Price T Rowe Associates Inc. MD Lowers Stake in CAVA Group, Inc. (NYSE:CAVA)

Price T Rowe Associates Inc. MD lowered its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 18.5% during the 1st quarter, Holdings Channel.com reports. The firm owned 3,470,949 shares of the company’s stock after selling 786,078 shares during the period. Price T Rowe Associates Inc. MD’s holdings in CAVA Group were worth $243,141,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Capital Research Global Investors raised its position in shares of CAVA Group by 21.6% during the first quarter. Capital Research Global Investors now owns 5,311,335 shares of the company’s stock valued at $372,059,000 after buying an additional 942,054 shares during the last quarter. Vanguard Group Inc. raised its position in shares of CAVA Group by 215.7% during the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after buying an additional 3,377,840 shares during the last quarter. 1832 Asset Management L.P. raised its position in shares of CAVA Group by 79.5% during the fourth quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock valued at $96,636,000 after buying an additional 995,800 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of CAVA Group by 55.9% during the first quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock valued at $96,231,000 after buying an additional 492,667 shares during the last quarter. Finally, Jennison Associates LLC raised its position in shares of CAVA Group by 24.7% during the fourth quarter. Jennison Associates LLC now owns 1,222,240 shares of the company’s stock valued at $52,532,000 after buying an additional 242,376 shares during the last quarter. Institutional investors own 73.15% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on CAVA. Argus upgraded shares of CAVA Group from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Wednesday, April 10th. Robert W. Baird boosted their price target on shares of CAVA Group from $90.00 to $92.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 29th. JPMorgan Chase & Co. cut shares of CAVA Group from an “overweight” rating to a “neutral” rating and set a $77.00 price target on the stock. in a research report on Monday, June 3rd. Jefferies Financial Group boosted their price target on shares of CAVA Group from $72.00 to $94.00 and gave the stock a “buy” rating in a research report on Wednesday, May 29th. Finally, Barclays lifted their price objective on shares of CAVA Group from $58.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 30th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $82.75.

CAVA Group Trading Up 2.1 %

Shares of CAVA traded up $1.61 during trading hours on Friday, reaching $79.84. 1,735,104 shares of the company traded hands, compared to its average volume of 2,516,498. The firm has a market cap of $9.10 billion and a price-to-earnings ratio of 194.74. CAVA Group, Inc. has a 12-month low of $29.05 and a 12-month high of $98.69. The stock’s fifty day moving average price is $87.73 and its 200 day moving average price is $69.65.

CAVA Group (NYSE:CAVA) last issued its earnings results on Tuesday, May 28th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.08. The firm had revenue of $259.01 million during the quarter, compared to analyst estimates of $246.02 million. CAVA Group had a net margin of 3.75% and a return on equity of 5.18%. The firm’s quarterly revenue was up 27.5% compared to the same quarter last year. On average, research analysts forecast that CAVA Group, Inc. will post 0.34 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Ronald M. Shaich sold 1,231,979 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $87.25, for a total value of $107,490,167.75. Following the completion of the sale, the director now directly owns 5,000 shares of the company’s stock, valued at $436,250. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other CAVA Group news, insider Kenneth Robert Bertram sold 5,250 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $95.28, for a total value of $500,220.00. Following the completion of the transaction, the insider now directly owns 67,005 shares in the company, valued at $6,384,236.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ronald M. Shaich sold 1,231,979 shares of the business’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $87.25, for a total transaction of $107,490,167.75. Following the completion of the transaction, the director now owns 5,000 shares of the company’s stock, valued at $436,250. The disclosure for this sale can be found here. Insiders sold a total of 1,420,564 shares of company stock valued at $124,690,835 over the last three months.

About CAVA Group

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.