Fomento Economico Mexicano (NYSE:FMX) Upgraded by Citigroup to "Buy" Rating

Key Points

• Citigroup has upgraded Fomento Economico Mexicano from a "neutral" to a "buy" rating, raising the price target from $93.00 to $97.00, indicating a potential upside of 11.66% from its previous close.
• Other analysts have mixed ratings for FMX, with UBS Group setting a neutral rating and a target price of $115.00, while Zacks Research downgraded it to a "strong sell."
• Fomento Economico Mexicano reported missed earnings expectations with an EPS of $0.42 against a consensus of $0.91 and revenue of $11.27 billion compared to an estimated $216.71 billion.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) was upgraded by equities research analysts at Citigroup from a "neutral" rating to a "buy" rating in a research note issued on Tuesday, MarketBeat reports. The firm currently has a $97.00 price target on the stock, up from their prior price target of $93.00. Citigroup's price objective indicates a potential upside of 5.11% from the company's current price.

Other equities research analysts have also issued research reports about the stock. UBS Group boosted their price objective on shares of Fomento Economico Mexicano from $112.00 to $115.00 and gave the stock a "neutral" rating in a research note on Thursday, July 10th. Morgan Stanley reissued an "equal weight" rating and set a $97.00 price objective (down previously from $132.00) on shares of Fomento Economico Mexicano in a research note on Tuesday, August 19th. Barclays dropped their target price on shares of Fomento Economico Mexicano from $110.00 to $107.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. Finally, Zacks Research downgraded shares of Fomento Economico Mexicano from a "hold" rating to a "strong sell" rating in a research note on Friday, September 5th. Three equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $103.80.

Fomento Economico Mexicano Trading Up 2.1%

Shares of FMX stock traded up $1.90 during mid-day trading on Tuesday, reaching $92.28. The stock had a trading volume of 1,176,838 shares, compared to its average volume of 994,600. The stock's 50-day moving average price is $91.28 and its two-hundred day moving average price is $98.04. Fomento Economico Mexicano has a 52-week low of $81.07 and a 52-week high of $108.74. The firm has a market capitalization of $33.02 billion, a PE ratio of 31.39, a price-to-earnings-growth ratio of 5.29 and a beta of 0.70. The company has a current ratio of 1.34, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last announced its earnings results on Monday, July 28th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates of $0.91 by ($0.49). The company had revenue of $11.27 billion for the quarter, compared to the consensus estimate of $216.71 billion. Fomento Economico Mexicano had a net margin of 2.60% and a return on equity of 5.32%. Equities analysts expect that Fomento Economico Mexicano will post 5.32 earnings per share for the current fiscal year.

Institutional Trading of Fomento Economico Mexicano

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd purchased a new stake in Fomento Economico Mexicano during the first quarter valued at approximately $29,000. Northwestern Mutual Wealth Management Co. increased its holdings in Fomento Economico Mexicano by 2,006.3% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 337 shares of the company's stock valued at $35,000 after buying an additional 321 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in Fomento Economico Mexicano by 41.4% during the second quarter. Farther Finance Advisors LLC now owns 369 shares of the company's stock valued at $38,000 after buying an additional 108 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Fomento Economico Mexicano in the second quarter worth $40,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of Fomento Economico Mexicano by 42.5% in the second quarter. Tower Research Capital LLC TRC now owns 439 shares of the company's stock worth $45,000 after purchasing an additional 131 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other 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.