Ninety One North America Inc. Trims Holdings in Fomento Economico Mexicano S.A.B. de C.V. $FMX

Key Points

• Ninety One North America Inc. reduced its stake in Fomento Economico Mexicano by 7.6%, selling 18,366 shares in the second quarter, and now holds approximately 0.06% of the company valued at $22,866,000.
• Fomento Economico Mexicano recently increased its quarterly dividend to $1.3625, up from $0.73, reflecting an annualized dividend yield of 5.5% and a payout ratio of 74.83%.
• After reporting earnings per share of $0.42 for the latest quarter, which fell short of analysts' expectations, Fomento Economico Mexicano has received mixed ratings from analysts, with a consensus target price of $100.97.

Ninety One North America Inc. cut its stake in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) by 7.6% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 222,042 shares of the company's stock after selling 18,366 shares during the quarter. Ninety One North America Inc. owned about 0.06% of Fomento Economico Mexicano worth $22,866,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in FMX. Caitong International Asset Management Co. Ltd purchased a new position in shares of Fomento Economico Mexicano in the first quarter valued at $29,000. Farther Finance Advisors LLC grew its position in shares of Fomento Economico Mexicano by 41.4% in the second quarter. Farther Finance Advisors LLC now owns 369 shares of the company's stock valued at $38,000 after purchasing an additional 108 shares in the last quarter. Alpine Bank Wealth Management purchased a new position in shares of Fomento Economico Mexicano in the first quarter valued at $46,000. Banque Cantonale Vaudoise purchased a new position in shares of Fomento Economico Mexicano in the first quarter valued at $51,000. Finally, Brooklyn Investment Group grew its position in shares of Fomento Economico Mexicano by 112.4% in the first quarter. Brooklyn Investment Group now owns 722 shares of the company's stock valued at $70,000 after purchasing an additional 382 shares in the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Fomento Economico Mexicano Trading Down 0.6%

Shares of FMX stock opened at $98.74 on Wednesday. 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 price of $90.18 and a two-hundred day moving average price of $98.11. Fomento Economico Mexicano S.A.B. de C.V. has a 12-month low of $81.07 and a 12-month high of $108.74. The firm has a market cap of $35.33 billion, a P/E ratio of 33.59, a price-to-earnings-growth ratio of 5.82 and a beta of 0.70.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last released its earnings results on Monday, July 28th. The company reported $0.42 earnings per share for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to the consensus estimate of $216.71 billion. Equities analysts anticipate that Fomento Economico Mexicano S.A.B. de C.V. will post 5.32 EPS for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 28th. Stockholders of record on Thursday, July 17th were paid a $1.3625 dividend. This is a boost from Fomento Economico Mexicano's previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Thursday, July 17th. This represents a $5.45 dividend on an annualized basis and a dividend yield of 5.5%. Fomento Economico Mexicano's dividend payout ratio is presently 74.83%.

Wall Street Analyst Weigh In

FMX has been the subject of several research analyst reports. Barclays dropped their price objective on Fomento Economico Mexicano from $110.00 to $107.00 and set an "equal weight" rating for the company in a research note on Thursday, July 31st. Citigroup raised Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $93.00 to $97.00 in a research note on Tuesday, September 9th. Morgan Stanley reissued an "equal weight" rating and set a $97.00 price objective (down previously from $132.00) on shares of Fomento Economico Mexicano in a research note on Tuesday, August 19th. Zacks Research lowered Fomento Economico Mexicano from a "hold" rating to a "strong sell" rating in a research note on Friday, September 5th. Finally, JPMorgan Chase & Co. lifted their price objective on Fomento Economico Mexicano from $95.00 to $96.00 and gave the company a "neutral" rating in a research note on Monday, September 15th. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $100.97.

Fomento Economico Mexicano 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.

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