Guggenheim Capital LLC Lowers Stock Position in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX)

Posted by Defense World Staff on Aug 31st, 2023

Guggenheim Capital LLC lowered its position in Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Free Report) by 25.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,719 shares of the company’s stock after selling 7,022 shares during the period. Guggenheim Capital LLC’s holdings in Fomento Económico Mexicano were worth $1,972,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in FMX. Bank of New York Mellon Corp grew its position in Fomento Económico Mexicano by 674.3% during the first quarter. Bank of New York Mellon Corp now owns 51,178 shares of the company’s stock valued at $4,239,000 after buying an additional 44,568 shares during the period. American Century Companies Inc. grew its position in Fomento Económico Mexicano by 8.0% during the first quarter. American Century Companies Inc. now owns 15,776 shares of the company’s stock valued at $1,307,000 after buying an additional 1,162 shares during the period. HighTower Advisors LLC bought a new position in Fomento Económico Mexicano during the first quarter valued at about $202,000. BlackRock Inc. grew its position in Fomento Económico Mexicano by 22.2% during the first quarter. BlackRock Inc. now owns 2,019,228 shares of the company’s stock valued at $167,294,000 after buying an additional 366,751 shares during the period. Finally, Dimensional Fund Advisors LP grew its position in Fomento Económico Mexicano by 24.6% during the first quarter. Dimensional Fund Advisors LP now owns 390,008 shares of the company’s stock valued at $32,314,000 after buying an additional 77,073 shares during the period.

Wall Street Analyst Weigh In

FMX has been the subject of several research reports. StockNews.com upgraded shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research report on Thursday, August 24th. Barclays increased their target price on shares of Fomento Económico Mexicano from $105.00 to $115.00 in a research report on Monday, July 17th. HSBC increased their target price on shares of Fomento Económico Mexicano from $112.00 to $124.00 and gave the stock a “hold” rating in a research report on Friday, August 25th. Finally, Citigroup increased their target price on shares of Fomento Económico Mexicano from $125.00 to $135.00 and gave the stock a “buy” rating in a research report on Thursday, August 17th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $118.64.

Check Out Our Latest Stock Analysis on Fomento Económico Mexicano

Fomento Económico Mexicano Stock Performance

Shares of NYSE:FMX opened at $117.66 on Thursday. The company has a 50 day moving average of $111.65 and a 200 day moving average of $101.61. Fomento Económico Mexicano, S.A.B. de C.V. has a 12 month low of $59.55 and a 12 month high of $119.62. The company has a quick ratio of 1.44, a current ratio of 1.76 and a debt-to-equity ratio of 0.36.

Fomento Económico Mexicano (NYSE:FMX – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The company reported $1.64 EPS for the quarter, beating the consensus estimate of $1.21 by $0.43. The company had revenue of $11.56 billion during the quarter, compared to analysts’ expectations of $11.12 billion. Fomento Económico Mexicano had a net margin of 9.48% and a return on equity of 9.62%. On average, sell-side analysts expect that Fomento Económico Mexicano, S.A.B. de C.V. will post 5.62 EPS for the current fiscal year.

About Fomento Económico Mexicano

(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.