Primecap Management Co. CA Invests $92.96 Million in CAVA Group, Inc. $CAVA

Primecap Management Co. CA acquired a new stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The fund acquired 1,184,450 shares of the company's stock, valued at approximately $92,956,000. Primecap Management Co. CA owned approximately 1.02% of CAVA Group as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Los Angeles Capital Management LLC bought a new stake in CAVA Group during the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC purchased a new position in CAVA Group during the second quarter valued at approximately $31,000. TD Private Client Wealth LLC boosted its position in shares of CAVA Group by 118.2% in the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company's stock worth $35,000 after purchasing an additional 325 shares during the period. Allworth Financial LP boosted its position in shares of CAVA Group by 57.4% in the fourth quarter. Allworth Financial LP now owns 650 shares of the company's stock worth $38,000 after purchasing an additional 237 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in shares of CAVA Group by 115.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company's stock worth $38,000 after purchasing an additional 347 shares in the last quarter. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Price Performance

Shares of CAVA opened at $69.25 on Wednesday. The stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of 125.92, a price-to-earnings-growth ratio of 4.95 and a beta of 1.74. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The business's 50 day simple moving average is $71.28 and its 200-day simple moving average is $77.39.

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 analysts' consensus estimates of $0.18 by $0.01. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The firm had revenue of $368.44 million during the quarter, compared to analyst estimates of $360.09 million. During the same period last year, the firm posted $0.16 earnings per share. CAVA Group's revenue for the quarter was up 31.3% compared to the same quarter last year. On average, sell-side analysts expect that CAVA Group, Inc. will post 0.53 earnings per share for the current year.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CEO Brett Schulman sold 33,174 shares of the stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $2,966,750.82. Following the completion of the transaction, the chief executive officer owned 798,669 shares in the company, valued at $71,424,968.67. This trade represents a 3.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available 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 CAVA Group stock in a transaction on Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the completion of the transaction, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 67,512 shares of company stock valued at $6,050,417 over the last ninety days. Corporate insiders own 6.70% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on CAVA. Piper Sandler raised their price objective on shares of CAVA Group from $85.00 to $92.00 and gave the company an "overweight" rating in a research report on Wednesday, May 20th. Robert W. Baird upped their target price on shares of CAVA Group from $88.00 to $98.00 and gave the stock an "outperform" rating in a report on Wednesday, May 20th. Mizuho cut their price target on CAVA Group from $85.00 to $70.00 and set a "neutral" rating for the company in a research note on Wednesday, August 12th. Roth Capital reissued a "buy" rating and set a $95.00 price target (down from $106.00) on shares of CAVA Group in a report on Wednesday, August 12th. Finally, Northcoast Research upgraded CAVA Group from a "sell" rating to a "neutral" rating in a research report on Thursday, August 13th. Seventeen research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $89.44.

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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