2,845 Shares in Fomento Economico Mexicano S.A.B. de C.V. $FMX Purchased by Naviter Wealth LLC

Key Points

• Naviter Wealth LLC purchased 2,845 shares of Fomento Economico Mexicano S.A.B. de C.V. for approximately $293,000, indicating institutional interest in the stock.
• Fomento Economico Mexicano recently increased its dividend to $1.9982 per share, up from $1.36, marking an annual dividend yield of 8.7%.
• Analyst ratings for the stock vary, with four ratings as "Buy" , while the average rating is "Hold" with a consensus price target of $100.97.

Naviter Wealth LLC acquired a new position in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 2,845 shares of the company's stock, valued at approximately $293,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd bought a new position in Fomento Economico Mexicano in the first quarter worth about $29,000. Farther Finance Advisors LLC raised its holdings in Fomento Economico Mexicano by 41.4% in the second quarter. Farther Finance Advisors LLC now owns 369 shares of the company's stock worth $38,000 after purchasing an additional 108 shares in the last quarter. Alpine Bank Wealth Management bought a new position in Fomento Economico Mexicano in the first quarter worth about $46,000. Banque Cantonale Vaudoise bought a new position in Fomento Economico Mexicano in the first quarter worth about $51,000. Finally, Brooklyn Investment Group increased its holdings in shares of Fomento Economico Mexicano by 112.4% during the first quarter. Brooklyn Investment Group now owns 722 shares of the company's stock valued at $70,000 after acquiring an additional 382 shares in the last quarter. 61.00% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FMX has been the topic of several recent analyst reports. Citigroup upgraded shares of Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and upped their price objective for the company from $93.00 to $97.00 in a report on Tuesday, September 9th. Weiss Ratings restated a "hold (c-)" rating on shares of Fomento Economico Mexicano in a report on Wednesday, October 8th. Morgan Stanley reiterated an "equal weight" rating and issued a $97.00 price target (down previously from $132.00) on shares of Fomento Economico Mexicano in a report on Tuesday, August 19th. Barclays cut their price target on shares of Fomento Economico Mexicano from $110.00 to $107.00 and set an "equal weight" rating on the stock in a report on Thursday, July 31st. Finally, Zacks Research lowered Fomento Economico Mexicano from a "hold" rating to a "strong sell" rating in a research report on Friday, September 5th. Four research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Fomento Economico Mexicano presently has an average rating of "Hold" and a consensus price target of $100.97.

Fomento Economico Mexicano Stock Performance

Shares of Fomento Economico Mexicano stock opened at $92.09 on Wednesday. The business has a 50-day simple moving average of $90.62 and a 200-day simple moving average of $97.84. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 1.34. Fomento Economico Mexicano S.A.B. de C.V. has a one year low of $81.07 and a one year high of $108.74. The company has a market cap of $32.95 billion, a PE ratio of 31.32, a P/E/G ratio of 5.43 and a beta of 0.72.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last released 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 firm had revenue of $11.27 billion for the quarter, compared to analysts' expectations of $216.71 billion. Fomento Economico Mexicano had a return on equity of 5.32% and a net margin of 2.60%. On average, equities research analysts forecast that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 EPS for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 27th. Stockholders of record on Thursday, October 16th will be paid a dividend of $1.9982 per share. This represents a $7.99 annualized dividend and a dividend yield of 8.7%. This is a boost from Fomento Economico Mexicano's previous quarterly dividend of $1.36. The ex-dividend date is Thursday, October 16th. Fomento Economico Mexicano's dividend payout ratio (DPR) is currently 76.19%.

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.

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