Fomento Economico Mexicano (NYSE:FMX) Given New $96.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised the price target for Fomento Economico Mexicano (NYSE: FMX) from $95.00 to $96.00, indicating a potential upside of 2.38% from its previous close.
• Other analysts have issued mixed ratings, with Zacks lowering their rating to "strong sell," while Citigroup upgraded it to "buy" with a higher price target of $97.00.
• The company reported an earnings miss last quarter, with an EPS of $0.42, significantly below the consensus estimate of $0.91.

Fomento Economico Mexicano (NYSE:FMX - Free Report) had its price target lifted by JPMorgan Chase & Co. from $95.00 to $96.00 in a research report report published on Monday morning,Benzinga reports. The brokerage currently has a neutral rating on the stock.

A number of other research analysts also recently commented on FMX. Barclays reduced their price target 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. Morgan Stanley reissued an "equal weight" rating and issued a $97.00 price target (down previously from $132.00) on shares of Fomento Economico Mexicano in a report on Tuesday, August 19th. Citigroup raised Fomento Economico Mexicano from a "neutral" rating to a "buy" rating and increased their price target for the company from $93.00 to $97.00 in a report on Tuesday, September 9th. UBS Group increased their price target on Fomento Economico Mexicano from $112.00 to $115.00 and gave the company a "neutral" rating in a report on Thursday, July 10th. Finally, Zacks Research downgraded Fomento Economico Mexicano from a "hold" rating to a "strong sell" rating in a report on Friday, September 5th. Four research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Fomento Economico Mexicano currently has a consensus rating of "Hold" and a consensus price target of $100.97.

Fomento Economico Mexicano Stock Up 2.9%

Shares of NYSE FMX traded up $2.66 on Monday, hitting $95.35. The company had a trading volume of 371,465 shares, compared to its average volume of 684,324. Fomento Economico Mexicano has a 12-month low of $81.07 and a 12-month high of $108.74. The business has a 50 day moving average of $90.42 and a two-hundred day moving average of $98.05. 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 firm has a market capitalization of $34.11 billion, a P/E ratio of 32.43, a PEG ratio of 5.45 and a beta of 0.70.

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 for the quarter, missing the consensus estimate 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 return on equity of 5.32% and a net margin of 2.60%. As a group, equities research analysts forecast that Fomento Economico Mexicano will post 5.32 earnings per share for the current fiscal year.

Fomento Economico Mexicano Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 28th. Shareholders of record on Thursday, July 17th were given a $1.3625 dividend. This is an increase from Fomento Economico Mexicano's previous quarterly dividend of $0.73. This represents a $5.45 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date of this dividend was Thursday, July 17th. Fomento Economico Mexicano's payout ratio is presently 74.83%.

Institutional Trading of Fomento Economico Mexicano

A number of institutional investors and hedge funds have recently made changes to their positions in FMX. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Fomento Economico Mexicano in the first quarter worth about $29,000. Northwestern Mutual Wealth Management Co. lifted its position in shares of Fomento Economico Mexicano by 2,006.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 337 shares of the company's stock worth $35,000 after buying an additional 321 shares during the last quarter. Farther Finance Advisors LLC lifted its position in shares of Fomento Economico Mexicano by 41.4% during the 2nd quarter. Farther Finance Advisors LLC now owns 369 shares of the company's stock worth $38,000 after purchasing an additional 108 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in shares of Fomento Economico Mexicano during the 2nd quarter worth about $40,000. Finally, Tower Research Capital LLC TRC lifted its position in shares of Fomento Economico Mexicano by 42.5% during the 2nd quarter. Tower Research Capital LLC TRC now owns 439 shares of the company's stock worth $45,000 after purchasing an additional 131 shares during the last quarter. Institutional investors and hedge funds own 61.00% of the company's stock.

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.