Chipotle Mexican Grill (NYSE:CMG) Price Target Lowered to $56.00 at Raymond James Financial

Key Points

• Raymond James Financial has decreased its price target for Chipotle Mexican Grill from $60.00 to $56.00, though it maintains an "outperform" rating, indicating a potential upside of 27.81% from the stock's previous close.
• Multiple research firms have revised their price targets for Chipotle, with UBS increasing it to $65.00 while others such as KeyCorp and Barclays have lowered theirs.
• Chipotle Mexican Grill recently reported earnings exceeding analyst estimates, with a net margin of 13.32%, though revenue fell short of expectations at $3.06 billion.

Chipotle Mexican Grill (NYSE:CMG - Get Free Report) had its price objective lowered by equities researchers at Raymond James Financial from $60.00 to $56.00 in a research report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the restaurant operator's stock. Raymond James Financial's price objective suggests a potential upside of 29.58% from the company's current price.

CMG has been the subject of several other reports. UBS Group increased their price objective on Chipotle Mexican Grill from $60.00 to $65.00 and gave the stock a "buy" rating in a research note on Thursday, July 17th. Redburn Atlantic started coverage on Chipotle Mexican Grill in a research report on Tuesday, June 10th. They issued a "neutral" rating and a $55.00 price objective on the stock. Piper Sandler upgraded Chipotle Mexican Grill from a "neutral" rating to an "overweight" rating and reduced their target price for the stock from $53.00 to $50.00 in a report on Tuesday, August 12th. Barclays dropped their price target on Chipotle Mexican Grill from $55.00 to $53.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 24th. Finally, TD Securities reissued a "buy" rating and issued a $57.00 price target on shares of Chipotle Mexican Grill in a research note on Wednesday, June 18th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and eight have given a Hold rating to the company's stock. Based on data from MarketBeat.com, Chipotle Mexican Grill has a consensus rating of "Moderate Buy" and an average price target of $60.22.

Chipotle Mexican Grill Price Performance

Shares of CMG traded down $0.1650 during midday trading on Friday, reaching $43.2150. The stock had a trading volume of 19,136,528 shares, compared to its average volume of 24,068,050. The firm's 50 day moving average price is $50.22 and its 200-day moving average price is $50.94. The company has a market capitalization of $57.95 billion, a P/E ratio of 38.58, a P/E/G ratio of 2.21 and a beta of 1.05. Chipotle Mexican Grill has a 52 week low of $41.18 and a 52 week high of $66.74.

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

Insider Buying and Selling at Chipotle Mexican Grill

In related news, insider Roger E. Theodoredis sold 113,875 shares of the business's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $49.70, for a total value of $5,659,587.50. Following the completion of the sale, the insider directly owned 109,815 shares of the company's stock, valued at $5,457,805.50. The trade was a 50.91% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.02% of the company's stock.

Institutional Trading of Chipotle Mexican Grill

Several institutional investors have recently added to or reduced their stakes in the business. Marex Group plc purchased a new stake in shares of Chipotle Mexican Grill during the second quarter worth about $322,000. Advisory Services Network LLC lifted its holdings in Chipotle Mexican Grill by 13.7% in the second quarter. Advisory Services Network LLC now owns 36,794 shares of the restaurant operator's stock worth $2,066,000 after buying an additional 4,440 shares during the period. State of Wyoming lifted its holdings in Chipotle Mexican Grill by 6.5% in the second quarter. State of Wyoming now owns 7,218 shares of the restaurant operator's stock worth $405,000 after buying an additional 443 shares during the period. Old North State Trust LLC lifted its holdings in Chipotle Mexican Grill by 16.1% in the second quarter. Old North State Trust LLC now owns 27,422 shares of the restaurant operator's stock worth $1,540,000 after buying an additional 3,802 shares during the period. Finally, Geneos Wealth Management Inc. lifted its holdings in Chipotle Mexican Grill by 99.2% in the second quarter. Geneos Wealth Management Inc. now owns 12,559 shares of the restaurant operator's stock worth $705,000 after buying an additional 6,253 shares during the period. 91.30% of the stock is currently owned by hedge funds and other institutional investors.

About Chipotle Mexican Grill

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.