Altrinsic Global Advisors LLC Sells 5,161 Shares of Fomento Economico Mexicano S.A.B. de C.V. $FMX

Key Points

• Altrinsic Global Advisors LLC reduced its stake in Fomento Economico Mexicano by 0.8%, owning 620,043 shares worth approximately $60.5 million, making it the company's 11th largest position.
• Fomento Economico Mexicano reported $0.42 earnings per share, missing analyst estimates of $0.91, and had a revenue of $11.27 billion compared to the expected $216.71 billion.
• The company announced a significant increase in its dividend, paying $1.3625 per share to shareholders, compared to a previous dividend of $0.73, representing a 200% yield.

Altrinsic Global Advisors LLC lowered its stake in shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) by 0.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 620,043 shares of the company's stock after selling 5,161 shares during the quarter. Fomento Economico Mexicano accounts for 3.0% of Altrinsic Global Advisors LLC's investment portfolio, making the stock its 11th biggest position. Altrinsic Global Advisors LLC owned 0.17% of Fomento Economico Mexicano worth $60,504,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Caitong International Asset Management Co. Ltd bought a new stake in Fomento Economico Mexicano in the 1st quarter worth $29,000. Banque Transatlantique SA purchased a new position in Fomento Economico Mexicano during the 4th quarter valued at about $44,000. Alpine Bank Wealth Management purchased a new position in Fomento Economico Mexicano during the 1st quarter valued at about $46,000. Banque Cantonale Vaudoise purchased a new position in Fomento Economico Mexicano in the first quarter worth about $51,000. Finally, Brooklyn Investment Group raised its holdings in Fomento Economico Mexicano by 112.4% in the first quarter. Brooklyn Investment Group now owns 722 shares of the company's stock worth $70,000 after buying an additional 382 shares during the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Fomento Economico Mexicano Stock Performance

NYSE FMX traded down $1.16 during trading hours on Friday, hitting $86.52. 826,921 shares of the company's stock traded hands, compared to its average volume of 1,126,521. The business's fifty day moving average price is $94.46 and its two-hundred day moving average price is $98.31. The company has a current ratio of 1.34, a quick ratio of 1.06 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $30.96 billion, a P/E ratio of 29.43, a P/E/G ratio of 5.07 and a beta of 0.66. 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 - Get Free Report) last announced its earnings results on Monday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.91 by ($0.49). The business 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 research analysts predict that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 EPS for the current year.

Fomento Economico Mexicano Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 28th. Investors of record on Thursday, July 17th were given a dividend of $1.3625 per share. This represents a $5.45 annualized dividend and a yield of 6.3%. This is a positive change from Fomento Economico Mexicano's previous quarterly dividend of $0.73. The ex-dividend date was Thursday, July 17th. Fomento Economico Mexicano's dividend payout ratio (DPR) is presently 74.83%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on FMX shares. Barclays decreased their target price 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. UBS Group lifted their target price on shares of Fomento Economico Mexicano from $112.00 to $115.00 and gave the stock a "neutral" rating in a report on Thursday, July 10th. Finally, Morgan Stanley reaffirmed an "equal weight" rating and issued a $97.00 target price (down from $132.00) on shares of Fomento Economico Mexicano in a report on Tuesday, August 19th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $105.16.

About Fomento Economico Mexicano

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.