Advisors Capital Management LLC Acquires Shares of 21,445 CAVA Group, Inc. $CAVA

Advisors Capital Management LLC acquired a new stake in shares of CAVA Group, Inc. (NYSE:CAVA) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 21,445 shares of the company’s stock, valued at approximately $1,853,000.

A number of other institutional investors have also recently made changes to their positions in CAVA. Jennison Associates LLC boosted its holdings in shares of CAVA Group by 246.1% during the 1st quarter. Jennison Associates LLC now owns 8,519,459 shares of the company’s stock valued at $736,166,000 after acquiring an additional 6,057,727 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in shares of CAVA Group by 114.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,394,561 shares of the company’s stock valued at $206,915,000 after acquiring an additional 1,277,912 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of CAVA Group by 13.2% during the 1st quarter. Vanguard Group Inc. now owns 9,065,782 shares of the company’s stock valued at $783,374,000 after acquiring an additional 1,054,180 shares during the last quarter. Nuveen LLC purchased a new stake in shares of CAVA Group during the 1st quarter valued at about $72,800,000. Finally, Alliancebernstein L.P. boosted its holdings in shares of CAVA Group by 2,072.1% during the 1st quarter. Alliancebernstein L.P. now owns 852,691 shares of the company’s stock valued at $73,681,000 after acquiring an additional 813,434 shares during the last quarter. Hedge funds and other institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Down 0.9%

CAVA opened at $63.74 on Friday. The company has a market cap of $7.39 billion, a price-to-earnings ratio of 53.56, a PEG ratio of 3.22 and a beta of 2.61. The company’s 50 day moving average is $78.31 and its 200 day moving average is $82.72. CAVA Group, Inc. has a 12-month low of $63.17 and a 12-month high of $172.43.

CAVA Group (NYSE:CAVA) last posted its quarterly earnings data on Tuesday, August 12th. The company reported $0.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.13 by $0.03. The company had revenue of $280.62 million for the quarter, compared to the consensus estimate of $285.65 million. CAVA Group had a net margin of 12.98% and a return on equity of 9.83%. The firm’s revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 earnings per share. As a group, analysts predict that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Insider Buying and Selling

In other CAVA Group news, insider Theodoros Xenohristos sold 3,062 shares of CAVA Group stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $230,139.92. Following the transaction, the insider owned 350,209 shares of the company’s stock, valued at $26,321,708.44. The trade was a 0.87% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tricia K. Tolivar sold 4,845 shares of CAVA Group stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $75.16, for a total transaction of $364,150.20. Following the transaction, the chief financial officer directly owned 236,345 shares in the company, valued at $17,763,690.20. This represents a 2.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 48,360 shares of company stock valued at $3,634,738 in the last 90 days. 6.80% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on CAVA shares. Wall Street Zen downgraded shares of CAVA Group from a “hold” rating to a “sell” rating in a report on Friday, June 27th. Stifel Nicolaus dropped their price target on shares of CAVA Group from $175.00 to $125.00 and set a “buy” rating on the stock in a report on Wednesday, June 18th. TD Cowen dropped their price target on shares of CAVA Group from $120.00 to $90.00 and set a “buy” rating on the stock in a report on Wednesday, August 13th. JPMorgan Chase & Co. dropped their price target on shares of CAVA Group from $115.00 to $95.00 and set an “overweight” rating on the stock in a report on Wednesday, June 25th. Finally, TD Securities reissued a “buy” rating and issued a $120.00 price objective on shares of CAVA Group in a report on Friday, May 16th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $96.41.

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.