CAVA Group, Inc. $CAVA Shares Purchased by Northern Trust Corp

Key Points

• Northern Trust Corp increased its stake in CAVA Group, Inc. by 63.5%, owning a total of 679,144 shares valued at approximately $58.7 million.
• Several institutional investors, including Jennison Associates LLC and Vanguard Group Inc., significantly boosted their holdings in CAVA Group during the first quarter, reflecting strong institutional interest.
• Wall Street analysts have adjusted price targets for CAVA Group, with ratings ranging from "Strong Buy" to "Hold," and a consensus target price of approximately $99.47.

Northern Trust Corp increased its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 63.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 679,144 shares of the company's stock after acquiring an additional 263,651 shares during the period. Northern Trust Corp owned approximately 0.59% of CAVA Group worth $58,685,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Brooklyn Investment Group boosted its position in shares of CAVA Group by 168.0% in the first quarter. Brooklyn Investment Group now owns 402 shares of the company's stock worth $35,000 after acquiring an additional 252 shares during the last quarter. Algert Global LLC lifted its position in CAVA Group by 20.4% during the first quarter. Algert Global LLC now owns 33,141 shares of the company's stock valued at $2,864,000 after buying an additional 5,620 shares in the last quarter. Steward Partners Investment Advisory LLC lifted its position in CAVA Group by 7,003.9% during the first quarter. Steward Partners Investment Advisory LLC now owns 127,373 shares of the company's stock valued at $11,006,000 after buying an additional 125,580 shares in the last quarter. State of New Jersey Common Pension Fund D lifted its position in CAVA Group by 1.8% during the first quarter. State of New Jersey Common Pension Fund D now owns 30,427 shares of the company's stock valued at $2,629,000 after buying an additional 530 shares in the last quarter. Finally, American Century Companies Inc. lifted its position in CAVA Group by 166.0% during the first quarter. American Century Companies Inc. now owns 213,463 shares of the company's stock valued at $18,445,000 after buying an additional 133,222 shares in the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the stock. Robert W. Baird set a $95.00 price target on shares of CAVA Group in a research report on Wednesday, August 13th. Stifel Nicolaus reduced their price target on shares of CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a research report on Wednesday, June 18th. Citigroup reduced their price target on shares of CAVA Group from $102.00 to $88.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 13th. UBS Group reduced their price target on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 13th. Finally, Barclays reduced their price target on shares of CAVA Group from $91.00 to $74.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 13th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $99.47.

CAVA Group Stock Down 0.8%

Shares of NYSE CAVA traded down $0.58 during trading on Monday, reaching $67.64. 2,927,279 shares of the stock were exchanged, compared to its average volume of 6,334,933. The business's 50-day moving average price is $81.25 and its 200 day moving average price is $85.91. CAVA Group, Inc. has a twelve month low of $65.03 and a twelve month high of $172.43. The company has a market capitalization of $7.84 billion, a price-to-earnings ratio of 56.84, a price-to-earnings-growth ratio of 3.38 and a beta of 2.62.

CAVA Group (NYSE:CAVA - Get Free Report) last posted its earnings results on Tuesday, August 12th. The company reported $0.16 EPS for the quarter, topping analysts' consensus estimates of $0.13 by $0.03. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The business had revenue of $280.62 million for the quarter, compared to analysts' expectations of $285.65 million. During the same period in the previous year, the company posted $0.17 earnings per share. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts expect that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

Insider Transactions at CAVA Group

In related news, CAO Adam David Phillips sold 739 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $55,543.24. Following the sale, the chief accounting officer directly owned 11,063 shares of the company's stock, valued at $831,495.08. This represents a 6.26% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Theodoros Xenohristos sold 3,062 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $230,139.92. Following the completion of the sale, the insider directly owned 350,209 shares in the company, valued at $26,321,708.44. This represents a 0.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 48,360 shares of company stock valued at $3,634,738 over the last ninety days. 12.10% of the stock is currently owned by corporate insiders.

CAVA Group Company Profile

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.