Chipotle Mexican Grill (CMG)

• Market cap: $78.4B
• 1 day: -1.44%
• 5 days: 2.46%
• 1 month: -10.53%
• 3 months: -2.28%
• 6 months: 4.03%
• Year to date: -3.96%
• 1 year: 24.48%
• 5 years: 227.56%
• 10 years: 307.37%
• 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)

50% more repeat investments, than reductions

Existing positions increased: 665 | Existing positions reduced: 444

36% more first-time investments, than exits

New positions opened: 209 | Existing positions closed: 154

2% more funds holding

Funds holding: 1,455 [Q2] → 1,491 (+36) [Q3]

4.99% less ownership

Funds ownership: 91.37% [Q2] → 86.38% (-4.99%) [Q3]

7% less funds holding in top 10

Funds holding in top 10: 28 [Q2] → 26 (-2) [Q3]

18% less capital invested

Capital invested by funds: $83.3B [Q2] → $68.1B (-$15.2B) [Q3]

19% less call options, than puts

Call options by funds: $4.2B | Put options by funds: $5.18B

Research analyst outlook

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

• Low target: $56 3% downside
• Avg. target: $67 17% upside
• High target: $75 30% upside

16 analyst ratings

• positive: 10 63%
• neutral: 6 38%
• negative: 0 0%

Barclays Jeffrey Bernstein 45% 1-year accuracy 45 / 100 met price target	10% upside $63	Equal-Weight Maintained	7 Jan 2025
Oppenheimer Brian Bittner 32% 1-year accuracy 12 / 38 met price target	20% upside $69	Outperform Maintained	7 Jan 2025
RBC Capital Logan Reich 37% 1-year accuracy 7 / 19 met price target	30% upside $75	Outperform Maintained	17 Dec 2024
Jefferies Andy Barish 58% 1-year accuracy 7 / 12 met price target	8% upside $62	Hold Maintained	16 Dec 2024
Raymond James Brian Vaccaro 53% 1-year accuracy 8 / 15 met price target	25% upside $72	Outperform Maintained	16 Dec 2024