Bessemer Group Inc. Sells 8,422 Shares of CAVA Group, Inc. $CAVA

Bessemer Group Inc. reduced its holdings in CAVA Group, Inc. (NYSE:CAVA) by 67.5% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 4,052 shares of the company’s stock after selling 8,422 shares during the quarter. Bessemer Group Inc.’s holdings in CAVA Group were worth $328,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Capital Research Global Investors boosted its stake in CAVA Group by 27.2% during the fourth quarter. Capital Research Global Investors now owns 8,440,040 shares of the company’s stock worth $495,344,000 after acquiring an additional 1,805,174 shares in the last quarter. Capital International Investors raised its holdings in shares of CAVA Group by 15.5% during the fourth quarter. Capital International Investors now owns 4,885,317 shares of the company’s stock valued at $286,718,000 after purchasing an additional 656,581 shares during the period. Morgan Stanley boosted its position in shares of CAVA Group by 33.7% during the 4th quarter. Morgan Stanley now owns 3,318,894 shares of the company’s stock worth $194,786,000 after purchasing an additional 835,628 shares in the last quarter. State Street Corp boosted its position in shares of CAVA Group by 1.3% during the 4th quarter. State Street Corp now owns 2,920,442 shares of the company’s stock worth $171,401,000 after purchasing an additional 36,508 shares in the last quarter. Finally, William Blair Investment Management LLC grew its stake in shares of CAVA Group by 28.1% in the 4th quarter. William Blair Investment Management LLC now owns 2,419,247 shares of the company’s stock valued at $141,986,000 after buying an additional 530,524 shares during the period. 73.15% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CAVA. JPMorgan Chase & Co. increased their price target on CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. TD Cowen reiterated a “buy” rating and issued a $100.00 target price on shares of CAVA Group in a report on Thursday, June 4th. Citigroup lifted their price target on shares of CAVA Group from $75.00 to $92.00 and gave the company a “neutral” rating in a research report on Monday, May 4th. Freedom Capital upgraded shares of CAVA Group to a “hold” rating in a research note on Wednesday, July 1st. Finally, UBS Group raised shares of CAVA Group from a “neutral” rating to a “buy” rating and raised their price objective for the company from $85.00 to $90.00 in a research note on Wednesday, June 10th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, CAVA Group has a consensus rating of “Moderate Buy” and an average price target of $93.54.

CAVA Group Stock Down 1.7%

Shares of NYSE:CAVA opened at $62.12 on Friday. The stock has a market cap of $7.23 billion, a price-to-earnings ratio of 119.46, a PEG ratio of 4.27 and a beta of 1.69. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The business’s 50 day moving average is $76.63 and its 200 day moving average is $77.19.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $438.27 million during 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.22 EPS. As a group, equities research analysts expect that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

Insider Activity at CAVA Group

In related news, insider Kelly Costanza sold 12,490 shares of the business’s stock in a transaction dated Wednesday, June 17th. The shares were sold at an average price of $90.00, for a total transaction of $1,124,100.00. Following the transaction, the insider directly owned 98,490 shares in the company, valued at approximately $8,864,100. The trade was a 11.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 stock in a transaction dated Monday, May 11th. The shares were sold at an average price of $79.75, for a total transaction of $721,259.00. Following the completion of the sale, the insider owned 327,882 shares of the company’s stock, valued at approximately $26,148,589.50. This trade represents a 2.68% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 91,747 shares of company stock valued at $7,970,838 over the last three months. Insiders own 6.70% of the company’s stock.

CAVA Group Company 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.