Mitsubishi UFJ Asset Management Co. Ltd. Makes New Investment in CAVA Group, Inc. $CAVA

Key Points

• Mitsubishi UFJ Asset Management acquired 68,906 CAVA shares worth approximately $5.4 million, while institutional investors collectively own 73.15% of the company.
• CAVA reported quarterly revenue of $368.44 million, up 31.3% year over year, and earnings of $0.19 per share, beating analyst expectations of $0.18.
• The stock recently traded at $73.64, while analysts maintain a “Moderate Buy” consensus with an average price target of $89.44; its valuation remains elevated at a P/E ratio of 133.89.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 68,906 shares of the company's stock, valued at approximately $5,408,000. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.06% of CAVA Group as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Capital Research Global Investors raised its position in shares of CAVA Group by 27.2% during the 4th quarter. Capital Research Global Investors now owns 8,440,040 shares of the company's stock worth $495,344,000 after purchasing an additional 1,805,174 shares during the last quarter. Marshall Wace LLP boosted its holdings in CAVA Group by 689.8% in the 4th quarter. Marshall Wace LLP now owns 1,387,774 shares of the company's stock worth $81,448,000 after buying an additional 1,212,068 shares during the last quarter. Primecap Management Co. CA increased its stake in CAVA Group by 1,378.3% during the 4th quarter. Primecap Management Co. CA now owns 1,260,250 shares of the company's stock worth $73,964,000 after buying an additional 1,175,000 shares in the last quarter. Norges Bank purchased a new stake in CAVA Group during the 4th quarter worth approximately $50,278,000. Finally, Morgan Stanley raised its holdings in shares of 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 acquiring an additional 835,628 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company's stock.

CAVA Group Trading Up 2.2%

CAVA Group stock opened at $73.64 on Friday. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The stock has a market cap of $8.60 billion, a P/E ratio of 133.89, a PEG ratio of 4.96 and a beta of 1.74. The company has a 50-day moving average price of $71.99 and a 200 day moving average price of $77.16.

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

Wall Street Analyst Weigh In

CAVA has been the subject of several recent research reports. BMO Capital Markets set a $100.00 price objective on CAVA Group in a research note on Wednesday, May 20th. Stifel Nicolaus upped their target price on shares of CAVA Group from $90.00 to $105.00 and gave the stock a "buy" rating in a report on Wednesday, May 20th. Wall Street Zen upgraded shares of CAVA Group from a "sell" rating to a "hold" rating in a research report on Sunday, May 24th. Morgan Stanley upgraded shares of CAVA Group from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $86.00 to $90.00 in a research report on Wednesday, July 15th. Finally, Northcoast Research raised shares of CAVA Group from a "sell" rating to a "neutral" rating in a research note on Thursday, August 13th. Seventeen investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, CAVA Group currently has a consensus rating of "Moderate Buy" and a consensus target price of $89.44.

Insider Activity

In other news, CFO Tricia K. Tolivar sold 4,969 shares of CAVA Group stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $444,377.67. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 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 the stock in a transaction that occurred on 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 completion of the transaction, the insider owned 98,490 shares of the company's stock, valued at $8,864,100. The trade was a 11.25% decrease in their ownership of the stock. 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 have sold 67,512 shares of company stock worth $6,050,417. 6.70% of the stock is owned by company insiders.

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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