Fomento Económico Mexicano (NYSE:FMX) Upgraded at StockNews.com

StockNews.com upgraded shares of Fomento Económico Mexicano (NYSE:FMX) from a hold rating to a buy rating in a research note published on Wednesday.

Other analysts have also recently issued reports about the company. JPMorgan Chase & Co. cut Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and increased their price target for the stock from $104.00 to $109.00 in a research report on Monday, September 23rd. Barclays cut their target price on Fomento Económico Mexicano from $125.00 to $118.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $128.25.

Fomento Económico Mexicano Stock Performance

FMX traded down $0.14 during trading hours on Wednesday, hitting $96.87. 502,213 shares of the stock were exchanged, compared to its average volume of 644,442. The stock has a 50-day simple moving average of $99.36 and a 200-day simple moving average of $107.93. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.72 and a quick ratio of 1.44. Fomento Económico Mexicano has a 12 month low of $93.32 and a 12 month high of $143.43. The stock has a market cap of $34.66 billion, a price-to-earnings ratio of 24.84, a price-to-earnings-growth ratio of 5.66 and a beta of 0.94.

Fomento Económico Mexicano Cuts Dividend

The business also recently disclosed an annual dividend, which was paid on Monday, October 28th. Investors of record on Wednesday, October 16th were issued a $0.864 dividend. This represents a yield of 0.87%. The ex-dividend date was Wednesday, October 16th. Fomento Económico Mexicano’s payout ratio is currently 12.82%.

Hedge Funds Weigh In On Fomento Económico Mexicano

Large investors have recently bought and sold shares of the stock. Baillie Gifford & Co. grew its holdings in Fomento Económico Mexicano by 10.8% during the third quarter. Baillie Gifford & Co. now owns 4,306,739 shares of the company’s stock worth $425,118,000 after acquiring an additional 421,057 shares during the period. Healthcare of Ontario Pension Plan Trust Fund grew its position in Fomento Económico Mexicano by 740.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,200 shares of the company’s stock worth $50,832,000 after buying an additional 416,000 shares during the last quarter. Sustainable Growth Advisers LP increased its holdings in shares of Fomento Económico Mexicano by 122.8% in the first quarter. Sustainable Growth Advisers LP now owns 435,906 shares of the company’s stock valued at $56,785,000 after buying an additional 240,256 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Fomento Económico Mexicano by 267.6% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 313,602 shares of the company’s stock valued at $30,956,000 after acquiring an additional 228,284 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Fomento Económico Mexicano by 577.6% during the 2nd quarter. Millennium Management LLC now owns 222,464 shares of the company’s stock worth $23,948,000 after acquiring an additional 189,632 shares in the last quarter.

Fomento Económico Mexicano Company 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.