Coronation Fund Managers Ltd. Lowers Holdings in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX)

Key Points

• Coronation Fund Managers Ltd. reduced its stake in Fomento Economico Mexicano by 45.3%, now holding 117,750 shares valued at $11,490,000 after selling 97,676 shares.
• Analysts have given Fomento Economico Mexicano a consensus rating of Hold with an average price target of $107.20, while Barclays lowered its target from $110.00 to $107.00.
• The company reported earnings of $0.42 per share, significantly missing analyst expectations of $0.91, with a total revenue of $11.27 billion for the last quarter.

Coronation Fund Managers Ltd. lessened its stake in shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) by 45.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 117,750 shares of the company's stock after selling 97,676 shares during the quarter. Coronation Fund Managers Ltd.'s holdings in Fomento Economico Mexicano were worth $11,490,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in shares of Fomento Economico Mexicano by 26.4% during the first quarter. Invesco Ltd. now owns 512,706 shares of the company's stock valued at $50,030,000 after purchasing an additional 106,949 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Fomento Economico Mexicano by 6.3% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 103,621 shares of the company's stock valued at $10,111,000 after acquiring an additional 6,115 shares in the last quarter. Citigroup Inc. raised its holdings in shares of Fomento Economico Mexicano by 44.5% during the first quarter. Citigroup Inc. now owns 418,701 shares of the company's stock valued at $40,857,000 after acquiring an additional 128,996 shares in the last quarter. ABC Arbitrage SA bought a new position in shares of Fomento Economico Mexicano during the first quarter valued at approximately $1,367,000. Finally, Klein Pavlis & Peasley Financial Inc. raised its holdings in shares of Fomento Economico Mexicano by 35.0% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 38,044 shares of the company's stock valued at $3,809,000 after acquiring an additional 9,868 shares in the last quarter. Hedge funds and other institutional investors own 61.00% of the company's stock.

Fomento Economico Mexicano Stock Down 0.7%

FMX traded down $0.58 during trading on Wednesday, reaching $85.58. The stock had a trading volume of 1,668,772 shares, compared to its average volume of 622,457. Fomento Economico Mexicano S.A.B. de C.V. has a one year low of $81.07 and a one year high of $114.33. 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 stock's 50 day moving average is $99.14 and its two-hundred day moving average is $98.34. The company has a market capitalization of $30.62 billion, a price-to-earnings ratio of 29.11, a P/E/G ratio of 4.07 and a beta of 0.66.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last released its quarterly earnings data on Monday, July 28th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.49). The business had revenue of $11.27 billion during the quarter, compared to the consensus estimate of $216.71 billion. Fomento Economico Mexicano had a return on equity of 5.32% and a net margin of 2.60%. As a group, analysts expect that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 earnings per share for the current year.

Fomento Economico Mexicano Increases Dividend

The business also recently disclosed a -- dividend, which was paid on Monday, July 28th. Stockholders of record on Thursday, July 17th were given a dividend of $1.3625 per share. This represents a dividend yield of 200.0%. The ex-dividend date of this dividend was Thursday, July 17th. This is an increase from Fomento Economico Mexicano's previous -- dividend of $0.73. Fomento Economico Mexicano's payout ratio is presently 74.83%.

Analysts Set New Price Targets

A number of brokerages recently commented on FMX. Wall Street Zen downgraded Fomento Economico Mexicano from a "buy" rating to a "hold" rating in a report on Wednesday, April 30th. Barclays decreased their target price on 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. Finally, UBS Group upped their target price on Fomento Economico Mexicano from $112.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday, July 10th. Four equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $107.20.

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.