Jennison Associates LLC Raises Stake in CAVA Group, Inc. (NYSE:CAVA)

Jennison Associates LLC grew its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 24.7% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,222,240 shares of the company’s stock after purchasing an additional 242,376 shares during the quarter. Jennison Associates LLC owned approximately 1.08% of CAVA Group worth $52,532,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in CAVA. Federated Hermes Inc. grew its holdings in CAVA Group by 25.6% during the 4th quarter. Federated Hermes Inc. now owns 565,054 shares of the company’s stock worth $24,286,000 after acquiring an additional 115,054 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in CAVA Group during the 4th quarter worth about $204,000. Sentry Investment Management LLC bought a new position in CAVA Group during the 4th quarter worth about $143,000. First National Bank of Hutchinson bought a new position in CAVA Group during the 4th quarter worth about $508,000. Finally, Arizona State Retirement System bought a new position in CAVA Group during the 4th quarter worth about $273,000. 73.15% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at CAVA Group

In related news, Director International S.C.A. Artal sold 2,000,000 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $66.25, for a total value of $132,500,000.00. Following the completion of the transaction, the director now directly owns 26,507,990 shares of the company’s stock, valued at approximately $1,756,154,337.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other CAVA Group news, major shareholder Ronald M. Shaich sold 1,500,000 shares of the firm’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $57.20, for a total transaction of $85,800,000.00. Following the completion of the transaction, the insider now directly owns 4,457,634 shares of the company’s stock, valued at approximately $254,976,664.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director International S.C.A. Artal sold 2,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $66.25, for a total transaction of $132,500,000.00. Following the transaction, the director now directly owns 26,507,990 shares of the company’s stock, valued at $1,756,154,337.50. The disclosure for this sale can be found here. Insiders sold 3,547,239 shares of company stock valued at $221,525,951 in the last three months.

CAVA Group Stock Up 2.7 %

Shares of CAVA Group stock opened at $61.22 on Wednesday. The company has a 50 day moving average price of $61.54 and a 200 day moving average price of $47.00. CAVA Group, Inc. has a 52 week low of $29.05 and a 52 week high of $71.60.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Monday, February 26th. The company reported $0.02 EPS for the quarter, beating the consensus estimate of $0.01 by $0.01. The firm had revenue of $175.50 million during the quarter, compared to analyst estimates of $240.03 million. CAVA Group had a net margin of 1.82% and a return on equity of 4.28%. CAVA Group’s revenue was up 52.6% compared to the same quarter last year. On average, equities analysts predict that CAVA Group, Inc. will post 0.25 EPS for the current year.

Wall Street Analysts Forecast Growth

CAVA has been the topic of several recent research reports. Piper Sandler increased their target price on shares of CAVA Group from $46.00 to $63.00 and gave the stock an “overweight” rating in a report on Wednesday, February 28th. JPMorgan Chase & Co. increased their target price on shares of CAVA Group from $50.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, March 19th. Robert W. Baird raised their price target on shares of CAVA Group from $54.00 to $62.00 and gave the company an “outperform” rating in a report on Thursday, February 15th. Wedbush raised their price target on shares of CAVA Group from $65.00 to $74.00 and gave the company an “outperform” rating in a report on Tuesday, April 16th. Finally, Barclays assumed coverage on shares of CAVA Group in a report on Monday, April 15th. They issued an “equal weight” rating and a $58.00 price target on the stock. Four equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, CAVA Group currently has a consensus rating of “Moderate Buy” and an average price target of $60.42.

CAVA Group 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.