Exchange Traded Concepts LLC Buys 48,518 Shares of Fomento Economico Mexicano S.A.B. de C.V. $FMX

Key Points

• Exchange Traded Concepts LLC increased its stake in Fomento Economico Mexicano S.A.B. de C.V. by 154.1% in Q2 2023, acquiring an additional 48,518 shares to hold a total of 80,000 shares valued at approximately $8.24 million.
• Fomento Economico Mexicano recently declared a quarterly dividend of $1.3625 per share, raising its annualized dividend yield to 5.9% from the previous $0.73.
• In recent analyst ratings, Citigroup upgraded the stock from "neutral" to "buy" and raised its price target from $93.00 to $97.00, while the stock has an average rating of "Hold" and a consensus target price of $101.63.

Exchange Traded Concepts LLC grew its position in shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) by 154.1% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 80,000 shares of the company's stock after purchasing an additional 48,518 shares during the quarter. Exchange Traded Concepts LLC's holdings in Fomento Economico Mexicano were worth $8,238,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also modified their holdings of FMX. Janney Montgomery Scott LLC acquired a new position in shares of Fomento Economico Mexicano during the 1st quarter worth about $207,000. Crossmark Global Holdings Inc. grew its position in Fomento Economico Mexicano by 29.3% during the 1st quarter. Crossmark Global Holdings Inc. now owns 26,359 shares of the company's stock worth $2,572,000 after acquiring an additional 5,977 shares during the last quarter. Royal Bank of Canada boosted its position in Fomento Economico Mexicano by 1.9% in the 1st quarter. Royal Bank of Canada now owns 5,369,981 shares of the company's stock valued at $524,003,000 after buying an additional 100,898 shares during the last quarter. Cerity Partners LLC lifted its stake in shares of Fomento Economico Mexicano by 25.4% in the 1st quarter. Cerity Partners LLC now owns 13,778 shares of the company's stock valued at $1,344,000 after purchasing an additional 2,795 shares during the period. Finally, GAMMA Investing LLC raised its stake in Fomento Economico Mexicano by 27,873.3% during the 1st quarter. GAMMA Investing LLC now owns 20,980 shares of the company's stock worth $2,047,000 after buying an additional 20,905 shares during the period. Hedge funds and other institutional investors own 61.00% of the company's stock.

Fomento Economico Mexicano Stock Performance

Shares of NYSE FMX traded up $3.69 during trading on Friday, reaching $96.38. The stock had a trading volume of 1,666,057 shares, compared to its average volume of 812,509. 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 firm's 50 day moving average price is $90.34 and its two-hundred day moving average price is $98.09. The stock has a market cap of $34.48 billion, a PE ratio of 32.78, a P/E/G ratio of 5.64 and a beta of 0.70.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last issued its earnings results on Monday, July 28th. The company reported $0.42 earnings per share for the quarter, missing the consensus estimate of $0.91 by ($0.49). Fomento Economico Mexicano had a return on equity of 5.32% and a net margin of 2.60%.The firm had revenue of $11.27 billion during the quarter, compared to analyst estimates of $216.71 billion. On average, research 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Thursday, July 17th were given a $1.3625 dividend. This represents a $5.45 annualized dividend and a yield of 5.7%. The ex-dividend date was Thursday, July 17th. This is a positive change from Fomento Economico Mexicano's previous quarterly dividend of $0.73. Fomento Economico Mexicano's dividend payout ratio is presently 74.83%.

Wall Street Analyst Weigh In

FMX has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price target on Fomento Economico Mexicano from $95.00 to $96.00 and gave the stock a "neutral" rating in a report on Monday, September 15th. UBS Group raised shares of Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and cut their price target for the company from $115.00 to $111.00 in a research report on Friday. Barclays lowered 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 report on Thursday, July 31st. Morgan Stanley reiterated an "equal weight" rating and issued a $97.00 price objective (down previously from $132.00) on shares of Fomento Economico Mexicano in a research note on Tuesday, August 19th. Finally, Citigroup raised shares of Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and raised their price objective for the stock from $93.00 to $97.00 in a report on Tuesday, September 9th. Four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $100.97.

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.