Mackenzie Financial Corp Makes New $6.15 Million Investment in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX)

Key Points

• Mackenzie Financial Corp has acquired 63,066 shares of Fomento Economico Mexicano S.A.B. de C.V. for approximately $6,154,000 as reported in their recent 13F filing.
• The company's quarterly earnings showed an EPS of $0.42, significantly missing analysts' consensus estimate of $0.91.
• Fomento Economico Mexicano has increased its dividend to $1.3625, representing a yield of 200% and a payout ratio of 74.83%.

Mackenzie Financial Corp purchased a new position in shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 63,066 shares of the company's stock, valued at approximately $6,154,000.

Other institutional investors also recently added to or reduced their stakes in the company. FMR LLC raised its stake in shares of Fomento Economico Mexicano by 540.3% during the fourth quarter. FMR LLC now owns 3,147,544 shares of the company's stock valued at $269,084,000 after purchasing an additional 2,655,962 shares in the last quarter. Talaria Asset Management Pty Ltd bought a new position in shares of Fomento Economico Mexicano in the fourth quarter valued at approximately $47,110,000. Asset Value Investors Ltd bought a new position in shares of Fomento Economico Mexicano in the fourth quarter valued at approximately $42,793,000. Nuveen Asset Management LLC boosted its holdings in shares of Fomento Economico Mexicano by 25.4% in the fourth quarter. Nuveen Asset Management LLC now owns 2,158,614 shares of the company's stock valued at $184,540,000 after acquiring an additional 437,699 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in shares of Fomento Economico Mexicano by 5.5% in the fourth quarter. Royal Bank of Canada now owns 5,269,083 shares of the company's stock valued at $450,454,000 after acquiring an additional 274,467 shares in the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

Fomento Economico Mexicano Trading Down 0.4%

Shares of NYSE FMX traded down $0.37 during mid-day trading on Wednesday, hitting $88.80. 377,695 shares of the company traded hands, compared to its average volume of 601,670. Fomento Economico Mexicano S.A.B. de C.V. has a 1 year low of $81.07 and a 1 year high of $114.33. The stock has a market capitalization of $31.77 billion, a price-to-earnings ratio of 30.21, a PEG ratio of 4.16 and a beta of 0.66. The company has a quick ratio of 1.06, a current ratio of 1.34 and a debt-to-equity ratio of 0.42. The business has a 50 day moving average of $101.09 and a two-hundred day moving average of $98.24.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last announced its earnings results on Monday, July 28th. The company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.91 by ($0.49). Fomento Economico Mexicano had a net margin of 2.60% and a return on equity of 5.32%. The company had revenue of $11.27 billion for the quarter, compared to analysts' expectations of $216.71 billion. On average, sell-side analysts anticipate 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 company also recently announced a -- dividend, which was paid on Monday, July 28th. Shareholders of record on Thursday, July 17th were given a $1.3625 dividend. This represents a 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 currently 74.83%.

Analysts Set New Price Targets

Several analysts have recently weighed in on FMX shares. Barclays cut their price objective 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. UBS Group boosted their price target on shares of Fomento Economico Mexicano from $112.00 to $115.00 and gave the stock a "neutral" rating in a research report on Thursday, July 10th. Finally, Wall Street Zen cut shares of Fomento Economico Mexicano from a "buy" rating to a "hold" rating in a research report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus 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.