Public Employees Retirement System of Ohio acquired a new stake in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX – Free Report) in the second quarter, HoldingsChannel reports. The institutional investor acquired 148,064 shares of the company’s stock, valued at approximately $18,937,000.
Several other institutional investors have also modified their holdings of the business. AQR Capital Management LLC boosted its holdings in Fomento Economico Mexicano by 19.0% in the first quarter. AQR Capital Management LLC now owns 6,072 shares of the company’s stock valued at $593,000 after purchasing an additional 969 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of Fomento Economico Mexicano by 2,006.2% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 337 shares of the company’s stock worth $35,000 after buying an additional 321 shares in the last quarter. New York State Common Retirement Fund bought a new stake in shares of Fomento Economico Mexicano in the second quarter worth $429,000. EverSource Wealth Advisors LLC raised its holdings in Fomento Economico Mexicano by 61.0% in the second quarter. EverSource Wealth Advisors LLC now owns 1,156 shares of the company’s stock valued at $119,000 after acquiring an additional 438 shares in the last quarter. Finally, Jump Financial LLC bought a new position in Fomento Economico Mexicano during the 2nd quarter valued at $504,000. Institutional investors and hedge funds own 61.00% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on FMX. JPMorgan Chase & Co. upped their target price on shares of Fomento Economico Mexicano from $117.00 to $126.00 and gave the company an “overweight” rating in a research note on Friday, June 26th. Zacks Research lowered Fomento Economico Mexicano from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 4th. Barclays increased their target price on Fomento Economico Mexicano from $125.00 to $130.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft set a $150.00 price target on Fomento Economico Mexicano in a research report on Tuesday, August 4th. Finally, Bank of America upgraded shares of Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and boosted their target price for the company from $125.00 to $150.00 in a research note on Tuesday, August 4th. Four analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $131.43.
Fomento Economico Mexicano Stock Performance
Shares of FMX opened at $120.17 on Friday. Fomento Economico Mexicano S.A.B. de C.V. has a 1 year low of $83.33 and a 1 year high of $141.47. The company has a market cap of $41.52 billion, a price-to-earnings ratio of 24.03, a price-to-earnings-growth ratio of 0.67 and a beta of 0.40. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.85 and a current ratio of 1.14. The firm has a fifty day moving average of $125.17 and a 200-day moving average of $119.12.
Fomento Economico Mexicano (NYSE:FMX – Get Free Report) last released its quarterly earnings data on Tuesday, June 30th. The company reported $0.93 earnings per share for the quarter. The business had revenue of $13.20 billion for the quarter. Fomento Economico Mexicano had a net margin of 3.60% and a return on equity of 8.38%. As a group, equities analysts anticipate that Fomento Economico Mexicano S.A.B. de C.V. will post 6.09 earnings per share for the current year.
Fomento Economico Mexicano Increases Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 27th. Investors of record on Wednesday, July 15th were issued a $1.827 dividend. This is a positive change from Fomento Economico Mexicano’s previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $7.31 dividend on an annualized basis and a yield of 6.1%. Fomento Economico Mexicano’s dividend payout ratio is currently 48.60%.
Insider Transactions at Fomento Economico Mexicano
In other Fomento Economico Mexicano news, Director Michael David Kahn bought 2,100 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were purchased at an average cost of $118.13 per share, for a total transaction of $248,073.00. Following the transaction, the director directly owned 2,100 shares in the company, valued at $248,073. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 5.68% of the stock is owned by company insiders.
Fomento Economico Mexicano Profile
Fomento Económico Mexicano, SAB. de C.V. (FEMSA) is a Mexican multinational company active primarily in the retail and beverage sectors. Headquartered in Monterrey, Mexico, FEMSA’s operations span convenience store retailing, beverage bottling and distribution, and related logistics and consumer services. The company’s business model combines high-frequency retail outlets with large-scale beverage production and a regional supply chain network.
FEMSA Comercio, the company’s retail arm, operates a large chain of convenience stores under the OXXO brand and has expanded its retail footprint with complementary formats and services.
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