Principal Financial Group Inc. Purchases 270,206 Shares of CAVA Group, Inc. (NYSE:CAVA)

Principal Financial Group Inc. raised its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 292.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 362,722 shares of the company's stock after purchasing an additional 270,206 shares during the period. Principal Financial Group Inc. owned 0.31% of CAVA Group worth $31,343,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Utah Retirement Systems lifted its holdings in CAVA Group by 2.5% in the fourth quarter. Utah Retirement Systems now owns 4,100 shares of the company's stock valued at $462,000 after buying an additional 100 shares during the period. Whittier Trust Co. raised its position in shares of CAVA Group by 80.9% in the 4th quarter. Whittier Trust Co. now owns 284 shares of the company's stock worth $32,000 after acquiring an additional 127 shares in the last quarter. Miracle Mile Advisors LLC lifted its stake in shares of CAVA Group by 1.9% in the 1st quarter. Miracle Mile Advisors LLC now owns 8,247 shares of the company's stock valued at $713,000 after purchasing an additional 150 shares during the period. Centurion Wealth Management LLC lifted its stake in shares of CAVA Group by 8.8% in the 4th quarter. Centurion Wealth Management LLC now owns 1,913 shares of the company's stock valued at $216,000 after purchasing an additional 154 shares during the period. Finally, Kovitz Investment Group Partners LLC boosted its position in shares of CAVA Group by 7.0% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,435 shares of the company's stock valued at $275,000 after purchasing an additional 159 shares in the last quarter. 73.15% of the stock is owned by institutional investors and hedge funds.

CAVA Group Trading Up 2.6%

Shares of NYSE:CAVA traded up $2.30 during midday trading on Wednesday, reaching $89.87. The company had a trading volume of 4,198,731 shares, compared to its average volume of 3,239,958. The company's 50 day moving average price is $84.51 and its 200 day moving average price is $97.20. The stock has a market cap of $10.39 billion, a P/E ratio of 148.42, a P/E/G ratio of 4.11 and a beta of 2.65. CAVA Group, Inc. has a 52-week low of $70.00 and a 52-week high of $172.43.

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

Analyst Ratings Changes

CAVA has been the topic of several recent analyst reports. Sanford C. Bernstein raised CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price target on the stock in a research note on Wednesday, April 23rd. TD Securities reiterated a "buy" rating and set a $120.00 target price on shares of CAVA Group in a research report on Friday, May 16th. Barclays reduced their price target on shares of CAVA Group from $104.00 to $90.00 and set an "equal weight" rating for the company in a report on Tuesday, April 22nd. Wall Street Zen lowered shares of CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Finally, Stifel Nicolaus cut their price objective 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. One analyst has rated the stock with a sell rating, five have issued a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, CAVA Group currently has a consensus rating of "Moderate Buy" and an average price target of $117.82.

Insider Buying and Selling at CAVA Group

In other CAVA Group news, CEO Brett Schulman sold 31,856 shares of the firm'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 sale, the chief executive officer owned 792,318 shares of the company's stock, valued at $59,550,620.88. This trade represents a 3.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Theodoros Xenohristos sold 9,348 shares of the business's stock in a transaction dated Friday, May 9th. The stock was sold at an average price of $94.88, for a total value of $886,938.24. Following the transaction, the insider directly owned 353,271 shares of the company's stock, valued at $33,518,352.48. The trade was a 2.58% decrease in their position. The disclosure for this sale can be found here. Insiders sold 67,951 shares of company stock valued at $5,409,027 over the last 90 days. Insiders own 6.80% of the company's stock.

CAVA Group 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.