Fomento Económico Mexicano (NYSE:FMX) Hits New 12-Month High After Analyst Upgrade

Posted by Defense World Staff on May 4th, 2023

Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Get Rating)’s share price hit a new 52-week high during mid-day trading on Wednesday after Barclays raised their price target on the stock from $103.00 to $105.00. The stock traded as high as $98.61 and last traded at $98.50, with a volume of 8529 shares trading hands. The stock had previously closed at $97.98.

FMX has been the subject of a number of other reports. Scotiabank upgraded shares of Fomento Económico Mexicano from a “sector perform” rating to an “outperform” rating in a report on Thursday, February 16th. Citigroup assumed coverage on shares of Fomento Económico Mexicano in a report on Friday, March 3rd. They issued a “buy” rating for the company. Morgan Stanley boosted their price objective on shares of Fomento Económico Mexicano from $102.00 to $110.00 and gave the stock an “overweight” rating in a report on Monday, March 27th. StockNews.com assumed coverage on shares of Fomento Económico Mexicano in a report on Thursday, March 16th. They issued a “buy” rating for the company. Finally, HSBC upped their price target on shares of Fomento Económico Mexicano from $58.00 to $77.00 and gave the company a “reduce” rating in a report on Friday, February 17th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $96.87.

Hedge Funds Weigh In On Fomento Económico Mexicano

A number of institutional investors have recently bought and sold shares of the stock. First Horizon Advisors Inc. lifted its position in Fomento Económico Mexicano by 15.3% during the fourth quarter. First Horizon Advisors Inc. now owns 920 shares of the company’s stock valued at $72,000 after purchasing an additional 122 shares during the period. Veriti Management LLC lifted its holdings in shares of Fomento Económico Mexicano by 1.7% during the 4th quarter. Veriti Management LLC now owns 7,562 shares of the company’s stock valued at $591,000 after buying an additional 126 shares during the period. Vestmark Advisory Solutions Inc. boosted its stake in shares of Fomento Económico Mexicano by 3.1% in the 3rd quarter. Vestmark Advisory Solutions Inc. now owns 5,813 shares of the company’s stock worth $365,000 after buying an additional 175 shares during the last quarter. Eaton Vance Management grew its holdings in shares of Fomento Económico Mexicano by 7.1% in the first quarter. Eaton Vance Management now owns 2,751 shares of the company’s stock worth $228,000 after acquiring an additional 182 shares during the period. Finally, Schechter Investment Advisors LLC increased its position in Fomento Económico Mexicano by 3.0% during the fourth quarter. Schechter Investment Advisors LLC now owns 6,361 shares of the company’s stock valued at $497,000 after acquiring an additional 185 shares during the last quarter. 21.07% of the stock is owned by institutional investors.

Fomento Económico Mexicano Stock Performance

The company has a market cap of $34.64 billion, a P/E ratio of 9.44 and a beta of 0.93. The company has a quick ratio of 1.06, a current ratio of 1.40 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $92.61 and a two-hundred day simple moving average of $84.03.

Fomento Económico Mexicano (NYSE:FMX – Get Rating) last released its quarterly earnings results on Friday, February 24th. The company reported $0.69 EPS for the quarter, missing the consensus estimate of $1.28 by ($0.59). Fomento Económico Mexicano had a net margin of 4.03% and a return on equity of 10.45%. The business had revenue of $9.48 billion for the quarter, compared to analysts’ expectations of $9.07 billion. On average, sell-side analysts anticipate that Fomento Económico Mexicano, S.A.B. de C.V. will post 4.6 EPS for the current year.

Fomento Económico Mexicano Increases Dividend

The firm also recently declared a semi-annual dividend, which will be paid on Thursday, May 18th. Stockholders of record on Friday, May 5th will be given a dividend of $1.0138 per share. The ex-dividend date of this dividend is Thursday, May 4th. This represents a dividend yield of 1.5%. This is a positive change from Fomento Económico Mexicano’s previous semi-annual dividend of $0.85. Fomento Económico Mexicano’s dividend payout ratio is presently 19.40%.

Fomento Económico Mexicano Company Profile

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Fomento Economico Mexicano SAB de CV operates as a holding company, which engages in the production, distribution, and marketing of beverages. The firm also produces, markets, sells, and distributes Coca-Cola trademark beverages, including sparkling beverages. It operates through the following segments: Coca-Cola FEMSA; FEMSA-Comercio Proximity Division; FEMSA-Comercio Health Division; FEMSA-Comercio Fuel Division; Heineken Investment; and Other Business.