Wellington Management Group LLP Takes $3.87 Million Position in CAVA Group, Inc. $CAVA

Key Points

• Wellington Management Group LLP has acquired a new stake of $3.87 million in CAVA Group, purchasing 44,743 shares during the first quarter of 2023.
• Insider sales have been significant, with insider Kelly Costanza selling 2,799 shares and Jennifer Somers selling 2,861 shares, leading to a 2% decrease in their respective ownership.
• Recent analyst ratings for CAVA Group show a consensus of "Moderate Buy," with price targets ranging from $95.00 to $100.00.

Wellington Management Group LLP acquired a new stake in CAVA Group, Inc. (NYSE:CAVA - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 44,743 shares of the company's stock, valued at approximately $3,866,000.

Several other hedge funds also recently bought and sold shares of the stock. Dimensional Fund Advisors LP increased its position in CAVA Group by 43.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 239,561 shares of the company's stock worth $27,019,000 after purchasing an additional 72,288 shares in the last quarter. Integrated Wealth Concepts LLC lifted its stake in shares of CAVA Group by 4.5% during the 4th quarter. Integrated Wealth Concepts LLC now owns 6,678 shares of the company's stock worth $753,000 after purchasing an additional 288 shares during the period. Kovitz Investment Group Partners LLC boosted its stake in CAVA Group by 7.0% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 2,435 shares of the company's stock worth $275,000 after buying an additional 159 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in CAVA Group by 4.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 23,151 shares of the company's stock valued at $2,611,000 after buying an additional 989 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of CAVA Group by 25.0% during the 4th quarter. Northern Trust Corp now owns 415,493 shares of the company's stock worth $46,868,000 after acquiring an additional 83,040 shares during the period. Hedge funds and other institutional investors own 73.15% of the company's stock.

Wall Street Analyst Weigh In

CAVA has been the subject of several research reports. Melius initiated coverage on shares of CAVA Group in a research note on Monday, July 14th. They set a "hold" rating and a $95.00 price objective for the company. Barclays reduced their target price on shares of CAVA Group from $91.00 to $74.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 13th. Piper Sandler decreased their target price on CAVA Group from $122.00 to $100.00 and set an "overweight" rating for the company in a research report on Wednesday, August 13th. Citigroup reduced their price target on CAVA Group from $102.00 to $88.00 and set a "neutral" rating on the stock in a research report on Wednesday, August 13th. Finally, TD Cowen lowered their price target on shares of CAVA Group from $120.00 to $90.00 and set a "buy" rating for the company in a report on Wednesday, August 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and seven have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $99.47.

Insider Activity at CAVA Group

In other news, insider Jennifer Somers sold 2,861 shares of the business's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $75.16, for a total value of $215,032.76. Following the sale, the insider owned 137,048 shares of the company's stock, valued at approximately $10,300,527.68. The trade was a 2.04% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Brett Schulman sold 31,856 shares of the firm'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 $2,394,296.96. Following the sale, the chief executive officer owned 792,318 shares of the company's stock, valued at $59,550,620.88. The trade was a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,360 shares of company stock worth $3,634,738 in the last quarter. Company insiders own 12.10% of the company's stock.

CAVA Group Stock Performance

Shares of CAVA Group stock traded down $2.01 during trading hours on Tuesday, reaching $65.54. The company's stock had a trading volume of 3,520,536 shares, compared to its average volume of 3,841,158. CAVA Group, Inc. has a one year low of $65.03 and a one year high of $172.43. The company's 50 day simple moving average is $81.10 and its 200 day simple moving average is $85.46. The stock has a market cap of $7.60 billion, a P/E ratio of 55.08, a price-to-earnings-growth ratio of 3.38 and a beta of 2.62.

CAVA Group (NYSE:CAVA - Get Free Report) last announced its quarterly earnings results 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. CAVA Group had a return on equity of 9.83% and a net margin of 12.98%.The business had revenue of $280.62 million for the quarter, compared to the consensus estimate of $285.65 million. During the same quarter last year, the business posted $0.17 EPS. The business's revenue was up 20.2% on a year-over-year basis. On average, sell-side analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal 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.