Wesbanco Bank Inc. Has $3.80 Million Stock Holdings in CAVA Group, Inc. $CAVA

Key Points

• Wesbanco Bank Inc. increased its stake in CAVA Group by 96.1% during Q2, owning 45,100 shares valued at approximately $3.80 million as per its latest SEC filing.
• Multiple analysts have adjusted their target prices for CAVA, with KeyCorp lowering its target from $100 to $85 and Citigroup from $102 to $88, while maintaining varying ratings from "Strong Buy" to "Sell."
• CAVA Group reported earnings per share of $0.16 for the last quarter, exceeding expectations, but its revenue of $280.62 million fell short of the analysts' forecast of $285.65 million.

Wesbanco Bank Inc. raised its stake in shares of CAVA Group, Inc. (NYSE:CAVA - Free Report) by 96.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 45,100 shares of the company's stock after purchasing an additional 22,100 shares during the period. Wesbanco Bank Inc.'s holdings in CAVA Group were worth $3,799,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Verde Capital Management lifted its position in CAVA Group by 18.4% in the second quarter. Verde Capital Management now owns 25,278 shares of the company's stock worth $2,129,000 after purchasing an additional 3,920 shares during the period. Zevenbergen Capital Investments LLC acquired a new stake in shares of CAVA Group in the second quarter valued at $335,000. Voya Investment Management LLC increased its position in CAVA Group by 219.5% in the first quarter. Voya Investment Management LLC now owns 386,330 shares of the company's stock worth $33,383,000 after purchasing an additional 265,416 shares during the period. Cim LLC grew its position in shares of CAVA Group by 2.6% during the 1st quarter. Cim LLC now owns 9,755 shares of the company's stock worth $843,000 after buying an additional 247 shares during the period. Finally, Strs Ohio acquired a new position in shares of CAVA Group during the 1st quarter worth about $766,000. 73.15% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

CAVA has been the topic of several research reports. KeyCorp cut their target price on CAVA Group from $100.00 to $85.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 13th. Wall Street Zen cut CAVA Group from a "hold" rating to a "sell" rating in a research note on Friday, June 27th. Argus set a $76.00 target price on CAVA Group in a research note on Tuesday, September 2nd. JPMorgan Chase & Co. cut their target price on CAVA Group from $115.00 to $95.00 and set an "overweight" rating on the stock in a research note on Wednesday, June 25th. Finally, Citigroup dropped their price objective on CAVA Group from $102.00 to $88.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 13th. One 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 company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $96.41.

CAVA Group Trading Down 0.9%

CAVA Group stock opened at $63.74 on Monday. The company has a market capitalization of $7.39 billion, a PE ratio of 53.56, a P/E/G ratio of 3.18 and a beta of 2.62. CAVA Group, Inc. has a 12 month low of $63.17 and a 12 month high of $172.43. The stock has a 50-day moving average price of $78.31 and a two-hundred day moving average price of $82.56.

CAVA Group (NYSE:CAVA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 12th. The company reported $0.16 earnings per share for the quarter, beating 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 company had revenue of $280.62 million during the quarter, compared to analysts' expectations of $285.65 million. During the same quarter in the prior year, the firm posted $0.17 earnings per share. The business's quarterly revenue was up 20.2% on a year-over-year basis. As a group, analysts predict that CAVA Group, Inc. will post 0.5 earnings per share for the current fiscal year.

CAVA Group Company 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.

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