Truist Financial Corp Has $1.02 Million Stock Holdings in CAVA Group, Inc. $CAVA

Key Points

• Truist Financial Corp has reduced its stake in CAVA Group, Inc. by 35.8%, now holding 12,127 shares worth approximately $1.02 million as of the end of the second quarter.
• Institutional investors hold 73.15% of CAVA Group's stock, with significant recent increases in holdings from various firms like Vanguard and Jennison Associates.
• CAVA Group recently reported earnings of $0.16 per share for the last quarter, surpassing analyst expectations, but its revenue fell short of estimates.

Truist Financial Corp trimmed its holdings in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 35.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,127 shares of the company's stock after selling 6,755 shares during the period. Truist Financial Corp's holdings in CAVA Group were worth $1,021,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Vanguard Group Inc. increased its holdings in shares of CAVA Group by 13.2% during the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company's stock worth $783,374,000 after acquiring an additional 1,054,180 shares during the last quarter. Jennison Associates LLC grew its position in CAVA Group by 246.1% in the first quarter. Jennison Associates LLC now owns 8,519,459 shares of the company's stock valued at $736,166,000 after acquiring an additional 6,057,727 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of CAVA Group by 114.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company's stock valued at $206,915,000 after purchasing an additional 1,277,912 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of CAVA Group by 2,072.1% in the first quarter. Alliancebernstein L.P. now owns 852,691 shares of the company's stock worth $73,681,000 after purchasing an additional 813,434 shares during the last quarter. Finally, Nuveen LLC bought a new stake in CAVA Group in the first quarter valued at approximately $72,800,000. Institutional investors and hedge funds own 73.15% of the company's stock.

CAVA Group Trading Up 1.9%

Shares of NYSE CAVA opened at $63.30 on Tuesday. The stock's 50-day moving average is $67.62 and its 200 day moving average is $79.48. The stock has a market cap of $7.34 billion, a price-to-earnings ratio of 53.20, a P/E/G ratio of 3.14 and a beta of 2.50. CAVA Group, Inc. has a 1-year low of $58.33 and a 1-year high of $172.43.

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

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Robert W. Baird set a $95.00 price target on shares of CAVA Group in a report on Wednesday, August 13th. JPMorgan Chase & Co. decreased their price target on CAVA Group from $115.00 to $95.00 and set an "overweight" rating for the company in a report on Wednesday, June 25th. KeyCorp reduced their price objective on CAVA Group from $100.00 to $85.00 and set an "overweight" rating for the company in a research note on Wednesday, August 13th. UBS Group reduced their price objective on CAVA Group from $96.00 to $75.00 and set a "neutral" rating for the company in a research note on Wednesday, August 13th. Finally, Cfra Research upgraded shares of CAVA Group to a "strong-buy" rating in a research note on Thursday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $95.50.

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.

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