Man Group plc Takes Position in CAVA Group, Inc. $CAVA

Key Points

• Man Group plc acquired 242,935 CAVA shares worth approximately $19.1 million during the second quarter, giving it a 0.21% stake. Institutional investors and hedge funds collectively own 73.15% of CAVA.
• Analyst sentiment remains positive, with a consensus “Moderate Buy” rating and an average price target of $89.44; recent changes included upgrades from Northcoast Research, Robert W. Baird and UBS Group.
• CAVA exceeded quarterly expectations with adjusted EPS of $0.19 versus $0.18 expected and revenue of $368.44 million, up 31.3% year over year. However, insiders sold 67,512 shares worth $6.05 million over the past three months, while the stock’s high valuation included a P/E ratio above 121.

Man Group plc bought a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 242,935 shares of the company's stock, valued at approximately $19,066,000. Man Group plc owned about 0.21% of CAVA Group at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Modern Wealth Management LLC boosted its stake in CAVA Group by 4.2% during the 1st quarter. Modern Wealth Management LLC now owns 3,907 shares of the company's stock worth $313,000 after purchasing an additional 158 shares during the period. Bridgewater Associates LP raised its holdings in shares of CAVA Group by 2.4% in the fourth quarter. Bridgewater Associates LP now owns 6,827 shares of the company's stock valued at $401,000 after buying an additional 163 shares during the last quarter. Western Pacific Wealth Management LP raised its holdings in shares of CAVA Group by 32.5% in the fourth quarter. Western Pacific Wealth Management LP now owns 729 shares of the company's stock valued at $43,000 after buying an additional 179 shares during the last quarter. Allworth Financial LP boosted its stake in shares of CAVA Group by 57.4% during the fourth quarter. Allworth Financial LP now owns 650 shares of the company's stock worth $38,000 after buying an additional 237 shares during the period. Finally, Clearstead Advisors LLC boosted its stake in shares of CAVA Group by 18.2% during the fourth quarter. Clearstead Advisors LLC now owns 1,566 shares of the company's stock worth $92,000 after buying an additional 241 shares during the period. 73.15% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently issued reports on CAVA. Northcoast Research upgraded CAVA Group from a "sell" rating to a "neutral" rating in a research report on Thursday, August 13th. Argus set a $92.00 price objective on CAVA Group in a research report on Friday, May 22nd. DA Davidson lowered their target price on CAVA Group from $84.00 to $75.00 and set a "neutral" rating on the stock in a research note on Thursday, August 13th. Robert W. Baird upgraded CAVA Group to a "strong-buy" rating in a research note on Monday. Finally, UBS Group raised CAVA Group from a "neutral" rating to a "buy" rating and increased their price target for the stock from $85.00 to $90.00 in a report on Wednesday, June 10th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $89.44.

Insiders Place Their Bets

In other news, CFO Tricia K. Tolivar sold 4,969 shares of the company's stock in a transaction on Monday, June 15th. The stock was sold at an average price of $89.43, for a total value of $444,377.67. Following the sale, the chief financial officer directly owned 234,931 shares in the company, valued at $21,009,879.33. This represents a 2.07% decrease in their ownership of the stock. The sale 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, insider Kelly Costanza sold 12,490 shares of CAVA Group stock in a transaction dated Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the sale, the insider owned 98,490 shares of the company's stock, valued at approximately $8,864,100. This represents a 11.25% decrease in their position. 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. Over the last three months, insiders sold 67,512 shares of company stock valued at $6,050,417. Insiders own 6.70% of the company's stock.

CAVA Group Price Performance

Shares of CAVA Group stock opened at $66.80 on Friday. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The company has a market capitalization of $7.80 billion, a P/E ratio of 121.46, a P/E/G ratio of 4.61 and a beta of 1.74. The business has a 50 day moving average price of $70.43 and a 200 day moving average price of $77.40.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, August 11th. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.18 by $0.01. The firm had revenue of $368.44 million for the quarter, compared to analyst estimates of $360.09 million. CAVA Group had a return on equity of 8.28% and a net margin of 4.82%.CAVA Group's revenue was up 31.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.16 EPS. As a group, research analysts expect that CAVA Group, Inc. will post 0.54 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source