Janney Montgomery Scott LLC reduced its stake in shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX – Free Report) by 81.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,360 shares of the company’s stock after selling 10,551 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Fomento Económico Mexicano were worth $262,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp grew its stake 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 worth $4,239,000 after buying an additional 44,568 shares in the last quarter. American Century Companies Inc. boosted its position in shares of Fomento Económico Mexicano by 8.0% during the 1st quarter. American Century Companies Inc. now owns 15,776 shares of the company’s stock worth $1,307,000 after acquiring an additional 1,162 shares in the last quarter. HighTower Advisors LLC bought a new position in Fomento Económico Mexicano in the first quarter valued at approximately $202,000. BlackRock Inc. raised 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 purchasing an additional 366,751 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake 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 worth $32,314,000 after purchasing an additional 77,073 shares during the last quarter.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on FMX. Citigroup boosted their price target on Fomento Económico Mexicano from $125.00 to $135.00 and gave the stock a “buy” rating in a report on Thursday, August 17th. Barclays raised shares of Fomento Económico Mexicano from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $115.00 to $130.00 in a report on Monday, October 30th. HSBC lifted their price target on shares of Fomento Económico Mexicano from $112.00 to $124.00 and gave the company a “hold” rating in a report on Friday, August 25th. Finally, StockNews.com raised shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a research note on Wednesday, October 25th. One investment analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Fomento Económico Mexicano currently has an average rating of “Moderate Buy” and a consensus target price of $121.64.
Fomento Económico Mexicano Trading Up 0.7 %
Shares of NYSE FMX opened at $120.92 on Friday. Fomento Económico Mexicano, S.A.B. de C.V. has a 1 year low of $72.51 and a 1 year high of $125.54. The company has a current ratio of 1.93, a quick ratio of 1.44 and a debt-to-equity ratio of 0.35. The company has a 50 day simple moving average of $108.74 and a 200 day simple moving average of $106.81.
Fomento Económico Mexicano Cuts Dividend
The firm also recently declared a semi-annual dividend, which will be paid on Tuesday, November 7th. Stockholders of record on Monday, November 6th will be issued a dividend of $1.0001 per share. The ex-dividend date is Friday, November 3rd. This represents a dividend yield of 1.3%. Fomento Económico Mexicano’s dividend payout ratio (DPR) is presently 18.71%.
Fomento Económico Mexicano Company Profile
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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