The Goldman Sachs Group Lowers Fomento Económico Mexicano (NYSE:FMX) Price Target to $97.80

Fomento Económico Mexicano (NYSE:FMX) had its price objective lowered by equities researchers at The Goldman Sachs Group from $109.00 to $97.80 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. The Goldman Sachs Group’s price target suggests a potential upside of 14.67% from the stock’s current price.

A number of other equities research analysts have also commented on the stock. Barclays lowered shares of Fomento Económico Mexicano from an “overweight” rating to an “equal weight” rating in a report on Tuesday, January 21st. StockNews.com raised shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research note on Wednesday, November 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Fomento Económico Mexicano presently has an average rating of “Moderate Buy” and a consensus target price of $119.20.

Fomento Económico Mexicano Price Performance

Shares of FMX stock traded up $0.64 during trading hours on Tuesday, hitting $85.29. 132,033 shares of the company’s stock were exchanged, compared to its average volume of 427,099. Fomento Económico Mexicano has a 52 week low of $81.07 and a 52 week high of $143.43. The stock has a market cap of $30.51 billion, a price-to-earnings ratio of 21.84, a price-to-earnings-growth ratio of 4.87 and a beta of 0.90. The company has a debt-to-equity ratio of 0.37, a current ratio of 1.62 and a quick ratio of 1.32. The stock’s 50-day moving average is $86.45 and its 200-day moving average is $97.57.

Hedge Funds Weigh In On Fomento Económico Mexicano

A number of hedge funds and other institutional investors have recently bought and sold shares of FMX. Baillie Gifford & Co. increased its stake in shares of Fomento Económico Mexicano by 10.8% in the 3rd quarter. Baillie Gifford & Co. now owns 4,306,739 shares of the company’s stock valued at $425,118,000 after acquiring an additional 421,057 shares during the last quarter. Perpetual Ltd grew its holdings in Fomento Económico Mexicano by 23.8% during the fourth quarter. Perpetual Ltd now owns 924,669 shares of the company’s stock valued at $79,050,000 after purchasing an additional 177,843 shares during the period. Robeco Institutional Asset Management B.V. increased its stake in Fomento Económico Mexicano by 12.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 654,778 shares of the company’s stock valued at $55,977,000 after purchasing an additional 74,082 shares in the last quarter. Ninety One UK Ltd raised its holdings in Fomento Económico Mexicano by 3.9% in the fourth quarter. Ninety One UK Ltd now owns 644,148 shares of the company’s stock worth $55,068,000 after purchasing an additional 23,902 shares during the period. Finally, FMR LLC boosted its position in shares of Fomento Económico Mexicano by 5.3% during the third quarter. FMR LLC now owns 491,582 shares of the company’s stock worth $48,524,000 after purchasing an additional 24,537 shares in the last quarter. 61.00% of the stock is owned by institutional investors.

About Fomento Económico Mexicano

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.