Fomento Económico Mexicano (NYSE:FMX) Reaches New 1-Year Low After Analyst Downgrade

by · The Markets Daily

Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Get Free Report) hit a new 52-week low during trading on Wednesday after Barclays lowered their price target on the stock from $125.00 to $118.00. Barclays currently has an overweight rating on the stock. Fomento Económico Mexicano traded as low as $94.95 and last traded at $95.62, with a volume of 12827 shares trading hands. The stock had previously closed at $96.80.

FMX has been the topic of a number of other reports. JPMorgan Chase & Co. lowered Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and lifted their price objective for the stock from $104.00 to $109.00 in a research note on Monday, September 23rd. StockNews.com lowered Fomento Económico Mexicano from a “buy” rating to a “hold” rating in a research note on Tuesday. Six investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $128.00.

View Our Latest Stock Analysis on Fomento Económico Mexicano

Institutional Investors Weigh In On Fomento Económico Mexicano

A number of hedge funds have recently added to or reduced their stakes in FMX. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Fomento Económico Mexicano by 740.2% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 472,200 shares of the company’s stock worth $50,832,000 after purchasing an additional 416,000 shares in the last quarter. Sustainable Growth Advisers LP increased its holdings in shares of Fomento Económico Mexicano by 122.8% during the first quarter. Sustainable Growth Advisers LP now owns 435,906 shares of the company’s stock valued at $56,785,000 after acquiring an additional 240,256 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Fomento Económico Mexicano by 577.6% during the second quarter. Millennium Management LLC now owns 222,464 shares of the company’s stock valued at $23,948,000 after acquiring an additional 189,632 shares in the last quarter. Employees Retirement System of Texas increased its holdings in shares of Fomento Económico Mexicano by 64.1% during the second quarter. Employees Retirement System of Texas now owns 471,096 shares of the company’s stock valued at $50,713,000 after acquiring an additional 184,000 shares in the last quarter. Finally, Zimmer Partners LP increased its holdings in shares of Fomento Económico Mexicano by 377.8% during the first quarter. Zimmer Partners LP now owns 215,000 shares of the company’s stock valued at $28,008,000 after acquiring an additional 170,000 shares in the last quarter.

Fomento Económico Mexicano Stock Performance

The stock has a market cap of $34.67 billion, a P/E ratio of 24.84, a P/E/G ratio of 5.43 and a beta of 0.94. The company has a fifty day moving average price of $100.32 and a 200 day moving average price of $108.89. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.72 and a quick ratio of 1.44.

Fomento Económico Mexicano Cuts Dividend

The company also recently disclosed an annual dividend, which was paid on Monday, October 28th. Stockholders of record on Wednesday, October 16th were issued a dividend of $0.864 per share. The ex-dividend date of this dividend was Wednesday, October 16th. This represents a dividend yield of 0.87%. Fomento Económico Mexicano’s dividend payout ratio is 12.82%.

Fomento Económico Mexicano Company Profile

(Get Free Report)

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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