Raymond James Financial Inc. Has $44.85 Million Stock Holdings in CAVA Group, Inc. $CAVA

Key Points

• Raymond James Financial Inc. reduced its stake in CAVA Group, Inc. by 1.6%, owning approximately 519,023 shares valued at $44.8 million as of the end of the first quarter.
• CAVA Group recently reported a quarterly EPS of $0.16, exceeding analysts' expectations, but had revenue of $280.62 million, falling short of the $285.65 million target.
• Hedge funds and institutional investors collectively own 73.15% of CAVA Group's stock, highlighting significant interest in the company within the investment community.

Raymond James Financial Inc. reduced its stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 519,023 shares of the company's stock after selling 8,600 shares during the period. Raymond James Financial Inc. owned approximately 0.45% of CAVA Group worth $44,849,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. First Horizon Advisors Inc. grew its position in CAVA Group by 1,400.0% in 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 during the period. Vision Financial Markets LLC bought a new position in shares of CAVA Group during the first quarter valued at $26,000. Dagco Inc. acquired a new stake in shares of CAVA Group in the 1st quarter valued at $27,000. Versant Capital Management Inc acquired a new stake in shares of CAVA Group in the 1st quarter valued at $31,000. Finally, Horizon Investments LLC bought a new stake in shares of CAVA Group in the 1st quarter worth about $42,000. Institutional investors own 73.15% of the company's stock.

Insiders Place Their Bets

In related news, insider Theodoros Xenohristos sold 3,062 shares of CAVA Group stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $75.16, for a total value 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 trade represents a 0.87% 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 the SEC website. Also, insider Kelly Costanza sold 2,799 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 transaction of $210,372.84. Following the transaction, the insider owned 122,548 shares in the company, valued at approximately $9,210,707.68. The trade was a 2.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 48,360 shares of company stock valued at $3,634,738 over the last 90 days. Corporate insiders own 12.10% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on CAVA. UBS Group cut their price target on shares of CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. Melius initiated coverage on shares of CAVA Group in a research note on Monday, July 14th. They issued a "hold" rating and a $95.00 target price for the company. Stifel Nicolaus reduced their target price on CAVA Group from $175.00 to $125.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Citigroup dropped their price target on CAVA Group from $102.00 to $88.00 and set a "neutral" rating for the company in a report on Wednesday, August 13th. Finally, TD Cowen cut their price objective on CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a research report on Wednesday, August 13th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, CAVA Group presently has an average rating of "Moderate Buy" and an average target price of $99.47.

CAVA Group Trading Up 1.6%

Shares of CAVA traded up $1.0510 during mid-day trading on Friday, hitting $68.3810. 3,322,547 shares of the company traded hands, compared to its average volume of 6,196,685. CAVA Group, Inc. has a one year low of $65.70 and a one year high of $172.43. The business has a 50-day moving average of $81.98 and a 200 day moving average of $88.25. The stock has a market capitalization of $7.93 billion, a price-to-earnings ratio of 118.15, a PEG ratio of 3.43 and a beta of 2.65.

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

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.