New York State Common Retirement Fund Increases Stock Holdings in CAVA Group, Inc. $CAVA

New York State Common Retirement Fund boosted its position in shares of CAVA Group, Inc. (NYSE:CAVA) by 46.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 129,912 shares of the company’s stock after acquiring an additional 40,932 shares during the period. New York State Common Retirement Fund owned 0.11% of CAVA Group worth $7,848,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in CAVA. Atlantic Union Bankshares Corp bought a new position in CAVA Group in the 2nd quarter worth about $31,000. Toth Financial Advisory Corp lifted its holdings in shares of CAVA Group by 656.7% during the 3rd quarter. Toth Financial Advisory Corp now owns 507 shares of the company’s stock worth $31,000 after acquiring an additional 440 shares during the last quarter. Western Pacific Wealth Management LP bought a new position in CAVA Group in the third quarter valued at $33,000. CNB Bank lifted its stake in CAVA Group by 275.8% during the third quarter. CNB Bank now owns 575 shares of the company’s stock worth $35,000 after purchasing an additional 422 shares during the last quarter. Finally, Whittier Trust Co. raised its holdings in shares of CAVA Group by 60.9% during the 2nd quarter. Whittier Trust Co. now owns 457 shares of the company’s stock valued at $38,000 after buying an additional 173 shares in the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

CAVA Group Trading Up 7.4%

NYSE:CAVA opened at $65.42 on Thursday. The company has a 50-day moving average price of $60.57 and a 200-day moving average price of $63.73. The stock has a market cap of $7.59 billion, a price-to-earnings ratio of 56.40, a P/E/G ratio of 4.47 and a beta of 2.41. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $144.49.

CAVA Group (NYSE:CAVA) last released its quarterly earnings results on Tuesday, November 4th. The company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $292.24 million during the quarter, compared to the consensus estimate of $292.88 million. CAVA Group had a return on equity of 8.88% and a net margin of 12.14%.CAVA Group’s quarterly revenue was up 19.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.15 earnings per share. Equities analysts forecast that CAVA Group, Inc. will post 0.5 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Citigroup reissued a “neutral” rating on shares of CAVA Group in a research note on Wednesday, November 12th. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $68.00 price target on shares of CAVA Group in a research note on Wednesday, November 5th. Stifel Nicolaus set a $75.00 price objective on CAVA Group in a research note on Wednesday, November 5th. Morgan Stanley decreased their target price on shares of CAVA Group from $86.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 20th. Finally, Truist Financial upped their price target on shares of CAVA Group from $66.00 to $78.00 and gave the company a “buy” rating in a report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.50.

Insider Buying and Selling

In related news, CFO Tricia K. Tolivar sold 2,404 shares of CAVA Group stock in a transaction dated Tuesday, January 27th. The shares were sold at an average price of $62.14, for a total transaction of $149,384.56. Following the completion of the transaction, the chief financial officer directly owned 231,934 shares of the company’s stock, valued at $14,412,378.76. This trade represents a 1.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Theodoros Xenohristos sold 1,039 shares of the business’s stock in a transaction dated Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total transaction of $64,563.46. Following the sale, the insider directly owned 332,205 shares in the company, valued at $20,643,218.70. The trade was a 0.31% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 42,843 shares of company stock valued at $2,764,355 over the last 90 days. 6.80% of the stock is currently owned by company 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.