Price T Rowe Associates Inc. MD Boosts Stock Holdings in CAVA Group, Inc. $CAVA

Key Points

• Price T Rowe Associates Inc. MD significantly increased its holdings in CAVA Group, Inc. by 114.4%, now owning approximately 2.07% of the company valued at $206.9 million.
• CAVA Group has received mixed analyst ratings, with one "strong-buy," eleven "buy," and seven "hold" ratings, while price targets have varied from $85.00 to $115.00.
• Despite recent quarterly earnings exceeding analysts' expectations, CAVA Group reported a dip in stock performance, highlighting ongoing volatility in its market position.

Price T Rowe Associates Inc. MD grew its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 114.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,394,561 shares of the company's stock after acquiring an additional 1,277,912 shares during the period. Price T Rowe Associates Inc. MD owned about 2.07% of CAVA Group worth $206,915,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Utah Retirement Systems raised its stake in shares of CAVA Group by 2.5% during the fourth quarter. Utah Retirement Systems now owns 4,100 shares of the company's stock valued at $462,000 after acquiring an additional 100 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of CAVA Group by 37.3% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 530 shares of the company's stock valued at $46,000 after acquiring an additional 144 shares during the last quarter. Miracle Mile Advisors LLC raised its stake in shares of CAVA Group by 1.9% during the first quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock valued at $713,000 after acquiring an additional 150 shares during the last quarter. Kovitz Investment Group Partners LLC raised its stake in shares of CAVA Group by 7.0% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,435 shares of the company's stock valued at $275,000 after acquiring an additional 159 shares during the last quarter. Finally, Regent Peak Wealth Advisors LLC raised its stake in shares of CAVA Group by 6.2% during the first quarter. Regent Peak Wealth Advisors LLC now owns 3,166 shares of the company's stock valued at $274,000 after acquiring an additional 186 shares during the last quarter. 73.15% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently commented on CAVA shares. KeyCorp lowered their price objective on shares of CAVA Group from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, August 13th. Cfra Research raised shares of CAVA Group to a "strong-buy" rating in a research note on Thursday, August 14th. JPMorgan Chase & Co. decreased their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday, June 25th. Robert W. Baird set a $95.00 price target on shares of CAVA Group in a research note on Wednesday, August 13th. Finally, Wall Street Zen downgraded shares of CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and seven have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $99.47.

CAVA Group Price Performance

CAVA stock opened at $68.3810 on Friday. CAVA Group, Inc. has a 1 year low of $65.70 and a 1 year high of $172.43. The company has a market cap of $7.93 billion, a P/E ratio of 57.46, a PEG ratio of 3.43 and a beta of 2.65. The firm has a 50-day moving average of $81.98 and a 200 day moving average of $88.62.

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

Insiders Place Their Bets

In other CAVA Group news, insider Jennifer Somers sold 2,861 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $215,032.76. Following the sale, the insider owned 137,048 shares in the company, valued at approximately $10,300,527.68. This represents a 2.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Adam David Phillips sold 739 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 $55,543.24. Following the completion of the sale, the chief accounting officer owned 11,063 shares in the company, valued at approximately $831,495.08. This trade represents a 6.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 48,360 shares of company stock valued at $3,634,738. 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.

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