New Mexico Educational Retirement Board Buys New Position in CAVA Group, Inc. (NYSE:CAVA)

New Mexico Educational Retirement Board purchased a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 16,700 shares of the company's stock, valued at approximately $1,443,000.

A number of other institutional investors also recently added to or reduced their stakes in CAVA. Larson Financial Group LLC raised its stake in CAVA Group by 274.0% in the fourth quarter. Larson Financial Group LLC now owns 273 shares of the company's stock valued at $31,000 after buying an additional 200 shares during the last quarter. Whittier Trust Co. raised its position in CAVA Group by 80.9% during the fourth quarter. Whittier Trust Co. now owns 284 shares of the company's stock valued at $32,000 after acquiring an additional 127 shares in the last quarter. First Horizon Advisors Inc. raised its position 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 in the last quarter. Signaturefd LLC raised its position in CAVA Group by 884.4% during the fourth quarter. Signaturefd LLC now owns 315 shares of the company's stock valued at $36,000 after acquiring an additional 283 shares in the last quarter. Finally, Versant Capital Management Inc purchased a new position in CAVA Group during the first quarter valued at approximately $31,000. Institutional investors own 73.15% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on CAVA. Sanford C. Bernstein upgraded CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price target for the company in a research report on Wednesday, April 23rd. TD Securities reissued a "buy" rating and issued a $120.00 price objective on shares of CAVA Group in a report on Friday, May 16th. UBS Group dropped their price objective on CAVA Group from $125.00 to $112.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Wall Street Zen lowered CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Finally, Barclays dropped their price objective on CAVA Group from $104.00 to $90.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $115.00.

CAVA Group Price Performance

CAVA Group stock traded down $2.09 during trading on Monday, reaching $89.96. 2,852,096 shares of the company were exchanged, compared to its average volume of 3,229,811. CAVA Group, Inc. has a 52-week low of $70.00 and a 52-week high of $172.43. The company has a market capitalization of $10.40 billion, a P/E ratio of 74.97, a PEG ratio of 4.32 and a beta of 2.65. The stock's 50 day simple moving average is $84.37 and its two-hundred day simple moving average is $96.55.

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

Insider Activity

In other news, insider Jennifer Somers sold 2,861 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $215,032.76. Following the completion of the transaction, the insider directly owned 137,048 shares of the company's stock, valued at approximately $10,300,527.68. This represents a 2.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Brett Schulman sold 31,856 shares of the company's stock in a transaction dated Monday, June 16th. The stock was 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 approximately $59,550,620.88. This represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 67,951 shares of company stock worth $5,409,027 over the last three months. Company insiders own 6.80% of the company's stock.

About CAVA Group

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.