19,200 Shares in CAVA Group, Inc. (NYSE:CAVA) Bought by State of Michigan Retirement System

State of Michigan Retirement System bought a new position in CAVA Group, Inc. (NYSE:CAVA - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 19,200 shares of the company's stock, valued at approximately $1,659,000.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in CAVA Group by 20.4% in the 4th 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 last quarter. FMR LLC grew its position in CAVA Group by 14.1% in the 4th quarter. FMR LLC now owns 3,976,353 shares of the company's stock worth $448,533,000 after purchasing an additional 491,320 shares during the last quarter. Federated Hermes Inc. grew its position in CAVA Group by 33.0% in the 4th quarter. Federated Hermes Inc. now owns 1,464,987 shares of the company's stock worth $165,243,000 after purchasing an additional 363,814 shares during the last quarter. Lord Abbett & CO. LLC grew its position in CAVA Group by 2.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 1,389,327 shares of the company's stock worth $156,716,000 after purchasing an additional 31,077 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position in CAVA Group by 62.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,246,209 shares of the company's stock worth $140,572,000 after purchasing an additional 480,900 shares during the last quarter. Institutional investors own 73.15% of the company's stock.

CAVA Group Stock Performance

Shares of CAVA traded down $0.39 during mid-day trading on Friday, reaching $86.38. The company had a trading volume of 1,074,076 shares, compared to its average volume of 3,515,514. The company's 50 day simple moving average is $83.87 and its 200 day simple moving average is $96.10. CAVA Group, Inc. has a 1-year low of $70.00 and a 1-year high of $172.43. The company has a market capitalization of $9.99 billion, a price-to-earnings ratio of 71.98, a P/E/G ratio of 4.19 and a beta of 2.65.

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

Insiders Place Their Bets

In related news, insider Theodoros Xenohristos sold 9,348 shares of the firm's stock in a transaction that occurred on Friday, May 9th. The shares were sold at an average price of $94.88, for a total value of $886,938.24. Following the completion of the transaction, the insider owned 353,271 shares in the company, valued at $33,518,352.48. This trade represents a 2.58% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 transaction of $364,150.20. Following the completion of the transaction, the chief financial officer owned 236,345 shares of the company's stock, valued at approximately $17,763,690.20. This trade represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,951 shares of company stock worth $5,409,027 over the last quarter. 6.80% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several analysts have issued reports on CAVA shares. TD Securities restated a "buy" rating and issued a $120.00 price target on shares of CAVA Group in a research report on Friday, May 16th. Stifel Nicolaus decreased their price target 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. JPMorgan Chase & Co. decreased their price target on shares of CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a research report on Wednesday, June 25th. Morgan Stanley set a $107.00 price target on shares of CAVA Group and gave the stock an "equal weight" rating in a research report on Monday. Finally, Barclays lifted their target price on shares of CAVA Group from $90.00 to $91.00 and gave the company an "equal weight" rating in a research report on Thursday. One research analyst has rated the stock with a sell rating, six have issued a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $115.06.

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.