CAVA Group, Inc. $CAVA Shares Acquired by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 2.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 647,718 shares of the company’s stock after purchasing an additional 14,861 shares during the period. Bank of New York Mellon Corp’s holdings in CAVA Group were worth $52,400,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in CAVA. Los Angeles Capital Management LLC purchased a new position in CAVA Group in the fourth quarter valued at about $25,000. TD Private Client Wealth LLC boosted its position in shares of CAVA Group by 118.2% in the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock worth $35,000 after buying an additional 325 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of CAVA Group by 115.7% in the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock valued at $38,000 after buying an additional 347 shares in the last quarter. Allworth Financial LP grew its stake in shares of CAVA Group by 57.4% in the fourth quarter. Allworth Financial LP now owns 650 shares of the company’s stock valued at $38,000 after buying an additional 237 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in shares of CAVA Group by 53.5% during the 4th quarter. Advisors Asset Management Inc. now owns 694 shares of the company’s stock valued at $41,000 after buying an additional 242 shares during the period. 73.15% of the stock is currently owned by institutional investors and hedge funds.

CAVA Group Stock Performance

Shares of CAVA opened at $63.20 on Friday. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $98.79. The stock has a 50-day moving average price of $76.92 and a 200 day moving average price of $77.29. The company has a market capitalization of $7.36 billion, a P/E ratio of 121.54, a P/E/G ratio of 4.29 and a beta of 1.69.

CAVA Group (NYSE:CAVA) last announced its earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $438.27 million for the quarter, compared to analyst estimates of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.CAVA Group’s quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.22 EPS. As a group, equities research analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Wolfe Research set a $95.00 price target on CAVA Group in a research report on Tuesday, June 30th. Robert W. Baird increased their price objective on shares of CAVA Group from $88.00 to $98.00 and gave the company an “outperform” rating in a research report on Wednesday, May 20th. Barclays lifted their price objective on shares of CAVA Group from $70.00 to $74.00 and gave the company an “equal weight” rating in a research note on Wednesday, May 20th. Argus set a $92.00 target price on shares of CAVA Group in a research report on Friday, May 22nd. Finally, Royal Bank Of Canada upped their target price on shares of CAVA Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research note on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $93.54.

Insider Activity

In other CAVA Group news, CEO Brett Schulman sold 33,174 shares of the firm’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $2,966,750.82. Following the completion of the transaction, the chief executive officer directly owned 798,669 shares of the company’s stock, valued at $71,424,968.67. This trade represents a 3.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Theodoros Xenohristos sold 9,044 shares of the business’s stock in a transaction dated Monday, May 11th. The stock was sold at an average price of $79.75, for a total transaction of $721,259.00. Following the completion of the sale, the insider directly owned 327,882 shares of the company’s stock, valued at $26,148,589.50. The trade was a 2.68% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 91,747 shares of company stock worth $7,970,838 over the last ninety days. Insiders own 6.70% of the company’s stock.

CAVA Group Profile

CAVA Group, Inc (NYSE: CAVA) is a leading fast-casual restaurant company specializing in Mediterranean-inspired cuisine. Operating under the CAVA brand, the company offers customizable bowls, pitas and salads built around a variety of proteins, grains, fresh vegetables and house-made spreads. With a focus on high-quality ingredients and made-to-order preparation, CAVA aims to deliver a casual yet elevated dining experience for dine-in, takeout and catering customers.

Founded in 2011 in the Washington, DC metro area by Ike Grigoropoulos, Dimitri Katsanis and Brett Schulman, CAVA has pursued an aggressive growth strategy that included the 2018 acquisition of Zoe’s Kitchen.