Bank of Nova Scotia Acquires 256,957 Shares of Chipotle Mexican Grill, Inc. $CMG

Key Points

• Bank of Nova Scotia increased its Chipotle stake by 35.8% in the first quarter, adding 256,957 shares and bringing its total holdings to 975,204 shares worth about $31.2 million.
• Institutional ownership remains very high, with 91.30% of Chipotle Mexican Grill shares held by institutional investors; several other firms also boosted their positions during the quarter.
• Wall Street sentiment is mixed but positive overall: analysts have a consensus rating of “Moderate Buy” with a target price of $43.86, while Chipotle recently reported quarterly EPS in line with expectations and revenue slightly ahead of estimates.

Bank of Nova Scotia grew its stake in shares of Chipotle Mexican Grill, Inc. (NYSE:CMG - Free Report) by 35.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 975,204 shares of the restaurant operator's stock after acquiring an additional 256,957 shares during the period. Bank of Nova Scotia owned 0.08% of Chipotle Mexican Grill worth $31,216,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in CMG. State of Wyoming boosted its stake in Chipotle Mexican Grill by 10.9% in the 1st quarter. State of Wyoming now owns 3,759 shares of the restaurant operator's stock worth $120,000 after purchasing an additional 368 shares during the period. Cetera Investment Advisers increased its position in shares of Chipotle Mexican Grill by 12.1% during the first quarter. Cetera Investment Advisers now owns 447,941 shares of the restaurant operator's stock valued at $14,339,000 after buying an additional 48,350 shares during the period. Alpha Family Trust bought a new stake in shares of Chipotle Mexican Grill during the first quarter valued at about $240,000. First Trust Advisors LP lifted its holdings in shares of Chipotle Mexican Grill by 5.7% in the first quarter. First Trust Advisors LP now owns 762,397 shares of the restaurant operator's stock worth $24,404,000 after buying an additional 40,980 shares in the last quarter. Finally, ABN Amro Investment Solutions lifted its holdings in shares of Chipotle Mexican Grill by 2.7% in the first quarter. ABN Amro Investment Solutions now owns 67,289 shares of the restaurant operator's stock worth $2,154,000 after buying an additional 1,749 shares in the last quarter. 91.30% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

CMG has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Chipotle Mexican Grill from $44.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 30th. JPMorgan Chase & Co. upgraded shares of Chipotle Mexican Grill from a "neutral" rating to an "overweight" rating and lowered their target price for the stock from $38.00 to $35.00 in a research note on Friday, June 5th. Barclays cut their price target on shares of Chipotle Mexican Grill from $40.00 to $38.00 and set an "equal weight" rating for the company in a report on Thursday, April 30th. Citigroup decreased their price target on shares of Chipotle Mexican Grill from $46.00 to $45.00 and set a "buy" rating on the stock in a report on Monday, July 13th. Finally, Mizuho increased their price objective on Chipotle Mexican Grill from $40.00 to $41.00 and gave the stock an "outperform" rating in a research report on Monday, July 13th. Twenty-three investment analysts have rated the stock with a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.86.

Chipotle Mexican Grill Price Performance

Shares of CMG stock opened at $31.79 on Friday. The business has a 50-day moving average of $32.62 and a 200 day moving average of $34.74. Chipotle Mexican Grill, Inc. has a 1-year low of $28.03 and a 1-year high of $47.18. The stock has a market capitalization of $40.78 billion, a PE ratio of 29.17, a P/E/G ratio of 2.09 and a beta of 0.97.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) last announced its quarterly earnings results on Wednesday, April 29th. The restaurant operator reported $0.24 EPS for the quarter, hitting analysts' consensus estimates of $0.24. The business had revenue of $3.09 billion for the quarter, compared to analysts' expectations of $3.07 billion. Chipotle Mexican Grill had a return on equity of 49.64% and a net margin of 11.96%.The business's quarterly revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.29 EPS. Analysts anticipate that Chipotle Mexican Grill, Inc. will post 1.13 EPS for the current year.

About Chipotle Mexican Grill

Chipotle Mexican Grill is a fast-casual restaurant company known for its Mexican-inspired menu of burritos, bowls, tacos and salads. Founded in 1993 by Steve Ells, the chain emphasizes fresh, customizable meals made from a limited menu of core ingredients and a focus on ingredient quality. Chipotle operates primarily company-owned restaurants and offers dine-in, takeout, catering and delivery through its own digital platforms and third-party partners.

The company is headquartered in Newport Beach, California, and traces its roots to Denver, Colorado.

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