Ethic Inc. Raises Stock Position in Fomento Economico Mexicano S.A.B. de C.V. $FMX

Ethic Inc. raised its stake in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) by 7.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,676 shares of the company’s stock after buying an additional 924 shares during the period. Ethic Inc.’s holdings in Fomento Economico Mexicano were worth $1,293,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC purchased a new position in Fomento Economico Mexicano in the first quarter valued at about $207,000. Crossmark Global Holdings Inc. increased its holdings in Fomento Economico Mexicano by 29.3% in the first quarter. Crossmark Global Holdings Inc. now owns 26,359 shares of the company’s stock valued at $2,572,000 after buying an additional 5,977 shares in the last quarter. Royal Bank of Canada increased its holdings in Fomento Economico Mexicano by 1.9% in the first quarter. Royal Bank of Canada now owns 5,369,981 shares of the company’s stock valued at $524,003,000 after buying an additional 100,898 shares in the last quarter. INCA Investments LLC increased its holdings in Fomento Economico Mexicano by 106.1% in the second quarter. INCA Investments LLC now owns 274,769 shares of the company’s stock valued at $28,296,000 after buying an additional 141,419 shares in the last quarter. Finally, Cerity Partners LLC increased its holdings in Fomento Economico Mexicano by 25.4% in the first quarter. Cerity Partners LLC now owns 13,778 shares of the company’s stock valued at $1,344,000 after buying an additional 2,795 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on FMX shares. UBS Group raised shares of Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and dropped their target price for the company from $115.00 to $111.00 in a report on Friday, September 19th. Barclays dropped their price objective on shares of Fomento Economico Mexicano from $110.00 to $107.00 and set an “equal weight” rating for the company in a research note on Thursday, July 31st. Weiss Ratings reissued a “hold (c-)” rating on shares of Fomento Economico Mexicano in a research note on Saturday. Citigroup raised shares of Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $93.00 to $97.00 in a research note on Tuesday, September 9th. Finally, Morgan Stanley reissued an “equal weight” rating and set a $97.00 price objective (down from $132.00) on shares of Fomento Economico Mexicano in a research note on Tuesday, August 19th. Four equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $101.97.

Fomento Economico Mexicano Stock Down 1.1%

Shares of NYSE FMX opened at $95.52 on Monday. Fomento Economico Mexicano S.A.B. de C.V. has a 1 year low of $81.07 and a 1 year high of $108.74. The firm’s 50 day moving average price is $92.03 and its 200 day moving average price is $97.75. The firm has a market cap of $34.18 billion, a P/E ratio of 32.49, a price-to-earnings-growth ratio of 5.59 and a beta of 0.72. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 1.34.

Fomento Economico Mexicano (NYSE:FMX) last announced its earnings results on Monday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.49). Fomento Economico Mexicano had a return on equity of 5.32% and a net margin of 2.60%.The firm had revenue of $11.27 billion for the quarter, compared to analyst estimates of $216.71 billion. As a group, sell-side analysts anticipate that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 earnings per share for the current year.

Fomento Economico Mexicano Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Shareholders of record on Thursday, October 16th will be issued a $1.9982 dividend. This is a boost from Fomento Economico Mexicano’s previous quarterly dividend of $1.36. The ex-dividend date is Thursday, October 16th. This represents a $7.99 dividend on an annualized basis and a dividend yield of 8.4%. Fomento Economico Mexicano’s dividend payout ratio (DPR) is 75.85%.

Fomento Economico Mexicano Profile

Fomento Económico Mexicano, SAB. de C.V., through its subsidiaries, operates as a bottler of Coca-Cola trademark beverages. The company produces, markets, and distributes Coca-Cola trademark beverages in Mexico, Guatemala, Nicaragua, Costa Rica, Panama, Colombia, Venezuela, Brazil, Argentina, and Uruguay.