Chipotle Mexican Grill, Inc. (NYSE:CMG) shares are trending on Monday. Chipotle reported earnings last week on Wednesday and authorized a $400 million share buyback.

What Happened: Chipotle reported 2024 fiscal year second quarter earnings. The Mexican food company reported adjusted EPS at 34 cents beating analyst estimates of 32 cents and sales of $2.97 billion beating analyst estimates of $2.94 billion.

Following the earnings report and stock buyback announcement, the stock initially traded higher on Wednesday and into Thursday. It reached around $51.50 on Thursday morning before reversing later in the day. Currently, it is slightly lower than at the end of last week, at about $50.

Analyst Coverage: Multiple analysts issued price target adjustments following the earnings report and buyback announcement.

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CMG Price Action: Chipotle shares are trading 2.35% higher at $51, according to data from Benzinga Pro.

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