Principal Financial Group Inc. Acquires 32,892 Shares of CAVA Group, Inc. $CAVA

Principal Financial Group Inc. raised its holdings in CAVA Group, Inc. (NYSE:CAVA) by 17.5% during the third quarter, HoldingsChannel reports. The firm owned 220,772 shares of the company’s stock after acquiring an additional 32,892 shares during the quarter. Principal Financial Group Inc.’s holdings in CAVA Group were worth $13,337,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Bison Wealth LLC bought a new stake in shares of CAVA Group during the 4th quarter worth $208,000. Goldman Sachs Group Inc. raised its stake in CAVA Group by 14.3% during the first quarter. Goldman Sachs Group Inc. now owns 606,780 shares of the company’s stock worth $52,432,000 after acquiring an additional 75,828 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in CAVA Group by 17.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 236,622 shares of the company’s stock worth $20,447,000 after acquiring an additional 34,860 shares in the last quarter. KLP Kapitalforvaltning AS lifted its holdings in shares of CAVA Group by 5.0% in the second quarter. KLP Kapitalforvaltning AS now owns 18,800 shares of the company’s stock worth $1,584,000 after acquiring an additional 900 shares during the last quarter. Finally, Maryland State Retirement & Pension System boosted its stake in shares of CAVA Group by 37.5% in the 2nd quarter. Maryland State Retirement & Pension System now owns 4,850 shares of the company’s stock valued at $409,000 after purchasing an additional 1,324 shares in the last quarter. Institutional investors and hedge funds own 73.15% of the company’s stock.

CAVA Group Stock Down 5.0%

NYSE CAVA opened at $68.87 on Wednesday. The company has a market capitalization of $7.99 billion, a price-to-earnings ratio of 59.37, a PEG ratio of 5.32 and a beta of 2.41. CAVA Group, Inc. has a twelve month low of $43.41 and a twelve month high of $139.62. The stock has a fifty day simple moving average of $62.03 and a 200 day simple moving average of $62.99.

Insider Buying and Selling

In other news, CEO Brett Schulman sold 4,542 shares of the firm’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 $282,239.88. Following the completion of the transaction, the chief executive officer directly owned 802,783 shares in the company, valued at $49,884,935.62. This trade represents a 0.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Tricia K. Tolivar sold 2,404 shares of CAVA Group stock in a transaction that occurred on Tuesday, January 27th. The stock was sold at an average price of $62.14, for a total value of $149,384.56. Following the completion of the transaction, the chief financial officer directly owned 231,934 shares in the company, valued at approximately $14,412,378.76. This represents a 1.03% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 42,843 shares of company stock valued at $2,764,355. Corporate insiders own 12.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CAVA. KeyCorp lowered their price objective on shares of CAVA Group from $85.00 to $65.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Piper Sandler decreased their target price on shares of CAVA Group from $100.00 to $71.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 5th. Mizuho upped their price target on shares of CAVA Group from $52.00 to $64.00 and gave the stock a “neutral” rating in a report on Friday, January 9th. Stifel Nicolaus set a $75.00 price objective on CAVA Group in a report on Wednesday, November 5th. Finally, Sanford C. Bernstein set a $70.00 price target on CAVA Group in a research note on Wednesday, January 7th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and nine have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.50.

About CAVA Group

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.