Royal Bank of Canada Sells 15,257 Shares of CAVA Group, Inc. $CAVA

Royal Bank of Canada decreased its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 7.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 191,559 shares of the company’s stock after selling 15,257 shares during the period. Royal Bank of Canada owned approximately 0.16% of CAVA Group worth $15,498,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CAVA. Modern Wealth Management LLC increased its holdings in CAVA Group by 4.2% during the 1st quarter. Modern Wealth Management LLC now owns 3,907 shares of the company’s stock valued at $313,000 after purchasing an additional 158 shares during the period. Bridgewater Associates LP lifted its holdings in CAVA Group by 2.4% in the 4th quarter. Bridgewater Associates LP now owns 6,827 shares of the company’s stock worth $401,000 after buying an additional 163 shares during the period. Western Pacific Wealth Management LP lifted its holdings in CAVA Group by 32.5% in the 4th quarter. Western Pacific Wealth Management LP now owns 729 shares of the company’s stock worth $43,000 after buying an additional 179 shares during the period. Allworth Financial LP grew its position in shares of CAVA Group by 57.4% in the 4th quarter. Allworth Financial LP now owns 650 shares of the company’s stock worth $38,000 after buying an additional 237 shares during the last quarter. Finally, Clearstead Advisors LLC grew its position in shares of CAVA Group by 18.2% in the 4th quarter. Clearstead Advisors LLC now owns 1,566 shares of the company’s stock worth $92,000 after buying an additional 241 shares during the last quarter. 73.15% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at CAVA Group

In other news, Director Karen Kochevar sold 10,000 shares of the stock in a transaction that occurred on Thursday, June 18th. The shares were sold at an average price of $90.00, for a total transaction of $900,000.00. Following the sale, the director owned 3,074 shares in the company, valued at $276,660. This represents a 76.49% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Brett Schulman sold 33,174 shares of the firm’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $89.43, for a total transaction of $2,966,750.82. Following the sale, the chief executive officer directly owned 798,669 shares of the company’s stock, valued at $71,424,968.67. This trade represents a 3.99% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 91,747 shares of company stock valued at $7,970,838. 6.70% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

CAVA has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their target price on CAVA Group from $75.00 to $86.00 and gave the company a “neutral” rating in a report on Monday, April 13th. JPMorgan Chase & Co. upped their price objective on shares of CAVA Group from $80.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, April 24th. Piper Sandler raised their target price on shares of CAVA Group from $85.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 20th. Sanford C. Bernstein reaffirmed an “outperform” rating and set a $95.00 target price on shares of CAVA Group in a research note on Wednesday, May 20th. Finally, Wolfe Research set a $95.00 price target on shares of CAVA Group in a research report on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, eight have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, CAVA Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.46.

CAVA Group Trading Up 0.2%

NYSE CAVA opened at $62.33 on Friday. CAVA Group, Inc. has a 12 month low of $43.41 and a 12 month high of $98.79. The stock’s fifty day moving average price is $73.56 and its 200-day moving average price is $76.86. The stock has a market cap of $7.26 billion, a P/E ratio of 119.86, a P/E/G ratio of 4.29 and a beta of 1.74.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings results on Tuesday, May 19th. The company reported $0.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.17 by $0.03. The company had revenue of $438.27 million for the quarter, compared to analysts’ expectations of $360.89 million. CAVA Group had a net margin of 4.79% and a return on equity of 7.92%. CAVA Group’s revenue was up 32.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.22 EPS. As a group, analysts forecast that CAVA Group, Inc. will post 0.54 earnings per share for the current fiscal year.

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.