CAVA Group Price Performance

Shares of CAVA Group stock opened at $65.74 on Tuesday. The stock has a market capitalization of $7.68 billion, a P/E ratio of 119.53, a PEG ratio of 4.56 and a beta of 1.75. The business has a 50 day simple moving average of $69.68 and a two-hundred day simple moving average of $77.33. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.18 by $0.01. The firm had revenue of $368.44 million during 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 firm's revenue for the quarter was up 31.3% on a year-over-year basis. During the same period in the previous year, the business earned $0.16 earnings per share. As a group, research analysts anticipate that CAVA Group, Inc. will post 0.54 EPS for the current fiscal year.

Analyst Ratings Changes

CAVA has been the subject of several analyst reports. Argus set a $92.00 target price on shares of CAVA Group in a research note on Friday, May 22nd. Telsey Advisory Group lifted their price objective 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. 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 research report on Wednesday, June 10th. BMO Capital Markets set a $100.00 target price on shares of CAVA Group in a research note on Wednesday, May 20th. Finally, Guggenheim dropped their target price on CAVA Group from $100.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $89.44.

CAVA Group 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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