Fomento Economico Mexicano S.A.B. de C.V. $FMX Shares Purchased by Summitry LLC

Summitry LLC grew its position in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX) by 25.8% in the 2nd quarter, Holdings Channel.com reports. The firm owned 4,746 shares of the company’s stock after buying an additional 974 shares during the period. Summitry LLC’s holdings in Fomento Economico Mexicano were worth $489,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Nuveen LLC acquired a new position in shares of Fomento Economico Mexicano during the first quarter worth approximately $330,437,000. Itau Unibanco Holding S.A. raised its stake in 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 acquiring an additional 570,640 shares in the last quarter. Strs Ohio acquired a new position in Fomento Economico Mexicano during the 1st quarter worth $28,718,000. Acadian Asset Management LLC grew its stake in shares of Fomento Economico Mexicano by 325.7% in the first quarter. Acadian Asset Management LLC now owns 383,644 shares of the company’s stock worth $37,421,000 after purchasing an additional 293,524 shares in the last quarter. Finally, INCA Investments LLC grew its stake in shares of Fomento Economico Mexicano by 106.1% in the second quarter. INCA Investments LLC now owns 274,769 shares of the company’s stock worth $28,296,000 after purchasing an additional 141,419 shares in the last quarter. Institutional investors own 61.00% of the company’s stock.

Fomento Economico Mexicano Stock Performance

Shares of NYSE FMX opened at $93.90 on Friday. The stock’s fifty day simple moving average is $94.53 and its 200 day simple moving average is $96.84. The stock has a market capitalization of $33.60 billion, a price-to-earnings ratio of 37.86, a PEG ratio of 5.54 and a beta of 0.70. The company has a quick ratio of 1.06, a current ratio of 1.10 and a debt-to-equity ratio of 0.50. Fomento Economico Mexicano S.A.B. de C.V. has a 52-week low of $81.07 and a 52-week high of $108.74.

Fomento Economico Mexicano (NYSE:FMX) last announced its earnings results on Tuesday, October 28th. The company reported $0.88 EPS for the quarter, missing the consensus estimate of $1.06 by ($0.18). The company had revenue of $11.71 billion for the quarter, compared to analysts’ expectations of $215.60 billion. Fomento Economico Mexicano had a net margin of 2.09% and a return on equity of 5.01%. As a group, sell-side analysts forecast that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 earnings per share for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, October 27th. Shareholders of record on Thursday, October 16th were issued a $1.9982 dividend. The ex-dividend date was Thursday, October 16th. This is a positive change from Fomento Economico Mexicano’s previous quarterly dividend of $1.36. This represents a $7.99 annualized dividend and a dividend yield of 8.5%. Fomento Economico Mexicano’s dividend payout ratio is 89.92%.

Analysts Set New Price Targets

FMX has been the subject of several research analyst reports. 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. Citigroup upgraded shares of Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and raised their price objective for the company from $93.00 to $97.00 in a research note on Tuesday, September 9th. UBS Group raised Fomento Economico Mexicano from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $115.00 to $111.00 in a report on Friday, September 19th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Fomento Economico Mexicano in a research note on Wednesday, October 8th. Finally, Zacks Research upgraded Fomento Economico Mexicano from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 28th. Four investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $101.63.

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.