Pictet Asset Management Holding SA Increases Stock Holdings in CAVA Group, Inc. (NYSE:CAVA)

Pictet Asset Management Holding SA increased its stake in CAVA Group, Inc. (NYSE:CAVA) by 59.8% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 11,272 shares of the company’s stock after acquiring an additional 4,217 shares during the quarter. Pictet Asset Management Holding SA’s holdings in CAVA Group were worth $1,271,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CAVA. Jennison Associates LLC boosted its stake in shares of CAVA Group by 36,658.7% in the fourth quarter. Jennison Associates LLC now owns 2,461,732 shares of the company’s stock worth $277,683,000 after acquiring an additional 2,455,035 shares during the last quarter. Vanguard Group Inc. lifted its holdings in CAVA Group by 20.4% in the 4th quarter. Vanguard Group Inc. now owns 8,011,602 shares of the company’s stock valued at $903,709,000 after purchasing an additional 1,357,187 shares in the last quarter. Geode Capital Management LLC boosted its stake in CAVA Group by 121.0% during the 3rd quarter. Geode Capital Management LLC now owns 1,222,834 shares of the company’s stock worth $151,492,000 after purchasing an additional 669,599 shares during the last quarter. Norges Bank purchased a new stake in shares of CAVA Group during the fourth quarter worth $64,538,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of CAVA Group in the fourth quarter valued at about $59,516,000. 73.15% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

CAVA has been the subject of a number of recent research reports. Piper Sandler upgraded shares of CAVA Group from a “neutral” rating to an “overweight” rating and cut their price objective for the company from $142.00 to $115.00 in a report on Friday, February 28th. Barclays cut their price target on CAVA Group from $127.00 to $104.00 and set an “equal weight” rating for the company in a report on Wednesday, February 26th. Citigroup lowered their price objective on CAVA Group from $163.00 to $140.00 and set a “neutral” rating on the stock in a research note on Friday, February 21st. Loop Capital cut their target price on CAVA Group from $147.00 to $100.00 and set a “hold” rating for the company in a research note on Thursday, February 27th. Finally, UBS Group lowered their price target on shares of CAVA Group from $160.00 to $125.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $130.25.

Insider Activity

In other news, CEO Brett Schulman sold 20,564 shares of the firm’s stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $119.18, for a total value of $2,450,817.52. Following the sale, the chief executive officer now directly owns 776,369 shares in the company, valued at approximately $92,527,657.42. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Adam David Phillips sold 615 shares of the business’s stock in a transaction on Monday, January 27th. The stock was sold at an average price of $124.39, for a total transaction of $76,499.85. Following the transaction, the chief accounting officer now owns 10,884 shares of the company’s stock, valued at approximately $1,353,860.76. The trade was a 5.35 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 29,235 shares of company stock worth $3,514,101. Corporate insiders own 12.10% of the company’s stock.

CAVA Group Price Performance

Shares of CAVA Group stock opened at $75.30 on Friday. The stock has a market capitalization of $8.70 billion, a price-to-earnings ratio of 163.70 and a beta of 3.33. The business has a 50-day moving average of $104.28 and a 200 day moving average of $120.60. CAVA Group, Inc. has a 12 month low of $58.22 and a 12 month high of $172.43.

CAVA Group (NYSE:CAVA) last announced its quarterly earnings data on Tuesday, February 25th. The company reported $0.05 earnings per share for the quarter, missing analysts’ consensus estimates of $0.06 by ($0.01). CAVA Group had a net margin of 5.88% and a return on equity of 9.10%. The business had revenue of $227.40 million during the quarter, compared to analyst estimates of $223.34 million. Equities research analysts anticipate that CAVA Group, Inc. will post 0.5 earnings per share for the current year.

About CAVA Group

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.