9,463 Shares in Fomento Economico Mexicano S.A.B. de C.V. $FMX Acquired by Allianz Asset Management GmbH

Key Points

• Allianz Asset Management initiated a position in Fomento Economico Mexicano, purchasing 9,463 shares valued at approximately $1.21 million. Institutional investors collectively own 61% of FMX.
• Director Michael David Kahn bought 2,100 shares for roughly $248,000, while corporate insiders own 5.68% of the company.
• FMX raised its quarterly dividend to $1.827, implying an annualized payout of $7.31 and a 6.2% yield. Analysts maintain a consensus “Hold” rating with an average price target of $137.17.

Allianz Asset Management GmbH bought 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 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,463 shares of the company's stock, valued at approximately $1,210,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its holdings in Fomento Economico Mexicano by 19.0% during the first quarter. AQR Capital Management LLC now owns 6,072 shares of the company's stock worth $593,000 after acquiring an additional 969 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Fomento Economico Mexicano by 2,006.2% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 337 shares of the company's stock worth $35,000 after purchasing an additional 321 shares during the last quarter. New York State Common Retirement Fund acquired a new position in shares of Fomento Economico Mexicano in the 2nd quarter worth approximately $429,000. EverSource Wealth Advisors LLC grew its stake in shares of Fomento Economico Mexicano by 61.0% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,156 shares of the company's stock worth $119,000 after purchasing an additional 438 shares during the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Fomento Economico Mexicano in the 2nd quarter worth approximately $504,000. 61.00% of the stock is owned by institutional investors.

Insider Activity at Fomento Economico Mexicano

In related news, Director Michael David Kahn purchased 2,100 shares of the firm's stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average cost of $118.13 per share, for a total transaction of $248,073.00. Following the completion of the acquisition, the director owned 2,100 shares in the company, valued at $248,073. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 5.68% of the company's stock.

Fomento Economico Mexicano Price Performance

Shares of NYSE:FMX opened at $118.04 on Thursday. The company's fifty day moving average is $124.07 and its two-hundred day moving average is $119.56. The company has a quick ratio of 0.85, a current ratio of 1.14 and a debt-to-equity ratio of 0.41. Fomento Economico Mexicano S.A.B. de C.V. has a 12-month low of $86.27 and a 12-month high of $141.47. The company has a market cap of $40.79 billion, a P/E ratio of 23.61, a price-to-earnings-growth ratio of 0.66 and a beta of 0.40.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last issued its earnings results on Tuesday, June 30th. The company reported $0.93 EPS for the quarter. Fomento Economico Mexicano had a return on equity of 8.38% and a net margin of 3.60%.The business had revenue of $13.20 billion during the quarter. Equities analysts expect that Fomento Economico Mexicano S.A.B. de C.V. will post 6.09 earnings per share for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 27th. Stockholders of record on Wednesday, July 15th were given a $1.827 dividend. This represents a $7.31 dividend on an annualized basis and a dividend yield of 6.2%. This is a positive change from Fomento Economico Mexicano's previous quarterly dividend of $0.67. The ex-dividend date of this dividend was Wednesday, July 15th. Fomento Economico Mexicano's payout ratio is currently 48.60%.

Wall Street Analyst Weigh In

FMX has been the subject of several recent research reports. Zacks Research lowered shares of Fomento Economico Mexicano from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 4th. Bank of America raised Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and upped their price target for the company from $125.00 to $150.00 in a report on Tuesday, August 4th. Barclays raised their price objective on Fomento Economico Mexicano from $125.00 to $130.00 and gave the stock an "equal weight" rating in a research note on Tuesday, July 14th. Weiss Ratings raised Fomento Economico Mexicano from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, September 4th. Finally, JPMorgan Chase & Co. upped their target price on Fomento Economico Mexicano from $117.00 to $126.00 and gave the company an "overweight" rating in a report on Friday, June 26th. Three analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $137.17.

Fomento Economico Mexicano Profile

Fomento Económico Mexicano, SAB. de C.V. (FEMSA) is a Mexico-based company with operations spanning beverage production and distribution, retail, and digital services. Through Coca-Cola FEMSA, the company produces, markets, sells and distributes products under The Coca-Cola Company portfolio, including sparkling beverages, water, sports drinks and other nonalcoholic beverages.

FEMSA also operates a broad network of convenience stores under the OXXO brand. Its retail activities include the sale of packaged food, beverages, tobacco products, personal-care items and other everyday goods, as well as services such as bill payment and financial transactions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.