We recently shared Pershing Square's Q1 2019 Investor Letter, in which the fund reported a 36.9% increase of NAV per share during the first three months of 2019. If you are interested in more details you can track down a copy of the letter here. In the letter, the fund also shared its opinion on the stocks in its equity portfolio, including Chipotle Mexican Grill, Inc. (NYSE:CMG), for which it said it believes is yet to deliver strong profits and to grow its sales in the upcoming years.
"Chipotle Mexican Grill (“CMG”)
Chipotle Mexican Grill is a chain of fast- casual restaurants that provides its professional services not only in the US, but also across the United Kingdom, France, Canada, and Germany. It gained wide popularity mainly thanks to its Mission-style burritos and tasteful tacos. Since the beginning of the year, Chipotle's stock gained 49.44%, and on May 24th it had a closing price of $662.56. Chipotle Mexican Grill has a market cap of $18.36 billion while trading at a price-to-earnings ratio of 90.55
At Q4's end, a total of 38 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of 15% from the second quarter of 2018. Below, you can check out the change in hedge fund sentiment towards CMG over the last 14 quarters. With hedgies' positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were boosting their stakes meaningfully (or already accumulated large positions).
Among these funds, Pershing Square actually held the most valuable stake in Chipotle Mexican Grill, Inc. (NYSE:CMG), which was worth $838 million at the end of the third quarter. On the second spot was Renaissance Technologies which amassed $535.6 million worth of shares. Moreover, Citadel Investment Group, AQR Capital Management, and Generation Investment Management were also bullish on Chipotle Mexican Grill, Inc. (NYSE:CMG), allocating a large percentage of their portfolios to this stock.
CMG
Disclosure: None. This article is originally published at Insider Monkey.
