Retirement Systems of Alabama Has $15.87 Million Stock Holdings in CAVA Group, Inc. $CAVA

Retirement Systems of Alabama lifted its holdings in CAVA Group, Inc. (NYSE:CAVA) by 161.7% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 262,706 shares of the company’s stock after buying an additional 162,339 shares during the quarter. Retirement Systems of Alabama owned about 0.23% of CAVA Group worth $15,870,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. PFG Investments LLC raised its stake in shares of CAVA Group by 13.4% in the third quarter. PFG Investments LLC now owns 12,455 shares of the company’s stock worth $752,000 after acquiring an additional 1,470 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its holdings in shares of CAVA Group by 6.0% in the third quarter. Envestnet Portfolio Solutions Inc. now owns 3,852 shares of the company’s stock valued at $233,000 after purchasing an additional 219 shares in the last quarter. Ridgewood Investments LLC increased its holdings in shares of CAVA Group by 13.8% in the third quarter. Ridgewood Investments LLC now owns 5,398 shares of the company’s stock valued at $299,000 after purchasing an additional 653 shares in the last quarter. Covestor Ltd raised its position in CAVA Group by 16.6% in the 3rd quarter. Covestor Ltd now owns 2,600 shares of the company’s stock worth $157,000 after purchasing an additional 371 shares during the last quarter. Finally, CNB Bank lifted its holdings in CAVA Group by 275.8% during the 3rd quarter. CNB Bank now owns 575 shares of the company’s stock worth $35,000 after buying an additional 422 shares in the last quarter. Institutional investors own 73.15% of the company’s stock.

CAVA Group Price Performance

Shares of CAVA stock opened at $62.31 on Wednesday. The stock has a market cap of $7.23 billion, a PE ratio of 53.72, a price-to-earnings-growth ratio of 3.31 and a beta of 2.41. The stock has a 50-day moving average of $58.79 and a 200-day moving average of $64.66. CAVA Group, Inc. has a one year low of $43.41 and a one year high of $144.49.

CAVA Group (NYSE:CAVA) last released its quarterly earnings data on Tuesday, November 4th. The company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.13 by ($0.01). The firm had revenue of $292.24 million for 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%.The firm’s revenue was up 19.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.15 EPS. As a group, research analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

Insider Activity at CAVA Group

In related news, insider Theodoros Xenohristos sold 965 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total transaction of $65,050.65. Following the sale, the insider owned 333,244 shares of the company’s stock, valued at approximately $22,463,978.04. This trade represents a 0.29% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Tricia K. Tolivar sold 2,204 shares of CAVA Group stock in a transaction dated Wednesday, January 21st. The stock was sold at an average price of $67.41, for a total value of $148,571.64. Following the transaction, the chief financial officer owned 234,338 shares in the company, valued at approximately $15,796,724.58. This represents a 0.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 31,383 shares of company stock valued at $2,052,231. 12.10% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

CAVA has been the subject of several research reports. The Goldman Sachs Group reissued a “neutral” rating and issued a $68.00 target price on shares of CAVA Group in a research note on Wednesday, November 5th. Telsey Advisory Group began coverage on CAVA Group in a report on Friday, January 9th. They set an “outperform” rating and a $85.00 price objective for the company. Argus cut their target price on shares of CAVA Group from $76.00 to $60.00 and set a “buy” rating on the stock in a research report on Thursday, November 13th. Citigroup reiterated a “neutral” rating on shares of CAVA Group in a research report on Wednesday, November 12th. Finally, Stifel Nicolaus set a $75.00 price target on shares of CAVA Group in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $81.57.

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.