Royal Bank of Canada Has $20.53 Million Position in CAVA Group, Inc. $CAVA

Royal Bank of Canada lifted its position in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 54.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 237,537 shares of the company's stock after acquiring an additional 83,500 shares during the quarter. Royal Bank of Canada owned 0.21% of CAVA Group worth $20,526,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the company. Comerica Bank raised its position in shares of CAVA Group by 3.0% during the 4th quarter. Comerica Bank now owns 11,843 shares of the company's stock worth $1,336,000 after purchasing an additional 348 shares during the last quarter. Bison Wealth LLC acquired a new position in shares of CAVA Group during the 4th quarter worth approximately $208,000. Mercer Global Advisors Inc. ADV raised its position in shares of CAVA Group by 6.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 3,444 shares of the company's stock worth $388,000 after purchasing an additional 201 shares during the last quarter. Captrust Financial Advisors raised its holdings in CAVA Group by 32.9% in the 4th quarter. Captrust Financial Advisors now owns 12,195 shares of the company's stock valued at $1,376,000 after acquiring an additional 3,022 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in CAVA Group by 229.4% in the 4th quarter. Cetera Investment Advisers now owns 50,485 shares of the company's stock valued at $5,695,000 after acquiring an additional 35,158 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company's stock.

CAVA Group Stock Performance

Shares of CAVA stock traded down $0.58 during trading hours on Friday, hitting $63.74. 3,304,620 shares of the company were exchanged, compared to its average volume of 3,460,056. CAVA Group, Inc. has a one year low of $63.17 and a one year high of $172.43. The business's 50-day simple moving average is $78.31 and its two-hundred day simple moving average is $82.61. The stock has a market capitalization of $7.39 billion, a price-to-earnings ratio of 53.56, a P/E/G ratio of 3.22 and a beta of 2.61.

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

Insiders Place Their Bets

In other news, CFO Tricia K. Tolivar sold 4,845 shares of the company'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 transaction of $364,150.20. Following the transaction, the chief financial officer directly owned 236,345 shares in the company, valued at approximately $17,763,690.20. This represents a 2.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Jennifer Somers sold 2,861 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $75.16, for a total transaction of $215,032.76. Following the sale, the insider directly owned 137,048 shares of the company's stock, valued at approximately $10,300,527.68. This trade represents a 2.04% 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 worth $3,634,738 in the last 90 days. 6.80% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on CAVA shares. Citigroup cut 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. Robert W. Baird set a $95.00 price objective on CAVA Group in a report on Wednesday, August 13th. Piper Sandler dropped their price objective on CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, August 13th. Wall Street Zen downgraded CAVA Group from a "hold" rating to a "sell" rating in a report on Friday, June 27th. Finally, JPMorgan Chase & Co. dropped their price objective on CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. One research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $96.41.

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.