Bill Ackman Reduces Investment in Alphabet While Berkshire Hathaway, Led by Warren Buffett, Increases Its Holdings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 14 2025
0mins
Source: Benzinga
Changes in Holdings: Pershing Square Capital Management, led by Bill Ackman, made no new investments in the third quarter but reduced its stake in Alphabet Class A shares by 10% and sold small portions of its holdings in three other companies.
Top Holdings Overview: As of September 30, the fund's top holdings included Uber (20%), Brookfield (19%), and Howard Hughes Holdings (11%), with Alphabet Class C and Restaurant Brands also significant at 11% and 10%, respectively.
Market Activity: The fund's adjustments come amid notable market activity, including a new position in Alphabet Class A shares by Warren Buffett and Berkshire Hathaway, which may have influenced Pershing Square's decision to cut its stake.
No Stake Increases: Throughout the third quarter, Pershing Square did not increase its stake in any of its existing positions, indicating a cautious approach to its investment strategy during this period.
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Analyst Views on CMG
Wall Street analysts forecast CMG stock price to rise
25 Analyst Rating
18 Buy
7 Hold
0 Sell
Moderate Buy
Current: 31.860
Low
35.00
Averages
45.95
High
56.00
Current: 31.860
Low
35.00
Averages
45.95
High
56.00
About CMG
Chipotle Mexican Grill, Inc. is a restaurant company. The Company develops and operates restaurants that serve a menu of burritos, burrito bowls, quesadillas, tacos, and salads, made using fresh ingredients. The Company operates approximately 3839 restaurants in the United States, Canada, the United Kingdom, France, Germany, Kuwait, and United Arab Emirates. It owns and operates all its restaurants in North America and Europe. The Company is focused in serving sourced, classically cooked, real food with wholesome ingredients without artificial colors, flavors or preservatives. Its menu includes Burrito, Burrito Bowl, Lifestyle Bowl, Quesadilla, Salad, Tacos, Kid’s Meal, Chips and Sides, and Build your Own (digital only). It also includes Raymonte’s Chicken Bowl, The Mr. Fantasy Burrito, Carne Asada, Build-Your-Own Chipotle, catering and group order. Its subsidiaries include Chipotle Mexican Grill Canada Corp., Chipotle Mexican Grill France SAS, among others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Stock Price Decline: Chipotle's shares have fallen 54% since their peak in June 2024, indicating a significant loss of market confidence in its growth prospects amid increasing economic uncertainty, leading to waning investor interest in the stock.
- Leadership Change Impact: The departure of CEO Brian Niccol in August 2024 raised doubts about his successor's capabilities, resulting in a 7% drop in stock price on the day of the announcement, reflecting concerns over the company's future direction.
- Sales Decline: In 2025, Chipotle reported a 1.7% year-over-year decline in same-store sales, marking the first drop after eight consecutive years of growth, particularly as lower-income households and younger consumers tightened their spending, exacerbating performance pressures.
- Increased Marketing Spend: To stimulate growth, Chipotle raised its marketing expenditure to 3.5% of revenue in Q4 2025, up from 3% the previous year, aiming to restore consumer confidence and drive sales recovery despite ongoing pressure on profit margins.
See More
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- Leadership Change Impact: Chipotle's CEO Brian Niccol left in August 2024, causing a 7% drop in stock price on the announcement day as the market expressed skepticism about his successor's ability to lead the company forward.
- Weak Sales Trends: In 2025, Chipotle reported a 1.7% year-over-year decline in same-store sales, marking the first negative growth in eight years, particularly affecting younger consumers and households earning less than $100,000, highlighting the economic pressures on the restaurant sector.
- Increased Marketing Spend: To boost growth, Chipotle raised its marketing expenditure to 3.5% of revenue in Q4 2025, up from 3% the previous year, aiming to enhance brand visibility and customer engagement despite pressure on profit margins.
- Expansion Plans and Attractive Valuation: Chipotle opened 334 new locations in 2025 and plans to open 340 to 355 more in 2026; despite a 54% drop in stock price, the current price-to-earnings ratio of 29.2 presents an attractive entry point for investors, with potential for higher profits in the next five to ten years.
See More
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- Ulta Sales Growth: Ulta Beauty reported a net sales increase of 11.1% to $3.16 billion in Q1 2026, exceeding analyst expectations, and subsequently raised its annual profit forecast, indicating strong execution capabilities in a competitive beauty market.
- Dutch Bros Market Advantage: Dutch Bros plans to open at least 181 new shops in 2026, and while the market remains cautious about its valuation, its 30% price increase since 2019 compared to Starbucks' 50% shows a genuine competitive edge in a price-sensitive market.
- Consumer Brand Expansion: Dutch Bros launched at-home coffee products in 2026, marking its transition from a regional drive-thru experience to a national consumer brand, further enhancing its market share and brand recognition.
See More
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- Chipotle Expansion Plans: Chipotle aims to open 350 to 370 new restaurants in 2026, with international expansion into South Korea, Singapore, and Mexico, projecting revenue of $16.1 billion by 2029, nearly double current levels, indicating strong long-term growth potential.
- Ulta Sales Growth: In Q1 2026, Ulta's net sales rose 11.1% to $3.16 billion, exceeding analyst expectations, driven by the launch of prestige beauty brands, with a forecast of 6% to 7% net sales growth in 2026, showcasing its competitive market position.
- Dutch Bros Market Positioning: Dutch Bros plans to open at least 181 new shops in 2026, with a long-term target of over 7,000 locations, leveraging a 30% price increase compared to Starbucks' 50%, gradually enhancing its market share.
- Consumer Product Expansion: In 2026, Dutch Bros launched at-home coffee products available through Amazon and Walmart, marking its transition from a regional drive-thru experience to a national consumer brand, thereby strengthening its market presence.
See More
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- International Expansion: Starbucks plans to double its store count internationally, with CEO Niccol stating that stores in China will increase from 8,000 to 20,000, reflecting strong confidence in the Chinese market and expected significant growth in global market share.
- U.S. Market Strategy: The company also aims to open an additional 10,000 stores in the U.S., particularly in underpenetrated areas in the Midwest, which will enhance brand coverage and sales in the domestic market.
- Financial Recovery: For the second quarter ending March 29, Starbucks reported a 9% year-over-year revenue increase to $9.5 billion and a 14.5% rise in earnings to $0.50 per share, surpassing Wall Street expectations, indicating success in improving customer experience and order quality.
- Stock Price Growth: Starbucks' stock has risen 20% in 2026, with an additional 5% increase following the second-quarter results announcement, demonstrating market recognition of Niccol's
See More
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- Global Expansion Plan: Starbucks aims to rapidly increase its store count in China from 8,000 to 20,000, significantly enhancing its competitive edge in the global market, particularly in the fast-growing Chinese coffee sector.
- U.S. Market Strategy: In addition to international expansion, Starbucks plans to open 10,000 new stores in the U.S., focusing on underpenetrated areas in the Midwest, which will aid in further growth and enhance brand influence domestically.
- Financial Recovery: For the second quarter ending March 29, Starbucks reported a 9% year-over-year revenue increase to $9.5 billion and a 14.5% rise in earnings to $0.50 per share, surpassing Wall Street expectations and indicating a revival under Niccol's
See More
