Geode Capital Management LLC Buys 40,356 Shares of CAVA Group, Inc. $CAVA

Geode Capital Management LLC grew its holdings in CAVA Group, Inc. (NYSE:CAVA) by 2.1% in the fourth quarter, Holdings Channel reports. The firm owned 1,936,699 shares of the company’s stock after buying an additional 40,356 shares during the quarter. Geode Capital Management LLC’s holdings in CAVA Group were worth $113,687,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of CAVA. Cornerstone Planning Group LLC lifted its position in CAVA Group by 378.7% during the third quarter. Cornerstone Planning Group LLC now owns 450 shares of the company’s stock valued at $27,000 after purchasing an additional 356 shares in the last quarter. Harbor Investment Advisory LLC lifted its position in shares of CAVA Group by 347.8% in the fourth quarter. Harbor Investment Advisory LLC now owns 515 shares of the company’s stock valued at $30,000 after acquiring an additional 400 shares in the last quarter. TD Private Client Wealth LLC increased its holdings 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 purchasing an additional 325 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new stake in shares of CAVA Group in the third quarter worth about $36,000. Finally, Allworth Financial LP increased its holdings in shares of CAVA Group by 57.4% in the fourth quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after purchasing an additional 237 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Stock Up 1.1%

Shares of NYSE:CAVA opened at $72.57 on Friday. The company has a market capitalization of $8.45 billion, a price-to-earnings ratio of 139.55, a price-to-earnings-growth ratio of 4.92 and a beta of 1.70. CAVA Group, Inc. has a 52 week low of $43.41 and a 52 week high of $98.79. The firm has a 50 day moving average of $83.16 and a 200 day moving average of $71.61.

CAVA Group (NYSE:CAVA) last issued its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The business had revenue of $438.27 million for the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a return on equity of 7.92% and a net margin of 4.79%.The business’s quarterly revenue was up 32.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.22 earnings per share. On average, sell-side analysts expect that CAVA Group, Inc. will post 0.55 EPS for the current year.

Insider Activity at CAVA Group

In other CAVA Group news, CAO Adam David Phillips sold 5,181 shares of the company’s stock in a transaction on Thursday, May 21st. The shares were sold at an average price of $77.14, for a total value of $399,662.34. Following the sale, the chief accounting officer directly owned 9,505 shares of the company’s stock, valued at approximately $733,215.70. This represents a 35.28% 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. Also, insider Theodoros Xenohristos sold 9,044 shares of the company’s stock in a transaction on 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 directly owned 327,882 shares in the company, valued at approximately $26,148,589.50. The trade was a 2.68% decrease in their ownership of the stock. 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 have sold a total of 24,235 shares of company stock valued at $1,920,420 in the last ninety days. Company insiders own 6.70% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CAVA shares. Wall Street Zen raised CAVA Group from a “sell” rating to a “hold” rating in a research note on Sunday, May 24th. TD Cowen reaffirmed a “buy” rating and issued a $100.00 price objective on shares of CAVA Group in a research note on Thursday. Argus set a $92.00 price objective on CAVA Group in a research note on Friday, May 22nd. Mizuho raised their price objective on CAVA Group from $72.00 to $80.00 and gave the company a “neutral” rating in a research note on Thursday, April 2nd. Finally, DA Davidson boosted their target price on CAVA Group from $80.00 to $84.00 and gave the company a “neutral” rating in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $93.19.

About CAVA Group

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.