Norges Bank Buys Shares of 856,676 CAVA Group, Inc. $CAVA

Norges Bank bought a new position in CAVA Group, Inc. (NYSE:CAVA) during the 4th quarter, Holdings Channel reports. The institutional investor bought 856,676 shares of the company’s stock, valued at approximately $50,278,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. increased its position in CAVA Group by 3.5% during the third quarter. Vanguard Group Inc. now owns 9,345,976 shares of the company’s stock valued at $564,590,000 after acquiring an additional 313,938 shares during the last quarter. Capital Research Global Investors boosted its position in CAVA Group by 28.5% in the third quarter. Capital Research Global Investors now owns 6,634,866 shares of the company’s stock worth $400,801,000 after purchasing an additional 1,469,758 shares during the last quarter. Capital International Investors grew its stake in shares of CAVA Group by 105.4% during the 3rd quarter. Capital International Investors now owns 4,228,736 shares of the company’s stock valued at $255,451,000 after purchasing an additional 2,169,553 shares during the period. Alliancebernstein L.P. grew its stake in shares of CAVA Group by 118.3% during the 3rd quarter. Alliancebernstein L.P. now owns 2,953,688 shares of the company’s stock valued at $178,432,000 after purchasing an additional 1,600,630 shares during the period. Finally, State Street Corp increased its position in shares of CAVA Group by 5.0% during the 2nd quarter. State Street Corp now owns 2,543,335 shares of the company’s stock valued at $214,225,000 after purchasing an additional 122,163 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other CAVA Group news, insider Kelly Costanza sold 10,010 shares of the business’s stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $79.87, for a total value of $799,498.70. Following the completion of the sale, the insider directly owned 113,850 shares of the company’s stock, valued at $9,093,199.50. The trade was a 8.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Adam David Phillips sold 5,181 shares of the stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $77.14, for a total value of $399,662.34. Following the completion of the transaction, the chief accounting officer directly owned 9,505 shares in the company, valued at approximately $733,215.70. This trade represents a 35.28% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 24,235 shares of company stock valued at $1,920,420. 6.70% of the stock is currently owned by company insiders.

CAVA Group Price Performance

Shares of CAVA stock opened at $72.57 on Monday. The company has a market cap of $8.45 billion, a PE ratio of 139.55, a price-to-earnings-growth ratio of 4.98 and a beta of 1.70. CAVA Group, Inc. has a 1 year low of $43.41 and a 1 year high of $98.79. The stock’s 50 day simple moving average is $83.16 and its two-hundred day simple moving average is $71.79.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Tuesday, May 19th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.17 by $0.03. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. The business had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $360.89 million. During the same quarter in the previous year, the business posted $0.22 earnings per share. The business’s revenue was up 32.1% compared to the same quarter last year. Equities research analysts expect that CAVA Group, Inc. will post 0.55 EPS for the current year.

Analyst Upgrades and Downgrades

CAVA has been the subject of several recent research reports. Benchmark boosted their target price on shares of CAVA Group from $80.00 to $110.00 and gave the company a “buy” rating in a research report on Monday, April 20th. Citigroup increased their price target on shares of CAVA Group from $75.00 to $92.00 and gave the stock a “neutral” rating in a research report on Monday, May 4th. Royal Bank Of Canada boosted their price objective on shares of CAVA Group from $100.00 to $105.00 and gave the company an “outperform” rating in a research report on Wednesday, May 20th. Roth Mkm restated a “buy” rating and issued a $106.00 price objective on shares of CAVA Group in a research note on Wednesday, May 20th. Finally, Piper Sandler raised their target price on CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.19.

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.