Perpetual Ltd Trims Stock Position in Fomento Economico Mexicano S.A.B. de C.V. $FMX

Key Points

• Perpetual Ltd has reduced its holdings in Fomento Economico Mexicano S.A.B. de C.V. by 6.2%, now owning approximately $94.42 million worth of stock, making it the 24th largest holding in their investment portfolio.
• Fomento Economico Mexicano recently declared a quarterly dividend of $1.3625 per share, which signals an increase from its previous dividend and offers a dividend yield of 5.9%.
• The company reported quarterly earnings of $0.42 per share, missing expectations significantly, with revenue reported at $11.27 billion compared to a forecast of $216.71 billion.

Perpetual Ltd trimmed its holdings in Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) by 6.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 916,864 shares of the company's stock after selling 60,478 shares during the quarter. Fomento Economico Mexicano makes up about 1.1% of Perpetual Ltd's portfolio, making the stock its 24th biggest position. Perpetual Ltd owned 0.26% of Fomento Economico Mexicano worth $94,419,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Fomento Economico Mexicano in the first quarter worth approximately $29,000. Alpine Bank Wealth Management bought a new position in Fomento Economico Mexicano in the first quarter worth approximately $46,000. Banque Cantonale Vaudoise bought a new position in Fomento Economico Mexicano in the first quarter worth approximately $51,000. Brooklyn Investment Group grew its stake 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 purchasing an additional 382 shares in the last quarter. Finally, Smartleaf Asset Management LLC grew its stake in Fomento Economico Mexicano by 69.2% in the first quarter. Smartleaf Asset Management LLC now owns 785 shares of the company's stock worth $79,000 after purchasing an additional 321 shares in the last quarter. 61.00% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Morgan Stanley reissued 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. UBS Group raised Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $115.00 to $111.00 in a research note on Friday. JPMorgan Chase & Co. increased their price objective on Fomento Economico Mexicano from $95.00 to $96.00 and gave the stock a "neutral" rating in a research note on Monday, September 15th. Citigroup raised Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and increased their price objective for the stock from $93.00 to $97.00 in a research note on Tuesday, September 9th. Finally, Barclays dropped their price objective on Fomento Economico Mexicano from $110.00 to $107.00 and set an "equal weight" rating on the stock in a research note on Thursday, July 31st. Four research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $100.97.

Fomento Economico Mexicano Stock Performance

FMX stock traded up $1.74 during midday trading on Tuesday, reaching $98.74. The stock had a trading volume of 177,801 shares, compared to its average volume of 689,476. The stock has a market cap of $35.33 billion, a PE ratio of 33.54, a P/E/G ratio of 5.64 and a beta of 0.70. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.06 and a current ratio of 1.34. The firm has a fifty day simple moving average of $90.30 and a two-hundred day simple moving average of $98.09. 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 issued its earnings results on Monday, July 28th. The company reported $0.42 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.91 by ($0.49). The firm had revenue of $11.27 billion during the quarter, compared to analysts' expectations 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, equities research analysts anticipate 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 business also recently disclosed a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Thursday, July 17th were paid a dividend of $1.3625 per share. This represents a $5.45 dividend on an annualized basis and a dividend yield of 5.5%. The ex-dividend date was Thursday, July 17th. This is an increase from Fomento Economico Mexicano's previous quarterly dividend of $0.73. Fomento Economico Mexicano's dividend payout ratio (DPR) is 74.83%.

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.