Jennison Associates LLC Cuts Stock Position in CAVA Group, Inc. $CAVA

Jennison Associates LLC lessened its stake in CAVA Group, Inc. (NYSE:CAVA) by 24.9% in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,396,155 shares of the company’s stock after selling 2,123,304 shares during the quarter. Jennison Associates LLC owned approximately 0.06% of CAVA Group worth $538,748,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Horizon Advisors Inc. raised its position in shares of CAVA Group by 1,400.0% in the first quarter. First Horizon Advisors Inc. now owns 285 shares of the company’s stock valued at $25,000 after buying an additional 266 shares during the last quarter. Vision Financial Markets LLC acquired a new position in CAVA Group during the first quarter worth about $26,000. Dagco Inc. acquired a new position in CAVA Group during the first quarter worth about $27,000. Brooklyn Investment Group boosted its position in CAVA Group by 168.0% during the first quarter. Brooklyn Investment Group now owns 402 shares of the company’s stock worth $35,000 after acquiring an additional 252 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new position in CAVA Group during the second quarter worth about $38,000. Hedge funds and other institutional investors own 73.15% of the company’s stock.

CAVA Group Trading Down 1.2%

Shares of CAVA stock opened at $62.21 on Wednesday. The company’s 50-day moving average price is $64.37 and its 200-day moving average price is $77.86. The stock has a market cap of $7.21 billion, a price-to-earnings ratio of 52.28, a PEG ratio of 3.63 and a beta of 2.50. CAVA Group, Inc. has a twelve month low of $58.33 and a twelve month high of $172.43.

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Citigroup lowered their price target on shares of CAVA Group from $102.00 to $88.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 13th. Royal Bank Of Canada assumed coverage on shares of CAVA Group in a research report on Wednesday, October 8th. They set an “outperform” rating and a $80.00 price target on the stock. Melius assumed coverage on shares of CAVA Group in a research report on Monday, July 14th. They set a “hold” rating and a $95.00 price target on the stock. KeyCorp lowered their price target on shares of CAVA Group from $100.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 13th. Finally, Barclays lowered their price target on shares of CAVA Group from $74.00 to $64.00 and set an “equal weight” rating on the stock in a research report on Wednesday, October 22nd. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and ten have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $92.30.

CAVA Group Company 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.