Fomento Económico Mexicano (NYSE:FMX) Sets New 1-Year Low – Here’s What Happened

Shares of Fomento Económico Mexicano, S.A.B. de C.V. (NYSE:FMX) hit a new 52-week low during trading on Wednesday . The stock traded as low as $93.64 and last traded at $93.64, with a volume of 81214 shares changing hands. The stock had previously closed at $96.23.

Analyst Ratings Changes

FMX has been the topic of several analyst reports. JPMorgan Chase & Co. cut Fomento Económico Mexicano from an “overweight” rating to a “neutral” rating and increased their price objective for the company from $104.00 to $109.00 in a research note on Monday, September 23rd. Barclays lowered their price target on Fomento Económico Mexicano from $125.00 to $118.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Finally, StockNews.com upgraded shares of Fomento Económico Mexicano from a “hold” rating to a “buy” rating in a report on Wednesday. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $128.00.

Fomento Económico Mexicano Stock Performance

The stock has a market cap of $34.58 billion, a PE ratio of 24.78, a P/E/G ratio of 5.47 and a beta of 0.94. The firm’s 50-day moving average is $99.61 and its 200 day moving average is $108.16. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.44 and a current ratio of 1.72.

Fomento Económico Mexicano Cuts Dividend

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

Institutional Trading of Fomento Económico Mexicano

A number of hedge funds have recently added to or reduced their stakes in FMX. Baillie Gifford & Co. lifted its stake in shares of Fomento Económico Mexicano by 10.8% in the 3rd quarter. Baillie Gifford & Co. now owns 4,306,739 shares of the company’s stock worth $425,118,000 after acquiring an additional 421,057 shares during the period. ANTIPODES PARTNERS Ltd boosted its stake in shares of Fomento Económico Mexicano by 19.4% in the first quarter. ANTIPODES PARTNERS Ltd now owns 945,491 shares of the company’s stock valued at $123,169,000 after buying an additional 153,771 shares in the last quarter. Black Creek Investment Management Inc. grew its holdings in Fomento Económico Mexicano by 15.5% during the second quarter. Black Creek Investment Management Inc. now owns 906,798 shares of the company’s stock worth $97,617,000 after acquiring an additional 121,800 shares during the period. LA Financiere DE L Echiquier raised its position in Fomento Económico Mexicano by 22.1% in the second quarter. LA Financiere DE L Echiquier now owns 776,241 shares of the company’s stock worth $83,562,000 after acquiring an additional 140,309 shares in the last quarter. Finally, Perpetual Ltd lifted its holdings in Fomento Económico Mexicano by 9.4% in the third quarter. Perpetual Ltd now owns 746,826 shares of the company’s stock valued at $73,719,000 after acquiring an additional 64,291 shares during the period.

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.