Legal & General Group Plc Sells 14,218 Shares of CAVA Group, Inc. $CAVA

Key Points

• Legal & General Group Plc cut its CAVA Group stake by 8.9% in the fourth quarter, selling 14,218 shares and ending with 144,644 shares valued at about $8.49 million.
• CAVA reported better-than-expected quarterly results, posting EPS of $0.20 versus $0.17 expected and revenue of $438.27 million, up 32.1% year over year.
• Wall Street remains cautiously positive on the stock, with an average “Moderate Buy” rating and an average price target of $93.19, while insiders have also recently sold shares.

Legal & General Group Plc lowered its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 8.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 144,644 shares of the company's stock after selling 14,218 shares during the quarter. Legal & General Group Plc owned 0.12% of CAVA Group worth $8,489,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Cornerstone Planning Group LLC increased its stake in shares of CAVA Group by 378.7% in the 3rd quarter. Cornerstone Planning Group LLC now owns 450 shares of the company's stock valued at $27,000 after acquiring an additional 356 shares in the last quarter. Harbor Investment Advisory LLC increased its stake in shares of CAVA Group by 347.8% in the 4th quarter. Harbor Investment Advisory LLC now owns 515 shares of the company's stock valued at $30,000 after acquiring an additional 400 shares in the last quarter. TD Private Client Wealth LLC increased its stake in shares of CAVA Group by 118.2% in the 4th quarter. TD Private Client Wealth LLC now owns 600 shares of the company's stock valued at $35,000 after acquiring an additional 325 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of CAVA Group in the 3rd quarter valued at $36,000. Finally, Allworth Financial LP increased its stake in shares of CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company's stock valued at $38,000 after acquiring an additional 237 shares in the last quarter. Institutional investors own 73.15% of the company's stock.

CAVA Group Trading Up 1.1%

NYSE CAVA opened at $72.14 on Friday. The company has a fifty day simple moving average of $83.31 and a 200 day simple moving average of $71.60. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The company has a market cap of $8.40 billion, a P/E ratio of 138.74, a PEG ratio of 4.89 and a beta of 1.70.

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

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Citigroup lifted their price objective on shares of CAVA Group from $75.00 to $92.00 and gave the company a "neutral" rating in a research note on Monday, May 4th. Robert W. Baird lifted their price target on shares of CAVA Group from $88.00 to $98.00 and gave the company an "outperform" rating in a research report on Wednesday, May 20th. Mizuho lifted their price target on shares of CAVA Group from $72.00 to $80.00 and gave the company a "neutral" rating in a research report on Thursday, April 2nd. UBS Group lifted their price target on shares of CAVA Group from $75.00 to $85.00 and gave the company a "neutral" rating in a research report on Tuesday, May 12th. Finally, The Goldman Sachs Group lifted their price target on shares of CAVA Group from $75.00 to $86.00 and gave the company a "neutral" rating in a research report on Monday, April 13th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $93.19.

Insiders Place Their Bets

In other CAVA Group news, insider Theodoros Xenohristos sold 9,044 shares of CAVA Group stock in a transaction on Monday, May 11th. The shares were sold at an average price of $79.75, for a total transaction of $721,259.00. Following the transaction, the insider directly owned 327,882 shares of the company's stock, valued at $26,148,589.50. The trade was a 2.68% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available 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 5,181 shares of CAVA Group stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $77.14, for a total transaction of $399,662.34. Following the transaction, the chief accounting officer directly owned 9,505 shares in the company, valued at $733,215.70. This represents a 35.28% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 24,235 shares of company stock valued at $1,920,420 in the last three months. 6.70% of the stock is currently owned by insiders.

About CAVA Group

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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