Bank of New York Mellon Corp Acquires 89,001 Shares of CAVA Group, Inc. (NYSE:CAVA)

Bank of New York Mellon Corp boosted its holdings in shares of CAVA Group, Inc. (NYSE:CAVA) by 51.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 261,402 shares of the company’s stock after buying an additional 89,001 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.23% of CAVA Group worth $24,245,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in CAVA. Vanguard Group Inc. grew its position in CAVA Group by 215.7% during the first quarter. Vanguard Group Inc. now owns 4,944,036 shares of the company’s stock valued at $346,330,000 after buying an additional 3,377,840 shares during the period. Capital Research Global Investors boosted its position in shares of CAVA Group by 249.5% in the fourth quarter. Capital Research Global Investors now owns 4,369,281 shares of the company’s stock worth $187,792,000 after purchasing an additional 3,119,281 shares during the period. 1832 Asset Management L.P. boosted its position in shares of CAVA Group by 79.5% in the fourth quarter. 1832 Asset Management L.P. now owns 2,248,400 shares of the company’s stock worth $96,636,000 after purchasing an additional 995,800 shares during the period. Artemis Investment Management LLP bought a new position in shares of CAVA Group in the first quarter worth approximately $38,225,000. Finally, Lord Abbett & CO. LLC boosted its position in shares of CAVA Group by 55.9% in the first quarter. Lord Abbett & CO. LLC now owns 1,373,749 shares of the company’s stock worth $96,231,000 after purchasing an additional 492,667 shares during the period. 73.15% of the stock is currently owned by institutional investors.

CAVA Group Trading Up 1.8 %

Shares of CAVA opened at $113.97 on Thursday. CAVA Group, Inc. has a twelve month low of $29.05 and a twelve month high of $128.18. The company has a market cap of $13.00 billion, a P/E ratio of 277.98 and a beta of 3.27. The company’s fifty day simple moving average is $93.50 and its 200-day simple moving average is $79.51.

CAVA Group (NYSE:CAVA) last announced its earnings results on Thursday, August 22nd. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.04. CAVA Group had a net margin of 5.04% and a return on equity of 7.37%. The business had revenue of $233.50 million for the quarter, compared to the consensus estimate of $219.47 million. During the same quarter in the prior year, the firm posted $0.21 earnings per share. The business’s revenue for the quarter was up 35.1% on a year-over-year basis. Analysts predict that CAVA Group, Inc. will post 0.43 earnings per share for the current fiscal year.

Insider Transactions at CAVA Group

In other news, CEO Brett Schulman sold 201,504 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.53, for a total value of $25,294,797.12. Following the transaction, the chief executive officer now directly owns 702,590 shares in the company, valued at $88,196,122.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Theodoros Xenohristos sold 98,490 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $125.77, for a total value of $12,387,087.30. Following the transaction, the director now directly owns 424,846 shares in the company, valued at $53,432,881.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Brett Schulman sold 201,504 shares of the stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $125.53, for a total transaction of $25,294,797.12. Following the transaction, the chief executive officer now owns 702,590 shares in the company, valued at $88,196,122.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 493,579 shares of company stock worth $55,510,751.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of CAVA Group from $77.00 to $90.00 and gave the stock a “neutral” rating in a report on Monday, August 26th. Citigroup boosted their target price on shares of CAVA Group from $93.00 to $115.00 and gave the stock a “neutral” rating in a report on Friday, August 23rd. Wedbush boosted their target price on shares of CAVA Group from $100.00 to $120.00 and gave the stock an “outperform” rating in a report on Friday, August 23rd. Loop Capital boosted their target price on shares of CAVA Group from $80.00 to $122.00 and gave the stock a “hold” rating in a report on Monday, August 26th. Finally, Morgan Stanley downgraded shares of CAVA Group from an “overweight” rating to an “equal weight” rating and boosted their target price for the stock from $90.00 to $110.00 in a report on Thursday, August 29th. Seven research analysts have rated the stock with a hold rating and seven have given a buy 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 $106.75.

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.