Chipotle’s stock spilt | Fox Business

Chipotle’s long-awaited 50-for-1 stock split is looming, and it could be the largest split in the history of the New York Stock Exchange.

Shareholders who held common stock in the popular Mexican fast-food chain as of the close of trading on Tuesday will receive additional shares when trading begins on Wednesday. The stock, which closed at $3,193.74 a share on Monday, would be worth $63.86 at current levels.

“The trading price of our common stock has increased significantly over the past few years and our common stock currently trades at a higher price than most other S&P 500 companies,” Chipotle said in a proxy statement released in April. “We believe that the stock split will reset the market price of our common stock, provide employees with more control over their Chipotle shares and make our common stock more accessible to a broader range of potential investors.” Shareholders approved the move this month.

The stock has risen more than 57% in the past 12 months.

The Mexican fast-food chain, founded in 1993, had never split its stock before and priced its shares at $22 a share in its 2006 IPO.

Food fight breaks out at California Chipotle between customer and staff

When Chipotle reported its first-quarter results in late April, it projected that its full-year same-store sales would grow in the mid- to high-single digits. Last year, same-store sales rose 7.9% for the full year.

The company’s next quarterly earnings are due to be released in July.

This photo shows a Chipotle restaurant on Feb. 9, 2022, in Miami. (Joe Raedl/Getty Images)

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The company also joins Walmart and other companies that have already split their stock this year, including Nvidia’s most recent 10-for-1 split this month.

Daniela Genovese contributed to this report.