Fomento Economico Mexicano (NYSE:FMX) Announces Quarterly Earnings Results

Fomento Economico Mexicano (NYSE:FMX) released its quarterly earnings results on Wednesday. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.06, Zacks reports. The company had revenue of $13.03 billion during the quarter, compared to the consensus estimate of $12.84 billion.

Fomento Economico Mexicano Trading Up 0.2%

NYSE FMX traded up $0.23 during midday trading on Wednesday, hitting $124.50. The company had a trading volume of 453,757 shares, compared to its average volume of 477,818. The firm has a 50-day moving average price of $120.79 and a 200-day moving average price of $117.96. The company has a market capitalization of $43.02 billion, a PE ratio of 24.72 and a beta of 0.41. Fomento Economico Mexicano has a twelve month low of $90.87 and a twelve month high of $141.47.

Fomento Economico Mexicano Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 26th. Shareholders of record on Wednesday, October 14th were issued a $1.7804 dividend. The ex-dividend date of this dividend was Wednesday, October 14th. This represents a $7.12 annualized dividend and a yield of 5.7%. This is a drop from Fomento Economico Mexicano’s previous quarterly dividend of $1.8270. Fomento Economico Mexicano’s payout ratio is presently 46.20%.

Insider Activity

In other news, Director Michael David Kahn acquired 2,100 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was acquired at an average price of $118.13 per share, with a total value of $248,073.00. Following the completion of the transaction, the director directly owned 2,100 shares of the company’s stock, valued at $248,073. This trade represents a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 5.68% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the company. UBS Group boosted their price objective on Fomento Economico Mexicano from $130.00 to $134.00 and gave the stock a “neutral” rating in a report on Friday, October 23rd. Wall Street Zen cut Fomento Economico Mexicano from a “buy” rating to a “hold” rating in a report on Saturday, July 18th. Deutsche Bank Aktiengesellschaft set a $150.00 price target on Fomento Economico Mexicano in a report on Tuesday, August 4th. Barclays boosted their price target on Fomento Economico Mexicano from $125.00 to $130.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 14th. Finally, JPMorgan Chase & Co. upgraded Fomento Economico Mexicano from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $126.00 to $151.00 in a research report on Friday, October 16th. Four analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $140.50.

Fomento Economico Mexicano Company Profile

Fomento Económico Mexicano, SAB. de C.V. (FEMSA) is a Monterrey, Mexico-based multinational company with operations focused on beverage bottling, retail and related consumer services. The company traces its origins to 1890, when it was established as a brewery in Monterrey, and has since developed into one of Latin America’s largest consumer-facing businesses.

FEMSA’s principal beverage business is Coca-Cola FEMSA, which produces, markets, sells and distributes Coca-Cola trademark beverages and other nonalcoholic drinks.