Here’s Why Chipotle Mexican Grill (CMG) Shares Gained in the Third Quarter

Artisan Partners, an investment management company, released its “Artisan Mid Cap Fund” third quarter 2022 investor letter. A copy of the same can be downloaded here. In the third quarter, its Investor Class fund ARTMX returned -2.43%, Advisor Class fund APDMX posted a return of -2.42%, and Institutional Class fund APHMX returned -2.41%, compared to a return of -0.65% for the Russell Midcap Growth Index. Sector allocation dragged the fund’s relative performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022.

In the third-quarter letter, Artisan Partners discussed stocks like Chipotle Mexican Grill, Inc. (NYSE:CMG). Headquartered in Newport Beach, California, Chipotle Mexican Grill, Inc. (NYSE:CMG) is a restaurant operator. On November 14, 2022, Chipotle Mexican Grill, Inc. (NYSE:CMG) stock closed at $1,513.12 per share. One-month return of Chipotle Mexican Grill, Inc. (NYSE:CMG) was -1.87% and its shares lost 17.746% of their value over the last 52 weeks. Chipotle Mexican Grill, Inc. (NYSE:CMG) has a market capitalization of $41.945 billion.

Artisan Partners made the following comment about Chipotle Mexican Grill, Inc. (NYSE:CMG) in its Q3 2022 investor letter:

“Chipotle Mexican Grill, Inc. (NYSE:CMG) has been navigating the challenging macro backdrop well and reported better-than-expected Q2 earnings results. The company’s strong brand and relatively affordable menu have enabled it to pass along food inflation to its customers (price increases) without hurting demand. Meanwhile, initiatives such as drive-thru lanes, menu innovation and enhanced marketing initiatives are supporting continued unit economic improvements, an appealing prospect as the company seeks to double its store base over time.”

Chipotle Mexican Grill, Inc. (NYSE:CMG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 39 hedge fund portfolios held Chipotle Mexican Grill, Inc. (NYSE:CMG) at the end of the second quarter, which was 38 in the previous quarter.

We discussed Chipotle Mexican Grill, Inc. (NYSE:CMG) in another article and shared the best consumer discretionary stocks to invest in. In addition, please check out our hedge fund investor letters Q3 2022 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.