Chipotle Mexican Grill, Inc. $CMG Shares Sold by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC reduced its stake in Chipotle Mexican Grill by 23.4%, now holding 30,770 shares worth approximately $1.73 million.
• Chipotle's recent earnings report showed an EPS of $0.33, slightly exceeding expectations, but revenue fell short at $3.06 billion compared to expected $3.11 billion.
• Wall Street has a favorable outlook on Chipotle, with two analysts rating the stock as "Strong Buy," giving it an average target price of $59.28.

DAVENPORT & Co LLC cut its stake in Chipotle Mexican Grill, Inc. (NYSE:CMG - Free Report) by 23.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,770 shares of the restaurant operator's stock after selling 9,392 shares during the period. DAVENPORT & Co LLC's holdings in Chipotle Mexican Grill were worth $1,728,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Cloud Capital Management LLC acquired a new stake in Chipotle Mexican Grill in the 1st quarter worth approximately $25,000. Saudi Central Bank acquired a new stake in Chipotle Mexican Grill in the 1st quarter worth approximately $27,000. 1248 Management LLC acquired a new stake in Chipotle Mexican Grill in the 1st quarter worth approximately $27,000. Signature Resources Capital Management LLC acquired a new stake in Chipotle Mexican Grill in the 2nd quarter worth approximately $28,000. Finally, HighMark Wealth Management LLC boosted its stake in Chipotle Mexican Grill by 173.4% in the 1st quarter. HighMark Wealth Management LLC now owns 585 shares of the restaurant operator's stock worth $29,000 after purchasing an additional 371 shares in the last quarter. 91.30% of the stock is currently owned by institutional investors and hedge funds.

Chipotle Mexican Grill Price Performance

CMG opened at $40.88 on Friday. The firm has a fifty day moving average price of $41.24 and a 200 day moving average price of $47.72. Chipotle Mexican Grill, Inc. has a 1 year low of $38.30 and a 1 year high of $66.74. The stock has a market cap of $54.82 billion, a P/E ratio of 36.50, a P/E/G ratio of 2.09 and a beta of 0.99.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) last posted its earnings results on Wednesday, July 23rd. The restaurant operator reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.32 by $0.01. Chipotle Mexican Grill had a net margin of 13.32% and a return on equity of 43.50%. The firm had revenue of $3.06 billion during the quarter, compared to analysts' expectations of $3.11 billion. During the same period in the previous year, the business posted $0.34 EPS. The business's revenue was up 3.0% compared to the same quarter last year. Equities analysts expect that Chipotle Mexican Grill, Inc. will post 1.29 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on CMG shares. Rothschild Redb upgraded shares of Chipotle Mexican Grill from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, September 3rd. Raymond James Financial decreased their price objective on shares of Chipotle Mexican Grill from $60.00 to $56.00 and set an "outperform" rating for the company in a research note on Friday, August 15th. Piper Sandler upgraded shares of Chipotle Mexican Grill from a "neutral" rating to an "overweight" rating and decreased their price objective for the company from $53.00 to $50.00 in a research note on Tuesday, August 12th. BTIG Research restated a "buy" rating and set a $57.00 price objective on shares of Chipotle Mexican Grill in a research note on Friday, September 5th. Finally, Melius started coverage on shares of Chipotle Mexican Grill in a research note on Monday, July 14th. They set a "hold" rating and a $60.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-one have issued a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat, Chipotle Mexican Grill has an average rating of "Moderate Buy" and an average target price of $59.28.

Chipotle Mexican Grill Profile

Chipotle Mexican Grill, Inc, together with its subsidiaries, owns and operates Chipotle Mexican Grill restaurants. It sells food and beverages through offering burritos, burrito bowls, quesadillas, tacos, and salads. The company also provides delivery and related services its app and website. It has operations in the United States, Canada, France, Germany, and the United Kingdom.

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