Royal Bank of Canada Decreases Stock Holdings in CAVA Group, Inc. $CAVA

Royal Bank of Canada decreased its stake in shares of CAVA Group, Inc. (NYSE:CAVA) by 7.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 191,559 shares of the company’s stock after selling 15,257 shares during the period. Royal Bank of Canada’s holdings in CAVA Group were worth $15,498,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in CAVA. Los Angeles Capital Management LLC purchased a new position in shares of CAVA Group in the 4th quarter worth $25,000. TD Private Client Wealth LLC increased its position in CAVA Group by 118.2% during the fourth quarter. TD Private Client Wealth LLC now owns 600 shares of the company’s stock valued at $35,000 after acquiring an additional 325 shares during the last quarter. EverSource Wealth Advisors LLC increased its position in CAVA Group by 115.7% during the fourth quarter. EverSource Wealth Advisors LLC now owns 647 shares of the company’s stock valued at $38,000 after acquiring an additional 347 shares during the last quarter. Allworth Financial LP lifted its holdings in 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 acquiring an additional 237 shares during the period. Finally, Scarborough Advisors LLC bought a new stake in shares of CAVA Group during the 1st quarter valued at about $54,000. Institutional investors own 73.15% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on CAVA. Roth Capital reiterated a “buy” rating and issued a $106.00 price objective on shares of CAVA Group in a research note on Wednesday, May 20th. BMO Capital Markets set a $100.00 target price on shares of CAVA Group in a research report on Wednesday, May 20th. Morgan Stanley raised shares of CAVA Group from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $86.00 to $90.00 in a report on Wednesday, July 15th. UBS Group upgraded shares of CAVA Group from a “neutral” rating to a “buy” rating and increased their price target for the stock from $85.00 to $90.00 in a research report on Wednesday, June 10th. Finally, Royal Bank Of Canada dropped their price target on shares of CAVA Group from $105.00 to $90.00 and set an “outperform” rating on the stock in a research note on Thursday. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $92.46.

CAVA Group Trading Up 0.2%

NYSE:CAVA opened at $62.33 on Friday. The stock has a market capitalization of $7.26 billion, a P/E ratio of 119.86, a P/E/G ratio of 4.29 and a beta of 1.74. CAVA Group, Inc. has a 12-month low of $43.41 and a 12-month high of $98.79. The stock has a 50-day moving average price of $73.56 and a 200 day moving average price of $76.86.

CAVA Group (NYSE:CAVA) last released its earnings results on Tuesday, May 19th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.17 by $0.03. The firm had revenue of $438.27 million for the quarter, compared to the consensus estimate of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The company’s quarterly revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.22 earnings per share. On average, research analysts predict that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

Insider Transactions at CAVA Group

In other CAVA Group news, insider Kelly Costanza sold 12,490 shares of CAVA Group stock in a transaction that occurred on Wednesday, June 17th. The stock was sold at an average price of $90.00, for a total value of $1,124,100.00. Following the sale, the insider owned 98,490 shares of the company’s stock, valued at $8,864,100. The trade was a 11.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Karen Kochevar sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, June 18th. The stock was sold at an average price of $90.00, for a total value of $900,000.00. Following the sale, the director directly owned 3,074 shares in the company, valued at $276,660. This trade represents a 76.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is owned by insiders.

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.