Retirement Systems of Alabama Takes Position in CAVA Group, Inc. (NYSE:CAVA)

Retirement Systems of Alabama acquired a new position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 98,798 shares of the company's stock, valued at approximately $8,537,000. Retirement Systems of Alabama owned about 0.09% of CAVA Group at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of CAVA Group by 20.4% during the fourth quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company's stock worth $903,709,000 after purchasing an additional 1,357,187 shares during the period. Man Group plc grew its position in shares of CAVA Group by 563.7% during the 4th quarter. Man Group plc now owns 935,075 shares of the company's stock worth $105,476,000 after buying an additional 794,187 shares during the period. Barclays PLC increased its stake in shares of CAVA Group by 116.7% in the 4th quarter. Barclays PLC now owns 84,755 shares of the company's stock valued at $9,560,000 after acquiring an additional 591,866 shares during the last quarter. Norges Bank acquired a new stake in shares of CAVA Group in the 4th quarter valued at approximately $64,538,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of CAVA Group in the 4th quarter valued at approximately $59,516,000. 73.15% of the stock is owned by institutional investors.

CAVA Group Trading Up 0.5%

Shares of CAVA stock traded up $0.37 on Friday, hitting $78.04. 6,821,422 shares of the stock were exchanged, compared to its average volume of 3,166,312. The firm has a market capitalization of $9.03 billion, a P/E ratio of 65.03, a price-to-earnings-growth ratio of 3.46 and a beta of 2.77. CAVA Group, Inc. has a fifty-two week low of $70.00 and a fifty-two week high of $172.43. The business has a 50-day moving average of $85.11 and a 200 day moving average of $99.57.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on CAVA. Bank of America boosted their price objective on shares of CAVA Group from $112.00 to $121.00 and gave the company a "buy" rating in a report on Monday, May 19th. Robert W. Baird boosted their price target on shares of CAVA Group from $105.00 to $115.00 and gave the company an "outperform" rating in a report on Friday, May 16th. Sanford C. Bernstein upgraded shares of CAVA Group from a "market perform" rating to an "outperform" rating and set a $115.00 price objective for the company in a research report on Wednesday, April 23rd. UBS Group reduced their target price on CAVA Group from $125.00 to $112.00 and set a "neutral" rating on the stock in a report on Tuesday, May 13th. Finally, JPMorgan Chase & Co. decreased their target price on CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a research note on Wednesday. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, CAVA Group presently has a consensus rating of "Moderate Buy" and an average target price of $118.94.

Insider Transactions at CAVA Group

In related news, 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 sale, the chief accounting officer now owns 11,063 shares in the company, valued at approximately $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 hyperlink. Also, CFO Tricia K. Tolivar sold 4,845 shares of the firm's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total value of $364,150.20. Following the completion of the transaction, the chief financial officer now owns 236,345 shares of the company's stock, valued at approximately $17,763,690.20. This represents a 2.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,951 shares of company stock valued at $5,409,027 over the last 90 days. 6.80% of the stock is owned by corporate insiders.

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.