Public Employees Retirement System of Ohio Cuts Stake in Fomento Economico Mexicano S.A.B. de C.V. $FMX

Key Points

• The Public Employees Retirement System of Ohio reduced its stake in Fomento Economico Mexicano S.A.B. de C.V. by 9.0%, now owning approximately 0.06% of the company valued at $21.36 million.
• Fomento Economico Mexicano reported earnings per share of $0.42 for the quarter, missing analysts' estimates of $0.91, while its revenue fell short of expectations at $11.27 billion.
• The company recently increased its quarterly dividend from $0.73 to $1.3625 per share, reflecting a significant change and a 5.6% yield for shareholders.

Public Employees Retirement System of Ohio lowered its stake in shares of Fomento Economico Mexicano S.A.B. de C.V. (NYSE:FMX - Free Report) by 9.0% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 207,427 shares of the company's stock after selling 20,496 shares during the period. Public Employees Retirement System of Ohio owned approximately 0.06% of Fomento Economico Mexicano worth $21,361,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in FMX. Nuveen LLC purchased a new position in shares of Fomento Economico Mexicano during the 1st quarter valued at about $330,437,000. Itau Unibanco Holding S.A. lifted its position in Fomento Economico Mexicano by 105.4% during the first quarter. Itau Unibanco Holding S.A. now owns 1,112,036 shares of the company's stock valued at $106,139,000 after purchasing an additional 570,640 shares during the last quarter. Strs Ohio bought a new stake in shares of Fomento Economico Mexicano in the 1st quarter valued at approximately $28,718,000. Acadian Asset Management LLC grew its holdings in Fomento Economico Mexicano by 325.7% during the 1st quarter. Acadian Asset Management LLC now owns 383,644 shares of the company's stock valued at $37,421,000 after purchasing an additional 293,524 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Fomento Economico Mexicano by 27.3% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 833,238 shares of the company's stock valued at $81,307,000 after acquiring an additional 178,460 shares during the period. Institutional investors own 61.00% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Morgan Stanley reiterated an "equal weight" rating and set a $97.00 price objective (down previously from $132.00) on shares of Fomento Economico Mexicano in a report on Tuesday, August 19th. Barclays decreased their price target on shares of 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. JPMorgan Chase & Co. raised their price objective 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 upgraded Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and lowered their target price for the stock from $115.00 to $111.00 in a report on Friday, September 19th. Finally, Zacks Research downgraded shares of Fomento Economico Mexicano from a "hold" rating to a "strong sell" rating in a research note on Friday, September 5th. Four investment 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 company has an average rating of "Hold" and an average price target of $100.97.

Fomento Economico Mexicano Stock Down 1.0%

FMX opened at $96.84 on Friday. The stock has a market capitalization of $34.65 billion, a price-to-earnings ratio of 32.94, a PEG ratio of 5.73 and a beta of 0.70. The company has a fifty day moving average of $90.20 and a two-hundred day moving average of $98.09. 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 fifty-two week low of $81.07 and a fifty-two week high of $108.74.

Fomento Economico Mexicano (NYSE:FMX - Get Free Report) last issued its quarterly 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). The company had revenue of $11.27 billion during the quarter, compared to analysts' expectations of $216.71 billion. Fomento Economico Mexicano had a net margin of 2.60% and a return on equity of 5.32%. On average, research 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 firm also recently announced 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 annualized dividend and a yield of 5.6%. This is a positive change from Fomento Economico Mexicano's previous quarterly dividend of $0.73. The ex-dividend date of this dividend was Thursday, July 17th. Fomento Economico Mexicano's payout ratio is 74.83%.

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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