First Trust Direct Indexing L.P. trimmed its position in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Free Report) by 19.8% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 6,063 shares of the company’s stock after selling 1,499 shares during the quarter. First Trust Direct Indexing L.P.’s holdings in Fomento Económico Mexicano were worth $577,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. First Eagle Investment Management LLC lifted its position in shares of Fomento Económico Mexicano by 1.5% in the fourth quarter. First Eagle Investment Management LLC now owns 10,989,993 shares of the company’s stock valued at $858,538,000 after acquiring an additional 161,817 shares in the last quarter. Schroder Investment Management Group lifted its position in shares of Fomento Económico Mexicano by 2.3% in the fourth quarter. Schroder Investment Management Group now owns 4,311,713 shares of the company’s stock valued at $336,831,000 after acquiring an additional 98,736 shares in the last quarter. BlackRock Inc. lifted its position in shares of Fomento Económico Mexicano by 11.0% in the third quarter. BlackRock Inc. now owns 3,056,875 shares of the company’s stock valued at $191,820,000 after acquiring an additional 302,363 shares in the last quarter. Sachem Head Capital Management LP purchased a new stake in shares of Fomento Económico Mexicano in the fourth quarter valued at $130,031,000. Finally, Altrinsic Global Advisors LLC lifted its position in shares of Fomento Económico Mexicano by 108.8% in the fourth quarter. Altrinsic Global Advisors LLC now owns 1,117,105 shares of the company’s stock valued at $87,268,000 after acquiring an additional 582,198 shares in the last quarter.
Fomento Económico Mexicano Price Performance
Shares of NYSE:FMX opened at $108.42 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.45 and a current ratio of 1.77. The business has a 50-day moving average of $105.34 and a two-hundred day moving average of $94.81. Fomento Económico Mexicano, S.A.B. de C.V. has a 12 month low of $58.73 and a 12 month high of $113.59.
Fomento Económico Mexicano Increases Dividend
The business also recently announced a semi-annual dividend, which was paid on Thursday, May 18th. Stockholders of record on Friday, May 5th were paid a $1.0138 dividend. The ex-dividend date was 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 (DPR) is 18.66%.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on FMX. Barclays upped their price objective on Fomento Económico Mexicano from $103.00 to $105.00 in a research report on Wednesday, May 3rd. StockNews.com began coverage on Fomento Económico Mexicano in a research note on Thursday, May 18th. They issued a “buy” rating for the company. HSBC upgraded Fomento Económico Mexicano from a “reduce” rating to a “hold” rating and upped their target price for the company from $84.00 to $112.00 in a research note on Wednesday, June 7th. Finally, Morgan Stanley upped their target price on Fomento Económico Mexicano from $102.00 to $110.00 and gave the company an “overweight” rating in a research note on Monday, March 27th. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $109.05.
About Fomento Económico 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.
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