The Manufacturers Life Insurance Company Makes New $5.72 Million Investment in CAVA Group, Inc. $CAVA

The Manufacturers Life Insurance Company purchased a new position in CAVA Group, Inc. (NYSE:CAVA) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 72,866 shares of the company’s stock, valued at approximately $5,719,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of CAVA. Modern Wealth Management LLC increased its position in shares of CAVA Group by 4.2% during the first quarter. Modern Wealth Management LLC now owns 3,907 shares of the company’s stock valued at $313,000 after buying an additional 158 shares during the period. Bridgewater Associates LP boosted its position in shares of CAVA Group by 2.4% in the fourth quarter. Bridgewater Associates LP now owns 6,827 shares of the company’s stock valued at $401,000 after acquiring an additional 163 shares during the period. Western Pacific Wealth Management LP grew its stake in CAVA Group by 32.5% during the fourth quarter. Western Pacific Wealth Management LP now owns 729 shares of the company’s stock valued at $43,000 after acquiring an additional 179 shares in the last quarter. Allworth Financial LP grew its stake in CAVA Group by 57.4% during 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 in the last quarter. Finally, Clearstead Advisors LLC increased its holdings in CAVA Group by 18.2% during the 4th quarter. Clearstead Advisors LLC now owns 1,566 shares of the company’s stock worth $92,000 after acquiring an additional 241 shares during the period. 73.15% of the stock is currently owned by institutional investors.

Insider Activity at CAVA Group

In related news, Director Karen Kochevar sold 10,000 shares of the stock in a transaction 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 transaction, the director owned 3,074 shares of the company’s stock, valued at $276,660. This represents a 76.49% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tricia K. Tolivar sold 4,969 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $89.43, for a total value of $444,377.67. Following the sale, the chief financial officer owned 234,931 shares in the company, valued at $21,009,879.33. The trade was a 2.07% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 67,512 shares of company stock worth $6,050,417 in the last three months. 6.70% of the stock is owned by insiders.

CAVA Group Price Performance

Shares of CAVA Group stock opened at $65.74 on Tuesday. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The firm has a market cap of $7.68 billion, a PE ratio of 119.53, a PEG ratio of 4.56 and a beta of 1.75. The company has a 50 day simple moving average of $69.68 and a two-hundred day simple moving average of $77.33.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.19 EPS for the quarter, topping analysts’ consensus estimates of $0.18 by $0.01. The business had revenue of $368.44 million during the quarter, compared to analysts’ expectations of $360.09 million. CAVA Group had a net margin of 4.82% and a return on equity of 8.28%. The business’s quarterly revenue was up 31.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.16 EPS. As a group, research analysts anticipate that CAVA Group, Inc. will post 0.54 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Citigroup reiterated a “buy” rating on shares of CAVA Group in a research note on Tuesday, July 28th. Northcoast Research raised shares of CAVA Group from a “sell” rating to a “neutral” rating in a report on Thursday, August 13th. Guggenheim lowered their price objective on CAVA Group from $100.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, August 13th. KeyCorp dropped their price objective on CAVA Group from $110.00 to $95.00 and set an “overweight” rating for the company in a research note on Wednesday, August 12th. Finally, Piper Sandler boosted their target price on CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and nine have given a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $89.44.

CAVA Group 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.