Fomento Economico Mexicano (NYSE:FMX) Price Target Raised to $96.00

Fomento Economico Mexicano (NYSE:FMX) had its price objective boosted by JPMorgan Chase & Co. from $95.00 to $96.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other brokerages also recently commented on FMX. UBS Group upped their price objective on Fomento Economico Mexicano from $112.00 to $115.00 and gave the stock a “neutral” rating in a research note on Thursday, July 10th. Barclays reduced their price target on shares of Fomento Economico Mexicano from $110.00 to $107.00 and set an “equal weight” rating for the company in a report on Thursday, July 31st. Morgan Stanley reaffirmed an “equal weight” rating and issued a $97.00 price objective (down previously from $132.00) on shares of Fomento Economico Mexicano in a report on Tuesday, August 19th. Zacks Research lowered shares of Fomento Economico Mexicano from a “hold” rating to a “strong sell” rating in a research note on Friday, September 5th. Finally, Citigroup upgraded shares of Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and upped their target price for the stock from $93.00 to $97.00 in a research report on Tuesday, September 9th. Three analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Fomento Economico Mexicano presently has an average rating of “Hold” and a consensus target price of $101.63.

Fomento Economico Mexicano Stock Up 1.7%

FMX stock opened at $92.83 on Monday. The firm has a market cap of $33.21 billion, a price-to-earnings ratio of 31.57, a PEG ratio of 5.35 and a beta of 0.70. Fomento Economico Mexicano has a 1-year low of $81.07 and a 1-year high of $108.74. The firm has a fifty day moving average price of $90.60 and a two-hundred day moving average price of $98.05. The company has a debt-to-equity ratio of 0.42, a current ratio of 1.34 and a quick ratio of 1.06.

Fomento Economico Mexicano (NYSE:FMX) last issued its earnings results on Monday, July 28th. The company reported $0.42 EPS for the quarter, missing analysts’ consensus estimates of $0.91 by ($0.49). The company had revenue of $11.27 billion during the quarter, compared to analyst estimates of $216.71 billion. Fomento Economico Mexicano had a net margin of 2.60% and a return on equity of 5.32%. Research analysts predict that Fomento Economico Mexicano will post 5.32 EPS for the current year.

Fomento Economico Mexicano Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Thursday, July 17th were paid a dividend of $1.3625 per share. This represents a $5.45 annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend was Thursday, July 17th. This is a positive change from Fomento Economico Mexicano’s previous quarterly dividend of $0.73. Fomento Economico Mexicano’s dividend payout ratio is 74.83%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nuveen LLC bought a new stake in Fomento Economico Mexicano during the first quarter worth approximately $330,437,000. Citigroup Inc. boosted its stake in Fomento Economico Mexicano by 309.6% during the 2nd quarter. Citigroup Inc. now owns 1,714,895 shares of the company’s stock valued at $176,600,000 after purchasing an additional 1,296,194 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Fomento Economico Mexicano by 11,692.3% during the 2nd quarter. AQR Capital Management LLC now owns 716,029 shares of the company’s stock valued at $73,171,000 after purchasing an additional 709,957 shares during the period. Itau Unibanco Holding S.A. increased its position in shares of Fomento Economico Mexicano by 105.4% during the 1st quarter. Itau Unibanco Holding S.A. now owns 1,112,036 shares of the company’s stock valued at $106,139,000 after purchasing an additional 570,640 shares during the period. Finally, Talaria Asset Management Pty Ltd bought a new stake in shares of Fomento Economico Mexicano in the 4th quarter worth $47,110,000. 61.00% of the stock is currently owned by institutional investors.

Fomento Economico 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.