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
Should l Buy CMG?
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: 33.500
Low
35.00
Averages
45.95
High
56.00
Current: 33.500
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.
Chipotle Sales Impacted by Economic Pressures
- Sales Growth Slowdown: Chipotle's 2025 same-store sales fell by 1.7%, with traffic subtracting 2.9 percentage points, although spending added 1.2 percentage points due to increased menu prices, indicating significant economic pressure on consumer spending.
- Ongoing Expansion Plans: Despite facing short-term sales pressures, Chipotle opened 316 new restaurants last year, reaching a total of 4,042, and plans to add 350 to 370 locations this year, demonstrating the company's confidence in future growth.
- Stock Price Decline Creates Opportunity: Chipotle's stock has dropped 10.4% this year, leading to a decrease in its P/E ratio from 32 to 29, making this valuation particularly attractive based on historical metrics, especially given the company's ongoing expansion potential.
- Market Environment Impact: The ongoing war in Iran has driven up oil prices, increasing consumer spending at the pump, which may further squeeze disposable income and pose challenges for Chipotle's short-term sales, although the long-term outlook remains optimistic.
See More
Chipotle's Stock Drop Presents Investment Opportunity
- Market Pressure Impact: As of April 2, the S&P 500 index has dropped 3.8% this year, primarily due to the ongoing war in Iran, which has caused Brent crude oil prices to rise about 50% since late February, directly increasing consumer gas prices and affecting spending on other goods.
- Sales Growth Slowdown: Chipotle's 2025 same-store sales fell by 1.7%, with traffic subtracting 2.9 percentage points, although spending increased by 1.2 percentage points due to menu price hikes, indicating the impact of economic pressures on consumer behavior.
- Ongoing Expansion Plans: Despite facing short-term sales pressures, Chipotle's management plans to open 350 to 370 new locations this year, following the successful opening of 316 restaurants last year, demonstrating confidence in market expansion and long-term growth potential.
- Attractive Valuation: Chipotle's stock has dropped 10.4% this year, with its price-to-earnings ratio decreasing from 32 to 29, making it particularly attractive given its five-year median P/E ratio of 53, suggesting that now is an opportune time for investment.
See More
Chipotle Stock Declines Amid Sales Struggles
- Sales Decline: Chipotle's same-store sales fell 2.5% year-over-year in Q4 2025, leading to a drop in operating margin from 14.6% to 14.1%, indicating challenges in maintaining customer traffic and pricing power, which could hinder future revenue growth.
- Bearish Market Sentiment: Investor sentiment has turned negative towards Chipotle and other restaurant stocks due to concerns over rising gas prices, with expectations that reduced consumer spending on dining out will further pressure the company's performance.
- Increased Competitive Pressure: Chipotle is losing market share to emerging fast-casual brands like Cava Group, with growing consumer concerns over food quality and inconsistent portion sizes potentially leading to customer attrition and damaging brand reputation.
- Valuation Risks: Despite a 50% drop from its highs, Chipotle's stock still trades at a P/E ratio of 29.5, suggesting that investors should be cautious about buying the stock at this time given its current underperformance.
See More
Chipotle Shares Drop 14% Amid Consumer Spending Concerns
- Stock Price Decline: Chipotle's shares fell 14% in March, primarily due to increasing investor pessimism about the restaurant sector, particularly concerns over rising gas prices impacting consumer spending, which has led to diminished confidence in its future performance.
- Poor Earnings Performance: In its Q4 2025 report, Chipotle revealed a 2.5% year-over-year decline in same-store sales and a drop in operating margin from 14.6% to 14.1%, indicating challenges in maintaining customer traffic and pricing power, reflecting a broader trend of weakness in the restaurant industry.
- Increased Market Competition: With growing consumer dissatisfaction regarding food quality and portion sizes, Chipotle is losing market share to emerging fast-casual brands like Cava Group, which threatens its previously dominant position in the fast-casual dining market and heightens investor concerns.
- Future Growth Potential: Despite the current stock decline, Chipotle operates over 4,000 restaurants and is slowly expanding globally; if it can restore same-store sales growth, revenue is expected to continue compounding, but the current P/E ratio of 29.5 appears too high for a struggling restaurant concept, suggesting investors should hold off on buying the dip.
See More
Chipotle Revives Burrito Vault Game for National Burrito Day Celebration
- Game Revival: Chipotle plans to bring back its Burrito Vault game on April 2 for National Burrito Day, which attracted significant social media attention last year, likely increasing customer engagement this year.
- New Gameplay Feature: This year's game introduces the 'Double Protein Power Hour', occurring once daily, which doubles the number of prizes available, enhancing customer participation and brand loyalty through the appeal of double protein rewards.
- Promotional Offer: On National Burrito Day, Chipotle will also offer a $0 delivery fee, aiming to attract more customers to order online, thereby boosting sales during this promotional period.
- Market Competition: With the arrival of spring and summer, other chains are also launching National Burrito Day promotions, and Chipotle's strategy is designed to maintain its competitive edge, particularly in the context of promoting its high-protein menu items.
See More
Netflix Raises Subscription Prices Again, Testing User Loyalty
- Price Increase Impact: Netflix has raised its U.S. subscription prices, with the standard and premium tiers increasing by $2 and the ad-supported tier by $1, reflecting a significant 28.6% rise for the ad-supported tier and 29.1% for the standard tier since October 2023, indicating a bold strategy to boost revenue while risking user attrition.
- User Attrition Risk: By increasing prices on lower-cost subscription tiers, Netflix risks driving users out of its ecosystem entirely, especially in a competitive streaming market where price sensitivity is high, potentially impacting the company's long-term growth prospects if users switch to more affordable alternatives.
- Confidence in Content Expansion: Netflix's strategy to enhance its value proposition through expanded content offerings, including sports, demonstrates its confidence in maintaining user loyalty despite inflationary pressures, which is crucial in the current economic climate where consumer spending is strained.
- Investment Appeal: Despite the challenges posed by price increases, Netflix's business model, which relies on high-margin recurring revenue and predictable cash flows, continues to attract investors, positioning the company as a relatively stable investment option amid economic uncertainty, reinforcing its status as a foundational holding in diversified portfolios.
See More
Chipotle Sales Impacted by Economic Pressures
- Sales Growth Slowdown: Chipotle's 2025 same-store sales fell by 1.7%, with traffic subtracting 2.9 percentage points, although spending added 1.2 percentage points due to increased menu prices, indicating significant economic pressure on consumer spending.
- Ongoing Expansion Plans: Despite facing short-term sales pressures, Chipotle opened 316 new restaurants last year, reaching a total of 4,042, and plans to add 350 to 370 locations this year, demonstrating the company's confidence in future growth.
- Stock Price Decline Creates Opportunity: Chipotle's stock has dropped 10.4% this year, leading to a decrease in its P/E ratio from 32 to 29, making this valuation particularly attractive based on historical metrics, especially given the company's ongoing expansion potential.
- Market Environment Impact: The ongoing war in Iran has driven up oil prices, increasing consumer spending at the pump, which may further squeeze disposable income and pose challenges for Chipotle's short-term sales, although the long-term outlook remains optimistic.
See More
Chipotle's Stock Drop Presents Investment Opportunity
- Market Pressure Impact: As of April 2, the S&P 500 index has dropped 3.8% this year, primarily due to the ongoing war in Iran, which has caused Brent crude oil prices to rise about 50% since late February, directly increasing consumer gas prices and affecting spending on other goods.
- Sales Growth Slowdown: Chipotle's 2025 same-store sales fell by 1.7%, with traffic subtracting 2.9 percentage points, although spending increased by 1.2 percentage points due to menu price hikes, indicating the impact of economic pressures on consumer behavior.
- Ongoing Expansion Plans: Despite facing short-term sales pressures, Chipotle's management plans to open 350 to 370 new locations this year, following the successful opening of 316 restaurants last year, demonstrating confidence in market expansion and long-term growth potential.
- Attractive Valuation: Chipotle's stock has dropped 10.4% this year, with its price-to-earnings ratio decreasing from 32 to 29, making it particularly attractive given its five-year median P/E ratio of 53, suggesting that now is an opportune time for investment.
See More
Chipotle Stock Declines Amid Sales Struggles
- Sales Decline: Chipotle's same-store sales fell 2.5% year-over-year in Q4 2025, leading to a drop in operating margin from 14.6% to 14.1%, indicating challenges in maintaining customer traffic and pricing power, which could hinder future revenue growth.
- Bearish Market Sentiment: Investor sentiment has turned negative towards Chipotle and other restaurant stocks due to concerns over rising gas prices, with expectations that reduced consumer spending on dining out will further pressure the company's performance.
- Increased Competitive Pressure: Chipotle is losing market share to emerging fast-casual brands like Cava Group, with growing consumer concerns over food quality and inconsistent portion sizes potentially leading to customer attrition and damaging brand reputation.
- Valuation Risks: Despite a 50% drop from its highs, Chipotle's stock still trades at a P/E ratio of 29.5, suggesting that investors should be cautious about buying the stock at this time given its current underperformance.
See More
Chipotle Shares Drop 14% Amid Consumer Spending Concerns
- Stock Price Decline: Chipotle's shares fell 14% in March, primarily due to increasing investor pessimism about the restaurant sector, particularly concerns over rising gas prices impacting consumer spending, which has led to diminished confidence in its future performance.
- Poor Earnings Performance: In its Q4 2025 report, Chipotle revealed a 2.5% year-over-year decline in same-store sales and a drop in operating margin from 14.6% to 14.1%, indicating challenges in maintaining customer traffic and pricing power, reflecting a broader trend of weakness in the restaurant industry.
- Increased Market Competition: With growing consumer dissatisfaction regarding food quality and portion sizes, Chipotle is losing market share to emerging fast-casual brands like Cava Group, which threatens its previously dominant position in the fast-casual dining market and heightens investor concerns.
- Future Growth Potential: Despite the current stock decline, Chipotle operates over 4,000 restaurants and is slowly expanding globally; if it can restore same-store sales growth, revenue is expected to continue compounding, but the current P/E ratio of 29.5 appears too high for a struggling restaurant concept, suggesting investors should hold off on buying the dip.
See More
Chipotle Revives Burrito Vault Game for National Burrito Day Celebration
- Game Revival: Chipotle plans to bring back its Burrito Vault game on April 2 for National Burrito Day, which attracted significant social media attention last year, likely increasing customer engagement this year.
- New Gameplay Feature: This year's game introduces the 'Double Protein Power Hour', occurring once daily, which doubles the number of prizes available, enhancing customer participation and brand loyalty through the appeal of double protein rewards.
- Promotional Offer: On National Burrito Day, Chipotle will also offer a $0 delivery fee, aiming to attract more customers to order online, thereby boosting sales during this promotional period.
- Market Competition: With the arrival of spring and summer, other chains are also launching National Burrito Day promotions, and Chipotle's strategy is designed to maintain its competitive edge, particularly in the context of promoting its high-protein menu items.
See More
Netflix Raises Subscription Prices Again, Testing User Loyalty
- Price Increase Impact: Netflix has raised its U.S. subscription prices, with the standard and premium tiers increasing by $2 and the ad-supported tier by $1, reflecting a significant 28.6% rise for the ad-supported tier and 29.1% for the standard tier since October 2023, indicating a bold strategy to boost revenue while risking user attrition.
- User Attrition Risk: By increasing prices on lower-cost subscription tiers, Netflix risks driving users out of its ecosystem entirely, especially in a competitive streaming market where price sensitivity is high, potentially impacting the company's long-term growth prospects if users switch to more affordable alternatives.
- Confidence in Content Expansion: Netflix's strategy to enhance its value proposition through expanded content offerings, including sports, demonstrates its confidence in maintaining user loyalty despite inflationary pressures, which is crucial in the current economic climate where consumer spending is strained.
- Investment Appeal: Despite the challenges posed by price increases, Netflix's business model, which relies on high-margin recurring revenue and predictable cash flows, continues to attract investors, positioning the company as a relatively stable investment option amid economic uncertainty, reinforcing its status as a foundational holding in diversified portfolios.
See More
