Chipotle Mexican Grill (CMG)

• Market cap: $89.1B
• 1 day: 0.28%
• 5 days: 6.24%
• 1 month: 13.36%
• 3 months: 21.83%
• 6 months: 1.82%
• Year to date: 45.66%
• 1 year: 47.96%
• 5 years: 297.57%
• 10 years: 397.72%
• Sector: Consumer Discretionary
• Industry: Eating Places

About: Chipotle Mexican Grill is the largest fast-casual chain restaurant in the United States, with systemwide sales of $9.9 billion in 2023. The Mexican concept is almost exclusively company-owned, with just two license stores opearted through a master franchise relationship with Alshaya Group in the Middle East. It had a footprint of nearly 3,440 stores at the end of 2023, heavily indexed to the United States, although it maintains a small presence in Canada, the UK, France, and Germany. Chipotle sells burritos, burrito bowls, tacos, quesadillas, and beverages, with a selling proposition built around competitive prices, high-quality food sourcing, speed of service, and convenience. The company generates its revenue entirely from restaurant sales and delivery fees.

Employees: 116,068

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

49% more repeat investments, than reductions

Existing positions increased: 661 | Existing positions reduced: 444

19% more first-time investments, than exits

New positions opened: 209 | Existing positions closed: 176

2% more funds holding

Funds holding: 1,454 [Q2] → 1,487 (+33) [Q3]

4.63% less ownership

Funds ownership: 87.8% [Q2] → 83.17% (-4.63%) [Q3]

11% less funds holding in top 10

Funds holding in top 10: 28 [Q2] → 25 (-3) [Q3]

18% less capital invested

Capital invested by funds: $80.2B [Q2] → $65.6B (-$14.6B) [Q3]

19% less call options, than puts

Call options by funds: $4.15B | Put options by funds: $5.13B

Research analyst outlook

21 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $56 14% downside
• Avg. target: $67 2% upside
• High target: $74 13% upside

21 analyst ratings

• positive: 14 67%
• neutral: 7 33%
• negative: 0 0%

Evercore ISI Group David Palmer 76% 1-year accuracy 22 / 29 met price target	10% upside $72	Outperform Maintained	5 Dec 2024
Truist Securities Jake Bartlett 75% 1-year accuracy 44 / 59 met price target	13% upside $74	Buy Maintained	4 Dec 2024
RBC Capital Logan Reich 55% 1-year accuracy 6 / 11 met price target	7% upside $70	Outperform Reiterated	15 Nov 2024
Stephens & Co. Jim Salera 60% 1-year accuracy 12 / 20 met price target	1% downside $65	Equal-Weight Reiterated	12 Nov 2024
Wedbush Nick Setyan 76% 1-year accuracy 63 / 83 met price target	6% upside $69	Outperform Reiterated	30 Oct 2024