Sustainable Growth Advisers 13F: Cuts CMG Stake by $74M
Sustainable Growth Advisers cut its holdings in Chipotle Mexican Grill, Inc. by over two million shares in a recent filing.
Reviewed by automated data checks against the source filing. How we make and check alerts
Sustainable Growth Advisers sold 2,321,577 shares from its stake in Chipotle Mexican Grill, Inc. ($CMG), a 33.79% decrease, according to a 13F filing with the SEC dated October 15, 2026. It reported 4,549,581 shares worth $145.36 million at the end of the quarter.
Since the filing, $CMG is down 2.3% to date (from the $30.58 close on Oct 15, 2026).
Find the original: Sustainable Growth Advisers 13F filings on SEC EDGAR
CMG
Chipotle Mexican Grill, Inc.
Key Points
- Sustainable Growth Advisers trimmed its Chipotle Mexican Grill stake by 33.8%, reducing its position by 2,321,577 shares to end with 4,549,581 shares worth $145.4 million.
- Chipotle shares recently traded around $29.86, sitting below both their 50-day and 200-day moving averages as the company prepares for its October 28 earnings release.
- Other large institutional managers adjusted their positions during the period, while Wall Street firms updated their views ahead of the upcoming results.
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Not investment advice. EarningsIQ is not a registered investment adviser, and this automated Chipotle Mexican Grill, Inc. alert may contain errors. Disclosures
Sustainable Growth Advisers filed a Form 13F with the SEC on October 15, 2026, revealing a reduced stake in Chipotle Mexican Grill, Inc. (NYSE: CMG). Because 13F filings look backward at holdings from the end of the reporting period, this filing may not reflect the firm's current portfolio today.
What Changed in Sustainable Growth Advisers's Chipotle Position
Sustainable Growth Advisers cut its position by 2,321,577 shares, a 33.8% reduction from the previous quarter. The fund finished the period with 4,549,581 shares of Chipotle, with a reported value of $145,359,113.
Other Institutional Activity in Chipotle
Other large investment firms made notable adjustments to their Chipotle holdings around the same time. Blackrock Inc. grew its holdings by 18,449,342 shares, ending with 129,925,735 shares worth about $3.88 billion following a 16.5% increase. Vanguard Capital Management LLC reduced its position by 855,173 shares, down 1.0% to 83,815,448 shares valued at roughly $2.51 billion. JPMORGAN CHASE & CO lifted its stake by 17,020,142 shares, a 34.6% boost that left it with 66,168,691 shares worth about $1.98 billion. Vanguard Portfolio Management LLC trimmed its holdings by 763,553 shares, a 1.2% decrease to 60,320,683 shares valued at approximately $1.80 billion. State Street Corporation added 828,079 shares, growing its stake by 1.5% to 55,667,783 shares worth about $1.66 billion.
Chipotle Mexican Grill, Inc. Stock Down 2.2%
Chipotle shares recently traded around $29.86 as of October 16, 2026. The stock trades below its 50-day moving average of $33.97 and its 200-day moving average of $34.58. The shares sit about 30.1% below their 52-week high of $42.74 and roughly 6.5% above their 52-week low of $28.04.
Recent Earnings
Chipotle generated $12.42 billion in trailing-twelve-month revenue with earnings of $1.10 per share over the same period. The company posts a net profit margin of 11.4% and a return on equity of 49.6%. Management scheduled the next financial results release for October 28, 2026.
Earnings drift grade
Outlook vs expectations on the last report — not price action.
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Forward outlook
3 target cuts vs 2 raises.
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EPS & revenue
EPS met estimates. Revenue met estimates.
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Profit surprise
EBITDA met by 0 percent. Operating income met by 1 percent.
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Pre-earnings setup
Expectations were about average.
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Analyst signal
1 upgrade, 2 target raises, 3 target cuts.
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Earnings quality
Gross margin up 42.2 points. Operating margin down 4.3 points. Positive free cash flow.
Earnings Call Summary
Chipotle reported first-quarter revenue of $3.1 billion, up seven point four percent year over year, with comparable sales growing zero point five percent driven by positive transaction growth. The company benefited from menu innovations including high-protein offerings, Chicken Al Pastor and cilantro-lime sauce, which together contributed meaningful sales lift. Management highlighted strong momentum continuing into April fueled by the new rewards program launch and menu innovation, while noting that the high-efficiency equipment rollout across now over 600 restaurants is generating hundreds of basis points of comparable sales outperformance in those locations.
Guidance Management reaffirmed their full-year comparable sales guidance at about flat but guided the second quarter toward positive one percent comparable sales growth. They expect continued pressure on restaurant margins from ingredient inflation in the second quarter but anticipate that pressure to ease in the second half of the year.
Negative report. Results or guidance disappointed and expectations are likely to move lower.
Dividend
The company currently does not pay a dividend, maintaining a payout ratio of 0.0%.
Insider Buying and Selling at Chipotle Mexican Grill, Inc.
Company insiders completed several transactions prior to the filing. President Curtis Evander Garner III sold 61,077 shares on February 6, 2026, at an average price of $40.01 for a total value of $2,443,856. Director Patricia D Fili-Krushel sold 3,350 shares on February 24, 2026, at $36.58 per share, totaling $122,543. Officer Matthew R Bush sold 2,675 shares on August 21, 2026, at $35.75 per share, worth $95,631.
Analysts Set New Price Targets
Wall Street firms updated their stances on the restaurant operator ahead of the filing. Mizuho reiterated its Outperform rating with a $43.00 target on September 1, 2026. Seaport Global initiated coverage with a Neutral rating on September 16, 2026. JP Morgan maintained an Overweight rating while lowering its target from $40.00 to $37.00 on September 29, 2026. Morgan Stanley maintained an Equal-Weight rating with a $40.00 target on October 15, 2026, and Stephens & Co. maintained an Equal-Weight rating with a $38.00 target on the same day. Overall, the stock carries a consensus buy rating with a mean price target of $43.73 across 31 analysts.
About Chipotle
Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. operates a fast-casual restaurant chain specializing in burritos, tacos, bowls, and other Mexican-inspired dishes made with responsibly raised meats. The company employs roughly 140,000 workers across its restaurant network. Institutional stake changes like this one offer a window into how major portfolio managers view the restaurant operator's long-term growth prospects.
Bottom Line
Investors will watch the upcoming earnings report on October 28, 2026, for fresh details on store traffic, profit margins, and same-store sales growth. Subsequent SEC filings will show whether other major funds follow Sustainable Growth Advisers in trimming their exposure to the stock. Keep in mind that 13F filings are backward-looking: they show holdings as of the end of the reporting quarter and may not represent the fund's current position.
Related Filing Alerts
Source: Sustainable Growth Advisers's 13F filing on $CMG (Oct 15, 2026). 13F filings show holdings as of the end of the reporting quarter and may not reflect the fund's current position. Find the original filing: Sustainable Growth Advisers 13F filings on SEC EDGAR. Written by software, not financial advice. How we make alerts