Chipotle Mexican Grill (CMG)

• Market cap: $79.9B
• 1 day: -2.14%
• 5 days: -0.59%
• 1 month: -1.97%
• 3 months: 8.63%
• 6 months: -7.48%
• Year to date: 30.58%
• 1 year: 35.97%
• 5 years: 288.54%
• 10 years: 345.18%
• 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)

47% more repeat investments, than reductions

Existing positions increased: 646 | Existing positions reduced: 438

5% more first-time investments, than exits

New positions opened: 205 | Existing positions closed: 196

1% more funds holding

Funds holding: 1,452 [Q2] → 1,461 (+9) [Q3]

4.79% less ownership

Funds ownership: 87.8% [Q2] → 83.01% (-4.79%) [Q3]

14% less funds holding in top 10

Funds holding in top 10: 28 [Q2] → 24 (-4) [Q3]

18% less capital invested

Capital invested by funds: $80.2B [Q2] → $65.4B (-$14.8B) [Q3]

19% less call options, than puts

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

Research analyst outlook

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

• Low target: $56 4% downside
• Avg. target: $65 12% upside
• High target: $72 23% upside

20 analyst ratings

• positive: 13 65%
• neutral: 7 35%
• negative: 0 0%

RBC Capital Logan Reich 67% 1-year accuracy 2 / 3 met price target	19% upside $70	Outperform Reiterated	15 Nov 2024
Stephens & Co. Jim Salera 50% 1-year accuracy 17 / 34 met price target	11% upside $65	Equal-Weight Reiterated	12 Nov 2024
Wedbush Nick Setyan 76% 1-year accuracy 74 / 97 met price target	18% upside $69	Outperform Reiterated	30 Oct 2024
TD Cowen Andrew Charles 60% 1-year accuracy 74 / 124 met price target	16% upside $68	Buy Maintained	30 Oct 2024
Citigroup Jon Tower 79% 1-year accuracy 22 / 28 met price target	19% upside $70	Buy Maintained	30 Oct 2024